VENTURE FINANCING OF SMALL INNOVATIVE BUSINESS IN RUSSIA

Korostyshevskaya Elena Mikhaylovna, Doctor of economic sciences, professor, sub-department of economics and economic policy, Saint-Petersburg State University (62 Chaykovskogo street, Saint-Petersburg, Russia), lenkor7@mail.ru
Nikolaeva Tat'yana Petrovna, Doctor of economic sciences, professor, head of sub-department of economic education, Russian State Pedagogical University named after A.I. Gertsen (48 Moika river embankment, Saint Petersburg, Russia), nikolaeva_tat@inbox.ru

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Background. The importance of the small innovative firms (SIF) as catalysts of progressive changes in production and economic activity was realized by the governments of industrially developed countries long time ago. The active innovative policy, pursued by the USA, Japan, Western European countries since 80s of the XX century, is a practical manifestation of such reasonableness. Full government support of SIF is the important direction of innovative policy, and venture financing of small firms has become its effective tool. The article aims at assessment of reasonability and possibility of application of foreign venture financing of SIF models in Russia and its regions.
Materials and methods. The researchers used data and analytical materials from several main sources for research tasks solution. In particular, there is information from the Center of innovations and science statistics, Russian government statistics, Russian Venture Company. Research was executed with application of statistical methods, the comparative analysis, and other particular
methods.
Results. The authors suggest a concept of venture financing of small innovative firms in Russia using successful foreign experience. The article gives recommendations on formation of the venture financing system corresponding to territorial development conditions of Russia.
Conclusions. The development of innovative processes in Russia is substantially defined by the degree of development of the corresponding infrastructure and its availability to small firms. The balanced and progressive development of the Russian regions demands the establishment of a specific critical mass of the infrastructure objects in order to organize and maintain small innovative firms. To activate innovative processes in our country, to optimize innovative companies formation’s expenses it is expedient to use certain foreign models of SIF venture financing.

venture (risk) financing, venture funds, innovative start-up, small business, region development, local innovative systems.

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