Кращі практики формування та функціонування венчурних структур

Abstract

The formation of a national system of venture financing for many countries of the world is an objective necessity due to the specifics of their innovative economy and the urgent need to ensure the reproduction of national wealth on a high-tech basis. As research in the field of institutional theory and practice of venture financing shows, different national venture systems have their own institutional specificity, which is realized in the specification of national models of venture entrepreneurship, coordination of economic interests in the field of innovative activity, and sources of financing. Venture business, which ensures the inflow of private funds into small innovations of developing companies, and in exchange for high risks guarantees high profitability for investors, has proven the effectiveness of the venture investment institute in developed countries as one of the effective tools for implementing an innovative growth model. The goals of the article are the research of the best practices of the formation and functioning of venture structures and the study and formation of elementary characteristics of models of the formation and functioning of venture structures. During the development and formation of venture financing, the focus on short-term economic indicators contradicted the innovative orientation of production. Interest in risk financing grew for the following reasons: in a number of cases, investors received real income, which many times exceeded the possible income from traditional financial and credit operations; the specificity of financing objects (high-risk projects) supported effective functioning through special management methods aimed at reducing the risks of investment activity; the venture mechanism provided a practical opportunity to finance innovative ideas and projects at the initial stages of their implementation. The article examines and substantiates the best experience in the formation and operation of venture structures - two main models of venture financing - American and European. The main differences of the models were investigated on the basis of the formed elemental characteristics of the model of venture structures, which includes: the content of the concept of "direct investment" and venture financing"; methodology of venture financing statistics; the process of formation of venture structures; priority sectors of the economy for venture investment; distribution of venture capital investment by stages of development of innovative companies; amount of funds (venture capital); the role of the state in financing innovation processes; stages of venture financing; allocation of funds for specialized innovation projects, criteria for choosing a venture capital firm, form of a partner enterprise. A generalized description of venture investment market models is presented.