A predictive model to assess the impact of human capital on the development of venture business in Russia

Abstract

Subject. The article examines the impact of human capital on the development of venture business in Russia. Objectives. The study aims at modeling and evaluating the impact of improving the quality of human capital on the development of venture business through the volume of venture project outputs, and determining the dependence of the volume of venture project outputs on the volume of investments. Methods. We employed methods of regression analysis and econometric modeling, using MS Excel and Eviews10 tools, materials of the Rosstat, World Bank, Dsight, Human Development Report, Russian Venture Capital Association for 2007–2021. Results. We constructed linear and exponential models for assessing the impact of improving the quality of human capital on the development of venture business. The obtained models can be used for short-term forecasting and assessing the impact of improving the quality of human capital on the development of venture business. The paper proved that the exponential model gives a more accurate forecast. Conclusions. The development of venture business can become a breakthrough direction in the knowledge-intensive sector of the economy.