Abstract
Management of innovative projects requires a deep assessment of various risks, and financial risks here are especially important. Management of financial risks in the field of innovative activity significantly affects the efficiency of the whole work. It is also one of the most important components of the project activity. The article describes research results of the main target segments for planning a program of financial risk management. The research is based on a cluster analysis that describes the most significant groups of risk factors. Enterprises implementing innovative projects need to pay special attention to these factors, especially when developing various measures for the formation and development of innovative activities and the management of various risks.
Highlights
From the point of view of novelty, it is necessary to distinguish between products of "world novelty" and products which are "new to the company." Since 1982 in world practice there has been the following classification of new products [1,2] [3]:
It is clear that only a small part of innovations (10%) has a world novelty, while most of them (70%) are an expansion of the range of existing goods or their modification
If we analyze the success factors of new products, we can state that their share is increasing, it is 50-60%., i.e. at best, the probability of success can be as one of two
Summary
Risk management in the field of innovation means a combination of practical measures to reduce the uncertainty of innovation results, increase the usefulness of implementing an innovation, and reduce the cost of achieving an innovation goal. If we analyze the success factors of new products, we can state that their share is increasing, it is 50-60%., i.e. at best, the probability of success can be as one of two. This means that a substantial part of the costs of R&D and commercial implementation is unproductive. We distinguish the following stages in the system of managing financial risks of the innovative activity: 1. We distinguish the following stages in the system of managing financial risks of the innovative activity: 1. To determine the place of financial risk management in the management system of competitiveness of an innovative organization
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