PROBLEMS OF FINANCIAL SUPPORT OF INNOVATIONS IN UKRAINEJournal: Academic Bulletin "Economics and Region" (Vol.6, No. 49)
Publication Date: 2014-11-26
Authors : L.O. Ptashchenko; V.V. Sasko;
Page : 67-74
Keywords : ;
Innovative entrepreneurship is based on the interaction of three key drivers: science, technology and knowledge, manifested in the development and implementation of innovative processes of science and technology. In Ukraine, understanding of the exceptional role of science and innovation in the national economy, in the context of European integration guidelines, is under development. However, despite the general recognition of the high importance of innovative processes for the national economy, the current state of the system of financing is the evidence of failure to establish the necessary conditions for unlocking the existing innovative potential. The lack of adequate financial support, concentration and efficient use of available financial resources inhibits activation of the innovation process and reduces its total impact on the efficiency of economic innovation. The financial support of innovation is referred to as a set of methods and tools of influence on innovations implemented in various forms through appropriate funding systems. The study confirmed, that funding for implementation and dissemination of innovations is carried out immediately after the crisis or depression, mainly by public funds. In the last period of economic transformation and the difficult economic and political conditions in the present, the financial support problem of innovative development in Ukraine has deepened a number of problems, the most acute among which are: ? little innovation funding, compared to developed countries and continuing negative trend to reduce it; ? absence of strong and stable sources of funding, lack of own funds, deficit and public credit, unattractive country for foreign investors, lack of financial institutions that specialize in financing innovation, venture capital funds, private investors, etc. ? high level of shadow economy that promotes transparency of operations with innovative projects finance; ? deformed financing structure: fields of research, by the industry and by the region of Ukraine. However, the financial support of innovation should be a priority of the innovation policy, based on a system of strategic priorities of innovation development with a reduction of their number and preserving those, who has a significant research achievement and prospects. It is necessary to develop and implement a comprehensive system of financial support to innovations, including the mechanisms of cheaper loans, and to encourage banks to lend innovation. These measures will stimulate increased investments in research institutions, technology parks and other science-intensive industries from other private sources.
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