Development Of Start-ups Research Articles

Technology entrepreneurship in innovation ecosystems: features of functioning and forms of support

Developing a business based on innovative ideas, technology entrepreneurship plays a leading role in achieving the goals of sustainable development of the national economy. At the initial stage of development, technological startups need resource support to transform into an innovative company. Such support can be provided by innovation ecosystems and technology entrepreneurship ecosystems. Government support for the activities of small innovative enterprises is an important factor in the development of technology entrepreneurship. The purpose of the study is to develop an organizational and functional model of technology entrepreneurship. The level of development of technology entrepreneurship at the federal level and at the level of the constituent entities of the Russian Federation was assessed using indicators of the share of small enterprises in the total number of organizations, the share of innovative products of small enterprises in the total volume of manufactured products, expenditures on innovative activities, and internal costs of research and development. The author used data from the Federal State Statistics Service. An organizational and functional model of technology entrepreneurship is proposed, the main elements of which are the business community, investors, scientific and educational organizations, innovative enterprises, innovative and technological infrastructure, support institutions. It is shown how a startup, scaling a business model, can turn into an innovation business, what forms of support can ensure this, how intercompany interaction is organized within the innovation process. It is recommended to develop forms of cooperation between the business community and universities, stimulate innovative enterprises in the regions, support technological startups, and improve forms of government support for technology entrepreneurship. For the growth and development of startups in the innovation ecosystem, mechanisms for productive interaction of all its elements and effective forms of support for technology entrepreneurship are needed.

Prioritizing Success Factors for Start-ups in Indonesia Using the Best Worst Method (BWM)

The rapid growth of Indonesia’s start-up ecosystem presents both opportunities and challenges for new ventures striving for sustainability and competitiveness. This study applies the Best Worst Method (BWM) to prioritize key success factors for start-ups in Indonesia, providing a structured framework for decision-making. Six critical factors were evaluated: access to funding, innovation capability, market competition, regulatory environment, talent acquisition, and scalability potential. Through pairwise comparisons, this research identifies access to funding as the most critical factor, while scalability potential is considered the least influential in determining start-up success. The findings offer valuable insights for entrepreneurs, investors, and policy-makers, highlighting areas where targeted support can enhance the growth and sustainability of start-ups. This study contributes to the ongoing discourse on start-up development in emerging economies by providing a decision-making tool to guide strategic priorities within Indonesia’s dynamic entrepreneurial landscape.

Key Factors for Student Startup Success: Insights from Higher Education Professors

The study aims to identify and analyse the key factors of student start-ups from the perspective of higher academic institution professors. Entrepreneurial students in higher education face challenges such as limited funding, scarce resources, lack of business experience and struggling to balance academic commitments with their start-up ventures. Additionally, they struggle with navigating complex business regulations and often lack access to proper networks or mentorship. This research contributes to a better understanding of how the entrepreneurial ecosystem in higher education institutions can support student start-up initiatives to succeed. For the research, a survey was conducted targeting ten experts from higher education institutions engaged with business or entrepreneurial study programmes. The research used the content validation method and descriptive statistical analysis to evaluate the responses, focusing on measures of central tendency and variability to determine the degree of consensus among respondents regarding the 36 statements provided. The study results revealed that while respondents agreed on the importance of student attitudes towards failure and self-confidence, there was strong disagreement among them regarding the belief that non-business students have a lesser chance of creating a successful startup. Also, experts suggested that entrepreneurship education should place more emphasis on the development of students' entrepreneurial mindset, which is considered to be an essential quality for the uncertain journey of entrepreneurship. Finally, the survey results indicated that networking and experiential learning are crucial for startup development. This underscores the importance of scientific debate not only on innovative funding models but also on non-financial support systems that surpass traditional educational methods in higher education environments.

Trends in the development of startup infrastructures in Ukraine, Latvia and Georgia

The article is dedicated to analyzing trends in the development of startup infrastructure in Ukraine, Latvia and Georgia. The article is based on concrete data, a comprehensive analysis of statistical and qualitative data on the development of startups in Ukraine, Latvia and Georgia. This provides a reliable basis for the arguments and conclusions. General patterns of startup infrastructure development in the three countries were identified. A PEST analysis of startup infrastructure development in Ukraine, Latvia and Georgia was conducted. Thus, the authors conduct a multidisciplinary analysis that includes not only economic, but also social and technological aspects of startup ecosystems and infrastructures. Suggestions for improving the startup infrastructure in these countries were developed.

Exploring the impact of accelerator programs on startup success: A focus on corporate collaboration and goal achievement

Start-up corporation collaboration is a phenomenon that is becoming more and more noticeable in the marketplace. Start-ups perceive such partnerships as an opportunity to scale up their solutions (products/services), while corporations open up to young companies to explore new business models. Understanding the collaboration goals is vital to secure collaboration benefits for each party. It seems interesting to find out to what extent this type of collaboration is critical to the start-ups, to what extent the corporate collaboration goals are defined, and if they are achieved. Therefore, diffusion of innovation theory and social network theory appear as a capable theoretical lens for analysing how 15 defined goals that start-ups use to guide them through establishing collaboration with corporations and verifying partnerships in the context of the adopted goals. The impact of the start-ups' experience on the perceived significance of the goals and their attainment level was examined. Moreover, a clear difference in the perception of expectations and the level of attainment of the set goals of partnership with corporations depending on the company development phase was highlighted, and it was presented how start-up awareness grows along with start-up development and the approach of start-ups to the studied variables changes.

УПРАВЛЕНИЕ КОМАНДОЙ ВНУТРИКОРПОРАТИВНОГО СТАРТАПА: ПРОЦЕССНОЕ ИССЛЕДОВАНИЕ ДИНАМИКИ РАЗВИТИЯ

Innovative development of the Russian economy is impossible without increasing the efficiency of small innovative enterprises (startups), including those created within companies. The problems of managing internal startups and especially startup teams have been relatively poorly studied by modern science. The high dynamics of startups causes high variability and intensive transformations in team management practices. To create a highper formance startup team, it is necessary to understand the internal logic of change in the parameters of teams and team management. The article studies the dynamics of changes in team characteristics and team management within the startup development process. The research methodology is based on process research and case studies. The work investigates the dynamics of the startup team a cloud gaming service. The startup was organized within one company but was then sold to a large IT corporation. The article examines certain characteristics of the team in their development including management methodologies, team composition, communications, culture, motivation, operational and strategic planning pro cedures.

Effect of Access to Capital, Entrepreneurship Education, and HR Competencies on Start-up Success in the Technology Sector

This study examines the impact of access to capital, entrepreneurship education, and human resource (HR) competencies on the success of start-ups in the technology sector. Utilizing a quantitative approach, data were collected from 150 start-up firms through structured questionnaires using a Likert scale ranging from 1 to 5. The data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS 3). The results indicate that all three factors—access to capital, entrepreneurship education, and HR competencies—positively and significantly influence start-up success. Access to capital allows start-ups to invest in research and development, scale operations, and attract top talent, while entrepreneurship education equips entrepreneurs with essential skills for strategic decision-making. HR competencies, as the strongest predictor, underscore the critical role of a skilled workforce in driving innovation and sustaining growth in the technology sector. The findings provide valuable insights for entrepreneurs, educators, and policymakers seeking to support the development and success of technology start-ups.

Evaluation of the Impact of a University Accelerator on Students’ Entrepreneurial Attitudes, Intentions, and Learning Experience

University accelerator programs have exhibited remarkable growth in recent years, and many countries have embraced their potential to support entrepreneurship education and ultimately the development of successful startups. Despite their widespread adoption, additional research is needed to comprehensively grasp their potential impact on entrepreneurship education. This case study adopted a mixed-method approach to assess (a) the impact of a university accelerator program for healthcare innovation on participant’s attitudes and intentions towards entrepreneurship and (b) the learning experience and knowledge gains of the participants through the process of forming multidisciplinary teams, generating a startup idea and creating a Minimum Viable Product (MVP). The authors draw data from a quantitative measure of attitudes towards entrepreneurship and entrepreneurial intentions and a series of interviews with the participants. Findings showed that personal attitudes (i.e., favorable or not toward an entrepreneurial career) and subjective norm (i.e., perceived social pressure) weren’t affected by the program. However, the program positively impacted the participants’ perceived behavioral control (i.e., perceived ease or difficulty of entrepreneurship) and entrepreneurial intention (i.e., participant’s intent to become an entrepreneur). Furthermore, the findings indicated that the content and the activities of the program were beneficial for participants supporting their learning and competences including knowledge and entrepreneurial skills and social skills. However, challenges in multidisciplinary team formation, content delivery, and mentorship were identified. The study suggests the need for future research with a larger sample size in varied contexts to deepen our understanding of the impact of university accelerator programs on entrepreneurial attitudes and learning experiences. The case study contributes valuable insights to enhance the design and effectiveness of university accelerator programs.

Data-Driven Entrepreneurship in Green Hydrogen Economy: An Integrated Framework for Entrepreneurial Enterprises in the Era of Big Data

In the era of big data, in order to improve the aggregation effect of start-ups, a digital framework with a promoting role has been formed. This paper proposes a data-driven approach in the context of the green hydrogen economy. Firstly, the data function was used to collect, classify and sort out the entrepreneurial data to form an orderly data set. Then, with the help of data-driven functions, the nonlinear reorganization of start-ups is carried out to verify their discreteness, the correlation between the hydrogen economy and start-up data is mined, and an integrated framework is formed through iterative calculation. The results show that there is a significant correlation between the hydrogen economy and start-ups, and big data can drive the integrated development of start-ups, and the data-driven method proposed in this paper can accurately identify start-up data, with a recognition rate of 90%, which is better than the previous machine learning methods and decision tree methods, and has strong big data mining capabilities. Therefore, there is a significant correlation between the hydrogen economy, big data, and start-ups, and a data-driven approach can identify the relationship between the two and facilitate the construction of an integrated framework.

Academic Business Incubators as a Tool in Implementing Entrepreneurship Education – Theoretical Approach

Abstract In recent years, in order to stimulate economic growth, the importance of innovation and entrepreneurship has been increasingly recognized by practitioners and teaching staff. Universities must contribute to this growth, as a center of knowledge creation and a center of research. However, transforming academic research into marketable products and services faces significant challenges. Addressing these challenges has necessitated the emergence of academic incubators as an essential mechanism for providing resources, support, and an environment suitable for the development of startups. Thus, academic incubators are becoming an essential component of a university in order to recruit and retain students, instructors, and researchers with an entrepreneurial mindset, as well as to stay exposed to students who are becoming more and more interested in starting enterprises or social projects. In these conditions, the present paper aims to provide an overview of the role of academic incubators in stimulating innovation and entrepreneurship in universities, emphasizing their role, functions and impact in the socio-economic environment.

The UK start-up ecosystem: Opportunities and Challenges

This paper analyses the key opportunities and challenges facing start-ups in the UK, with a focus on their geographical distribution, business sectors and funding stages. Using data from the PitchBook database, we conducted a quantitative analysis of UK start-ups. Our results show that London is a dominant hub for start-ups due to its advanced economic infrastructure and easy access to funding. Fintech, Foodtech and Supply Chain & Logistics are among the most important sectors in which UK start-ups operate. Analysis of the funding stage revealed that most start-ups are in the early stages of their development, highlighting the need for further support as they move into more advanced stages of growth. Furthermore, we found that most start-ups have a relatively small number of employees, which is typical of firms in the early stages of development. Based on our findings, we recommend detailed case studies of successful and unsuccessful start-ups, long-term monitoring of start-up development, comparative studies with other countries, and analysis of the impact of the regulatory environment. Research should also include the impact of technology and innovation, social and cultural factors, the role of educational institutions and incubation programmes, and the impact of Brexit on the start-up ecosystem. These proposals can provide valuable information for entrepreneurs, investors and policy makers seeking to support the growth and success of start-ups in the UK.

Start-Ups and Entrepreneurship in Renewable Energy: Investments and Risks

Advances in renewable energy technologies, particularly in solar, wind, energy storage, and grid integration solutions, are accelerating the growth of in startups in this sector. Despite the promising outlook, renewable energy startups face several risks, including technological, regulatory, financial and market risks. The article carries out a bibliometric analysis of scientific publications related to the problem of investment and risks associated with the development of entrepreneurship and start-ups in the field of renewable energy. After multi-level filtering of the dataset, the research base consists of 82 publications by 232 scientists for 2005-2023, indexed by Scopus, and the analysis tools used are Biblioshiny and Excel. In 2005-2016, the number of publications grew annually at a rate of 10.47%, with peaks in 2006, 2007, and 2016; in 2017-2023, the number of papers increased (the dependence is described by a third-degree polynomial trend). The article examines 3 different types of Three-field plots in the topic of the investments and risks of the startups and entrepreneurship in renewable energy: 1) “References – Authors – Keywords”, 2) “Countries – Institutions – Authors”, 3) “Authors – Sources – Keywords”. A quantitative and qualitative analysis of the scientific journals that make the largest / periodic but noteworthy / minimal contribution to the dissemination of knowledge in this area was carried out, the top 10 authors and papers were analysed by the levels of local and global influence, the most powerful research networks (based on the results of the analysis of joint citations) were identified both in terms of authors and countries, and the leading countries were identified in terms of the volume of research output of their scientists and the intensity of citation of these works. Building clouds of the most used keywords allowed us to identify priority thematic areas of research, as well as to analyse the structural and logical relationships between different thematic blocks in the research landscape. With the help of multiple correspondence analysis (factorial analysis) and longitudinal thematic map analysis, the scientific landscape in this area is clustered and evolutionary changes and interdependence of individual topics are identified.

Designing a Business Model for Start-up Development of Downstream Wetland Products Based on Design Thinking

Abstract Wetland in South Kalimantan, especially swamp land, covers 6.07% of the land area. Wetland base products need to be accommodated in a start-up by providing a business design model accommodating many users. The research aimed at designing a business model accompanied by monetization to become a reliable start-up specifically for wetland commodities applying the concept of design thinking. The methodology began with conducting a needs analysis, determining an issue strategy, creating a demand design using the Analytical Network Process, establishing a Hierarchial Task Analysis for idea development and product design, conducting brainstorming, followed by further analysis until creating a Business Model applying five design thinking concepts, namely empathize, define, ideate, prototype and test. The application built based on the business model was named Hiyung Wonderful Wetland, Lambung Mangkurat University (HW2 ULM). Analysis of user needs included Admins, Innovators, Partners who were individual consumers/wholesalers, material providers and for monetization purposes. Entity Relationship Diagram (ERD) started from identifying to determine what entities used in the diagram, then determining the entities having relationships, followed by adding attributes and determining key attributes for each entity. After carrying out the empathize, define, ideate stages towards users, a prototype was produced with a wireframe design starting from the start page, registration, main page, consultation page, chat page schedule, pay page to forum page. The application of the Test concept was still being verified towards target validation. The visualization (UI) and Application part involves the user’s feelings when operating a digital product (UX) likewise with the back end having high security. User recommendations are that the HW2 ULM Prototype can be tested immediately to be eligible to obtain a license.

EXAMINING THE DETERMINANTS OF VENTURE CAPITAL INVESTMENT SUCCESS IN START UP COMPANIES

The Indian startup scene has witnessed an unparalleled upsurge in recent times, garnering interest from both local and global quarters. The plethora of creative concepts, in conjunction with a favorable legislative framework and heightened accessibility to venture capital (VC) funds, has driven India to the forefront of the global startup investment landscape. In this ever-changing environment, it is imperative that researchers, practitioners, and policymakers alike focus on understanding the factors that influence venture capital investment success in Indian businesses. Especially in its early phases of development, venture capital, a type of private equity funding, is essential to the development and expansion of startups. In contrast to conventional funding options like public ownership or bank loans, venture capital offers not just cash but also industry contacts, mentorship, and strategic advice—all of which are crucial tools for start-up companies navigating the cutthroat business world. As such, the success or failure of venture capital investments has important ramifications for wider economic growth and innovation ecosystems, in addition to investors and entrepreneurs. With initiatives covering a wide range of industries, including technology, e-commerce, healthcare, finance, and agriculture, among others, India's startup environment is distinguished by its diversity and energy. The Indian startup scene is characterized by a diverse range of innovative and ambitious ventures, ranging from social enterprises tackling urgent societal concerns to disruptive technology firms upending conventional wisdom. But below all of this excitement are intricate dynamics and difficulties that influence how venture capital investments turn out. A variety of internal and external factors that interact in complex ways make up the multiple and multifactorial drivers of venture capital investment success in Indian businesses. The attractiveness of investment prospects and their potential for yielding returns are influenced by market factors, such as market size, growth potential, and competitive environment. Investors consider the caliber and competencies of the management team, which consists of executives, founders, and other important individuals, while determining the feasibility and expandability of businesses.

The Zomato dilemma: a realistic growth trajectory and share price fair valuation?

Learning outcomes This case study is related to start-up post-listing investment analysis. Through this case study, students will be able to perform the business analysis guided by the Venture Evaluation Metric tool, perform financial analysis using the discounted cash flow methods and perform investment analysis recommendation with justifications from the business and financial analysis performed above. Case overview/synopsis This case study sets out the study of a scalable start-up, Zomato, which is a successfully listed start-up firm in India. Despite the start-up development success in the pre-listing, the firm has exhibited a continuous unprofitable finance performance in the post-listing and has further experienced a volatile share price performance, both of which have puzzled existing and potential investors. In addition, some analysts are in the opinions that the firm share price valuation have been inflated with overvaluation since in the initial public offering stage and remain traded with overvaluation in the market. Notably, considering the negative indicators mentioned above, investors are concerned about long-term sustainability of the firm business and financial performance. In the context of post-listing investment, the following questions are material to investors: What is the realistic growth trajectory for Zomato in the medium term? What is Zomato’s share fair value in the medium term? Can one see opportunities or risks ahead of investing in Zomato’s shares? What will be the investment strategy for new investors? Complexity academic level This case study is suited to bachelor’s and master’s level in business schools studying entrepreneurial finance analysis. Supplementary material Teaching notes are available for educators only. Subject code CSS 1: Accounting and finance.

The state and problems of development of domestic start-ups in international markets during the war

Introduction. Start-ups are one of the accelerators of developing the innovation potential of the modern economy. In the problematic socio-economic conditions created by a full-scale war, start-ups can respond flexibly and quickly to the critical needs of society. Ukrainian start-ups have been actively developing in domestic and foreign markets in recent years. However, the full-scale invasion also created several problems for its functioning. It is worth noting that amid the war, the entry of Ukrainian start-ups into international markets allows them to diversify existing risks and creates additional development opportunities. We are discussing increasing market share, product and geographical diversification, additional export earnings, gaining experience abroad, attracting foreign investment, etc. The purpose of the paper is to identify and study the state and critical problems of the development of start-ups when entering international markets, taking into account the impact of full-scale war. Results. The study found that under the current war conditions, Ukrainian start-ups have been forced to expand their activities to international markets to diversify risks and increase investment attractiveness. At the same time, the full-scale invasion has created new challenges and problems for the development of Ukrainian start-ups at home and abroad. Thus, the study identified the main problems of entering and operating start-ups in international markets: the formation and functioning of a start-up team, attracting start-up financing, adapting to the regulatory framework for start-ups abroad, cultural and linguistic differences, and adapting products or services to a foreign market. It is worth noting that one of the main problems caused by the war was the reduction in investment in domestic start-ups. Conclusions. Thus, an important task today at various levels is ensuring start-ups' progressive development based on practical solutions to existing problems. After all, Ukrainian start-ups have great potential and can succeed internationally with the proper government support and competent management.

Issues in Startup Development: Assessment of Problems of Growth and Financing

Relevance. Startups are an integral part of the modern economy and business, and their creation and development represent an important contribution to the economic growth and innovative development of the country. At the same time, the startup system in Russia has not yet been fully developed ‒ there are problems with their number, successful activities, and financing of startups. There are many sources of financing for startups, but it is often difficult for young entrepreneurs to find the necessary resources to implement their business idea. This may lead to the inability to launch a startup or to difficulties in its development. Therefore, studying the issues of financial support for a startup is relevant for many people starting their own business, as well as for investors, venture funds and large companies that can provide significant support for startup entrepreneurs. The purpose of the study is to analyze and evaluate the problems of growth, development and financing of startups. Objectives: analyze the startup business market; consider niches of the startup market and assess its growth trends; identify sources, main directions and problems of financing startups. Methodology. During the scientific research, empirical, theoretical, statistical and graphical methods were used. Results. The theoretical aspects of startup business were studied, the startup market was analyzed, the main sources of startup financing were identified, as well as the associated problems of growth and financing of startup business. Conclusions. The startup system has not yet been fully developed in Russia. Russia is still losing in terms of the total number of startups and the number of startups per 1 million people. The business areas in which startup developers operate are very diverse. The creation and successful development of startups depends on many factors, including financial security. The article discusses the problems of financing startups. The viability of startup developments in the Russian Federation in recent years has been strongly influenced by the COVID-19 pandemic and the sanctions imposed against the country. However, the main factor remains the lack of financial resources.

CULTIVATING SUCCESS: THE TRANSFORMATIVE POWER OF INSPIRATIONAL LEADERSHIP FOR ENTREPRENEURS

Innovative leaders establish psychologically stable settings, facilitate associations, and increased organizations. Businesses nowadays must innovate if they are to thrive and endure in a cutthroat economy. Organizational performance is driven by inspirational leaders.Entrepreneurship research is a fairly new field of research (Cornelius et al., 2006). The foundation and development of start-ups are inevitably connected with leadership. This is unexpected considering how important inspirational leadership is to a start-success. ups Inspiring leadership stimulates innovative and creative thinking and significantly enhances team and individual performance. By appealing to our inner motivation and values and inspiring individuals to follow their passions and ambitious goals, it effectively unlocks hidden potential. This study focuses on shedding light on the inspirational leadership characteristics exhibited by entrepreneurs in India. The primary objective is to conduct a qualitative analysis of the personality profiles of these entrepreneurs, aiming to identify key traits and qualities that contribute to their success. The research specifically emphasizes the importance of emotional intelligence and inspirational leadership abilities in entrepreneurial ventures. By adopting a case-based approach, the study utilizes primary data collected through interviews and focused group discussions. This methodology allows for a comprehensive exploration of the individual experiences and characteristics of entrepreneurs, providing valuable insights into their leadership styles. The qualitative analysis conducted in this study aims to unveil the winning characteristics that entrepreneurs possess, with a particular emphasis on emotional intelligence and inspirational leadership. The findings of the study are expected to offer a deeper understanding of the qualities that make entrepreneurs successful in todays dynamic society. The cases examined in the research highlight how inspirational leadership serves as a guiding force, enabling committed and motivated employees and teams to achieve significant organizational performance. This study contributes to the existing body of knowledge by providing a nuanced exploration of the personality profiles of entrepreneurs, emphasizing the role of emotional intelligence and inspirational leadership in their achievements.

Key to Startup Success in Indonesia: Analysing the Influence of Entrepreneurial Culture, Entrepreneurship Education, and Entrepreneurial Mindset

This research aims to develop a theoretical model of how factors affect startup development, in terms of entrepreneurial culture, entrepreneurship education, and entrepreneurial mindset. The theories used in this study are various factors that affect startup development. The research method used is qualitative with literature studies, theoretically analyzing theories and previous researchers and determining the main factors as predictors of building startups, with a comparison of various correlation results as the findings of this study. The results showed that entrepreneurial culture, entrepreneurship education, and entrepreneurial mindset affect the creation of young people's digital businesses. Entrepreneurial cultural factors include cultural values that influence the way young people think and act in creating startups. Entrepreneurship education factors with the right pedagogical approach will influence youth in creating startups. The entrepreneurial mindset factor includes the mindset and attitude of youth in facing challenges and opportunities in creating startups. Recommendations to future researchers to be able to examine the influence of other variables on creating startups both tested quantitatively and developed on a broader aspect of other variables.

Crowdfunding: Nature, essence and conditions for the realization of innovative business projects

Aim. Formation of methodological foundations of crowdfunding, determination of conditions for realization of innovative business projects.Objectives. Clarification of terminology, functions, categories, types and features of stakeholder interaction in the process of realization of crowdfunding campaign; description of the process of realization of innovative business projects with the help of crowdfunding; analysis of foreign and Russian crowdfunding platforms, legislative base to determine the conditions of successful crowdfunding campaign of innovative business project.Methods. The research applied methods of benchmarking, comparative analysis, inductive approach to the formation of the methodological basis of crowdfunding, modeling of the process of implementation of crowdfunding campaign of investment business projects.Results. The methodological foundations of crowdfunding are presented, the functions are described, including the collection of funds, advertising and PR of the product/service produced, scaling of the business, as well as categories, types and features of stakeholder interaction in the process of realization of crowdfunding campaign. The process of realization of an innovative business project on a crowdfunding platform is divided into five stages: MVP of the innovative product, financing of the innovative project, launch of the innovative business project on the crowdfunding digital platform, control over the project realization, launch of the innovative product into production. The analysis of the Russian legislative framework revealed a number of shortcomings in the regulation of investment platforms: lack of clarifications on the regulation of activities with cryptocurrency transactions, the conduct of which is legally permitted; attracting investments is available only to legal entities and private entrepreneurs, which hinders the development of startups and does not provide opportunities for fundraising for the implementation of social projects by individuals.Conclusions. A successful crowdfunding campaign of an innovative business project can be conducted if the conditions and sequence of stages of the process under consideration are met. At the same time, the revision of the legislative base in the field of regulating the activities of investment platforms is of particular importance in the development of this area of the economy.