Venture Investment Research Articles

Determinants of Venture Investment Size in Indian Unicorn Companies

The objective of this comprehensive study is to elucidate the critical factors that determine the magnitude of venture investment in Indian unicorn companies during subsequent rounds, beginning with the second. With a keen focus on a sample of 37 unicorn firms during the year 2022, the study scrutinizes a plethora of influential elements that may enhance the size of investments within the Indian economic landscape. This research is built upon an exhaustive analysis of the multifaceted elements such as industry, investor experience, initial investment quantum, and a host of other germane factors, that all work in synergy to shape the unique attributes of the Indian startup ecosystem. Moreover, the investment environment of this emerging market is evaluated and compared with global standards to understand the defining characteristics that contribute to its individuality. The study thus serves as an extensive guide for venture capital investors, stakeholders in the Indian startup ecosystem, policy-makers, and researchers by shedding light on any distinctive features of the Indian market that may have contributed to the observed results, and outlining potential future avenues for further investigation. Целью данного комплексного исследования является выявление ключевых факторов, определяющих величину венчурных инвестиций в индийские компании-«единороги» на последующих раундах, начиная со второго. Особое внимание уделяется выборке из 37 компаний-«единорогов» в 2022 году, исследуются многочисленные факторы, способствующие увеличению объема инвестиций в условиях индийской экономики. Это исследование основывается на всестороннем анализе множества элементов, таких как отрасль, опыт инвесторов, начальный объем инвестиций и другие важные факторы, которые совместно формируют уникальные особенности индийской экосистемы стартапов. Кроме того, инвестиционный климат этого развивающегося рынка оценивается и сравнивается с мировыми стандартами для понимания отличительных черт, которые способствуют его индивидуальности. Таким образом, исследование служит всеобъемлющим руководством для венчурных инвесторов, участников индийской экосистемы стартапов, политиков и исследователей, освещая характерные особенности индийского рынка, которые могли повлиять на наблюдаемые результаты, а также указывая на возможные направления для дальнейшего изучения.

УДОСКОНАЛЕННЯ ОРГАНІЗАЦІЙНОГО ЗАБЕЗПЕЧЕННЯ ПРОЦЕСУ ЗАЛУЧЕННЯ ФОРМИ ВЕНЧУРНОГО БІЗНЕСУ ДЛЯ РОЗВИТКУ ПІДПРИЄМСТВА В УМОВАХ ЦИФРОВІЗАЦІЇ ЕКОНОМІКИ

The necessity for improving the existing organizational framework for engaging venture business forms is justified, aiming to facilitate the implementation of new technologies, elevate production to a higher level, and enhance the competitiveness of enterprises in both domestic and international markets. The organizational support for involving venture business forms in the development of industrial enterprises in the conditions of economic digitization is enhanced. A scheme for selecting the organizational form of venture business and funding sources is proposed, allowing the utilization of digital transformation tools to increase the effectiveness of venture business engagement. Venture business is defined as entrepreneurial activity involving the infusion of risky investments into the innovative development of a knowledge-intensive industry, prone to potential growth. The following organizational forms of venture business are identified: "independent ventures," "external ventures," and "internal ventures". Various types of organizational forms of venture business and sources of their funding are considered. The engagement of venture business forms is carried out through financing the venture using various capital sources, specifically from the company's cash fund, funds from venture investors, and funds obtained from a venture fund. Using the PATTERN method, a goal tree for each form of venture business and funding source is constructed. The cost forecast for organizing an internal venture with funding from the company's own financial resources is conducted. The author also proposed an alternative venture financing option using the company's funds, such as raising funds from a venture fund through the sale of 10–20% of the company's shares. The proposed measures will enable industrial enterprises to overcome their crisis and become competitive in both external and internal markets.

Финансовые аспекты поддержки развития субъектов малого бизнеса в целях инновационного развития экономики

The development of the business sector is a significant factor in a stable and developing economy. This statement is based on the opportunity for small and medium-sized businesses to create new jobs, optimal management of financial resources in the current macroeconomic circumstances. In turn, a stable source of budget revenues is formed for the state through taxes and fees. The conducted studies of statistical data on the financial and economic activities of small businesses for the period from 2017 to 2013 revealed an increase in the total turnover (revenue) by 28.57 %. The study of the financial and economic activities of this sector of the economy in the regional aspect by the constituent entities of the Russian Federation revealed a significant increase in entrepreneurial activity, primarily in the Volga Federal District. The turnover (revenue) indicator increased by 2.29 billion rubles, reaching a significant volume of 6.0 billion rubles as of January 1, 2024. The main sources of financing for small businesses are their own funds, as well as borrowed (credit) resources. An important aspect of the state policy to support the financing of small businesses is the development of alternative instruments: crowdfunding platforms, venture investment, regional events to evaluate start-ups, etc. This approach is largely aimed at expanding financing, through which it is possible to more actively develop the activities of small businesses for the purpose of innovative development of the economy

ПЕРСПЕКТИВИ ПОСИЛЕННЯ ПОЗИЦІЙ ЄВРОПЕЙСЬКИХ КОМПАНІЙ НА РИНКУ DEEP TECH В УМОВАХ МОДЕРНІЗАЦІЇ ІННОВАЦІЙНОГО ЛАНДШАФТУ ЄС

The purpose of the article is to highlight the prospects for strengthening the positions of European companies in the deep tech market in the context of the modernization of the EU innovation landscape by using the potential of regulatory policy and competition policy. The article is based on a research hypothesis, which stems from the fact that at the present stage there is a rethinking of the role of innovations as a source of socio-economic development of global economic entities. It has been established that even at the supranational level, powers in the field of implementing EU innovation policy are distributed between several departments and directorates; such distribution of powers has determined the specificity and diversity of budget mechanisms for financing innovations, which leads to subadditivity of innovation management. The role of innovation for European society is to transform research results into new, higher-quality goods and services in order to maintain and improve their competitiveness in the global market, as well as to improve the well-being of the population. The EU innovation policy is aimed at creating conditions recognized to facilitate the introduction of innovative ideas to the market, and is also a link between the policy of research and development in the field of technology and innovation and the industrial policy of states. Within the framework of the concept of open innovation, the following forms of international innovation cooperation can be distinguished: obtaining knowledge from the external environment (licensing, obtaining firms-sources of knowledge); knowledge transfer (for example, from a management company to foreign subsidiaries); partnership (equal cooperation between two companies, one of which is a non-resident of the other country); venture investments (infusion of foreign capital into innovative projects, start-ups). International innovation cooperation today is expressed mainly in the commercial activities of states: purchase and sale (export and import) of technologies in materialized form; provision of technological know-how (transfer of experience) on a contractual basis, as well as technical support within the framework of cooperation; sale of patents and licenses; personnel training (advanced training, retraining); creation of joint ventures. Coordination is the development by two states or a group of states of a common policy in the field of innovation and technology development. The methods for implementing this form of international innovation cooperation may be the implementation of various interstate programs in the field of joint scientific and technical activities. DeepTech ("deep" technologies) are fundamentally new technological solutions of innovative companies, including start-ups, developed with the aim of finding answers to global challenges and requiring long-term scientific research and significant investment. The areas of deep-tech most often include: new materials, advanced manufacturing technologies, biotechnology, blockchain, robotics, photonics, microelectronics and quantum computing, life sciences, chemistry, space, green energy and agriculture. "Deep" technologies will be in demand beyond the EU and will generally increase the inflow of investment into the innovation sector of Europe. An even more significant budget (EUR 372 billion for 2021-2027) has been allocated through the InvestEU program. It plans to support successful projects of SMEs entering IPO and implement venture fund programs focused on the late stages of the innovation cycle (scale-up venture capital) and formed from the funds of pension funds and insurance companies. Another program, "European Scale-up Action for Risk Capital" (ESCALAR), with a budget of EUR 1.2 billion until 2027, also includes tools to support innovative businesses. The general logic of the modernization of the EU innovation development program assumes a certain "smoothing" of the pan-European innovation landscape by supporting existing and launching new interregional initiatives. This will help to balance the innovative development of regions and EU countries, including those with low indicators in this area. One of the features of venture capital is its high-risk nature, i.e. the possibility of not receiving the expected profit, or losses as a result of the inefficiency of the financed project. This risk must be justified by the high profitability of commercial activity. But venture capital does not simply strive for risky entrepreneurial projects, it kind of frees the innovative entrepreneur from risk, shifting it to itself through venture funds, where this risk is shared between its numerous partners in proportion to the contribution of each. For this reason, venture capital controls the activities of the innovative entrepreneur, creating all the conditions for him to enter the market.

Driving low-carbon mechanisms through smart investments in renewable resources and green finance initiatives among G20 nations

In light of the escalating concerns regarding climate change and environmental decline, major nations are actively exploring strategies to mitigate environmental harm and achieve future sustainability. The surge in economic expansion in developed economies is linked to an increase in CO2 emissions. Consequently, in their pursuit of carbon-neutral policies, these countries are increasingly turning towards renewable energy as a means to enhance resource conservation and efficiency. This research investigates the varied impacts of renewable energy investment, green finance, geopolitical risk, GDP growth, foreign direct investment, and gross fixed capital formation on the carbon emissions of G20 countries. The study uses the CUP-FM (Continuously Updated Fully Modified) and CUP-BC (Continuously Updated Bias-Corrected) estimators, which are sophisticated econometric approaches designed to handle non-stationary panel data and cross-sectional dependency, to produce robust long-term parameter estimates. The CUP-FM estimator adjusts for potential endogeneity and serial correlation, improving the accuracy of long-run relationships in panel data. The CUP-BC estimator provides bias-corrected estimates to further enhance the precision of these long-run connections.The long-term parameter estimates reveal a negative correlation between renewable energy investment, green finance, and carbon emissions. In contrast, foreign direct investment, gross fixed capital formation, GDP growth, and geopolitical risk are positively associated with CO2 emissions. This suggests that financial stability often leads to investments in carbon-heavy economic ventures, thereby implicating economic growth as a contributing factor to environmental degradation in G20 countries.

Venture investment in medical artificial intelligence amidst technological milestones and global shifts: 2013–2023

Venture investment in medical artificial intelligence amidst technological milestones and global shifts: 2013–2023

What Drives Internet Entrepreneurial Commitment in Taiwan

This study identifies the determinants of Internet entrepreneurial commitment by integrating the theory of planned behavior (TPB) and diffusion of innovation theory (DOI). It hypothesizes six determinants—relative advantage/perceived desirability, complexity, compatibility, attitude, subjective norm, and perceived behavioral control/perceived feasibility—alongside two moderators: job type and personal innovativeness. The research model was empirically tested with data collected from 220 respondents using multiple regression analysis. The findings endorse the integration of TPB and DOI in analyzing Internet entrepreneurial commitment determinants. However, the significance of these six determinants varies according to job type and personal innovativeness. Educators, policy makers, and venture investors can use the findings to design fostering programs and curriculums that are customized to individuals according to their different personal characteristics to enhance Internet entrepreneurial commitment.

Funding Innovation and Risk: A Grey-Based Startup Investment Decision.

As found in behavioral decision theory, venture capitalists (VCs) rely on heuristics and bias, owing to their bounded rationality, either by limited alternatives or information and resources. India's booming startup scene challenges VCs in decision-making owing to information overload from numerous evolving ventures, which hinders informed judgment. VC investment behavior, due diligence, and cognitive factors related to decision-making have always drawn the attention of researchers. We provide an alternative approach for an optimal decision by VCs by identifying the attributes that influence investment or funding decisions at an early stage of a venture in tech-based industries. Through a literature review, we identify eight attributes, both on internal and external criteria, that venture investors consider when making investment decisions. Based on interviews with 20 experts, we further identify eight key tech-based sectors. Using grey system theory, we then determine the rankings of eight tech startups for investors' early-stage investment decisions. This study presents a linguistic variable-based approach of grey numbers to decide weights and ratings, the grey possibility degree to compare and rank different tech startups, and based on the results, suggests the ideal tech startup. We find that agritech ranks first; thus, investors should prefer venturing into such startups for early-stage investment. E-commerce and edutech ranked second and third, respectively, followed by electric vehicle infrastructure, insurtech, fintech, space tech, and software as a service.

Is “Open” ready for investment? A venture capitalist’s dilemma

Learning outcomes Upon completion of the case study, student will be able to discuss valuation of new-age ventures and understand how it is different from the valuation of organisations with a longer history; analyse the considerations (quantitative and qualitative) while evaluating investments in new-age ventures; and develop a framework involving the various dimensions of investment readiness. Case overview/synopsis The fintech space in India has seen an upsurge of activities since 2016. The growth of Paytm, RazorPay and many such ventures and the drastic improvements in this ecosystem have been significant catalysts for this segment of new-age tech companies. Funding and valuations have seen a sharp increase, especially when businesses worldwide felt the after-effects of the pandemic, with India being home to a large number of unicorns, second only to the USA. Open Financial Technologies Ltd (OPEN TECH) is one such venture that claimed its spot as the 100th unicorn of India within a span of five years since inception. With a strong focus on disrupting the banking sector in India, this neo-bank aspires to be the equivalent of Stripe in India and eventually be a strong competitor in the international market. Richard O’Neil is an active investor in the fintech space, based out of the UK, and he is currently looking to expand the market by considering investment options. In the process, Richard and his team have identified India as a viable and competitive market, as new venture support and funding are increasingly emphasized through policies such as Startup India, Make in India and many such more to sustain and propel its benefits. As the team was exploring ventures worth investing, Open Financial Technologies caught their attention. However, Richard, given his experience across fields and being a seasoned private equity investor, realised that valuing new-age companies is as much an art as it is a science. Multiple quantitative and qualitative aspects need to be considered while relevance of traditional valuation techniques to put a value on such entrepreneurial ventures is questioned. At this juncture, he finds it crucial to evaluate the investment readiness of OPEN TECH. This case allows students to understand how valuation of new ventures is different from that of established companies and analyse the crucial factors worth considering while evaluating an investment proposal as a venture capitalist, which eventually helps shape the funding pitch of an entrepreneur in the space. Complexity academic level This case study can be useful for students undertaking graduate- and executive-level courses on business valuation and strategy and entrepreneurship, as well as entrepreneurial finance elective at the undergraduate level. One could use this case in courses on entrepreneurship and innovation, such as an introductory course on entrepreneurial finance and a course on venture capital and private equity. It also allows discussion on fintech and neobanking and the valuation of privately held companies. Supplementary materials Teaching notes are available for educators only. Subject code CSS 1: Accounting and finance.

Mamaearth IPO: the pricing dilemma of a startup

Learning outcomes After working through the case and assignment questions, students will be able to recognize essential considerations for the initial public offerings (IPO) decision, compare different types of fundraising options for startups, evaluate the free pricing regime for IPO pricing, examine the pricing process of IPOs, explore the issue of valuation of IPOs and assess the decision choices of the founder regarding IPO given the trade-offs and market conditions. Case overview/synopsis The case study explores the dilemma of Ghazal Alagh, the co-founder and chief innovation officer of Mamaearth, a direct-to-consumer babycare and skincare unicorn, regarding its IPO decision. Mamaearth had filed the draft offer document with SEBI in December 2022, and Ghazal was busy engaging with the investment bankers for the upcoming IPO. However, the weak market sentiments and shelving of IPO plans by many startups were forcing her to think about facing the possibility of postponing the IPO or continuing the IPO process but at lower valuations. The case study provides an opportunity to explore a startup’s financing choices. It allows for discussion of various IPO challenges from the perspectives of founders, venture investors, regulators, investment bankers and new IPO investors. Complexity academic level This case study is best suited for senior undergraduate- and graduate-level business school students in courses focusing on entrepreneurship, corporate finance, financial management, strategic management and investment banking. Subject code CSS1: Accounting and finance. Supplementary materials Teaching notes are available for educators only.

Determinants of Agri-food Investment from Fund Managers' Viewpoint

A more welcoming investment environment for the agri-food sector is envisioned as a result of the 2020 Venture Investment Promotion Act and the subsequently revised Act on Creation and Operation of Agricultural, Fisheries, and Food Investment Funds in South Korea. This study seeks to identify strategies to encourage venture investment for agri-food entrepreneurs by relying on these new legal environments. This study uses the Analytic Hierarchy Process to assess factors that facilitate investing based on a survey of fund managers and investment analysts who have invested in agri-food products. The findings indicate that the readiness of agri-food enterprises to adopt corporate-like management practices and their willingness to pursue commercialization are the primary determinants of investment facilitation. Deregulated investment environments and enhanced investor incentive systems rank as the second and third most significant determinants. The results offer insights into strategic policy initiatives aimed at increasing investment for startups, young entrepreneurs and venture farmers.

The impact of time constraints on new venture investment decisions: an experimental study

ABSTRACT Researchers have suggested that new venture investors quickly conclude their decisions and rely on heuristics. However, there is a paucity of empirical work exploring the impact of time constraints on new venture investment decisions. To fill this gap, we are exploring the impact of time constraints on the new venture investment decision process and the final investment decision using the arguments of the Dual Process Theory. A balanced experiment setup is used, where the treated group is given time constraints to make the decision. Results show that investors under time constraints consider only a subset of the available information signals to perceive the probable prospects and to make final investment decisions. This consideration of a subset of information signals results in a partial assessment of the proposal where investors focus more on return potential than risk exposure aspect of investment proposals. This inclination towards return potential increases the scale of investment.

ВЕНЧУРНЫЕ ИНВЕСТИЦИИ КАК ВСПОМОГАТЕЛЬНЫЙ ИНСТРУМЕНТ ПРИ РЕА-ЛИЗАЦИИ ИННОВАЦИОННО-ИНВЕСТИЦИОННЫХ ПРОЕКТОВ

The article examines the essence of venture investments and their main features. The basis of venture investments is, first of all, innovative projects implemented by develop-ing companies; the form of investment should not be limited by any other condi-tions. The main problems of the Russian venture investment market are analyzed: small volume, legislative uncertainty, per-sonnel shortage, difficulties in attracting for-eign investment. For a solution, it is pro-posed: improvement of legislation, limited involvement of insurance companies and pension funds in venture investments, redis-tribution of state support for venture invest-ments, additional tools for a safe exit from venture investments for all interested parties. The implementation of innovation and investment projects through the purchase and integration into the internal processes of a large company, which was previously a strategic investor, also depends on solving the problems of the entire venture market as a whole, since at the moment the number of such transactions is insignificant.

Global Trends in Electric Vehicle Battery Efficiency and Impact on Sustainable Grid

Over the past decade, transportation electrification has emerged as a pivotal focus of the article. Electric vehicles (EVs) have progressively gained traction in the market, displacing conventional internal combustion engine vehicles. This surge in EV popularity has led to a corresponding increase in the number of charging stations, thereby significantly influencing the power grid (PG). Various charging strategies and grid integration approaches are being devised to mitigate the potential negative impacts of EV charging while optimizing the advantages of integrating EVs with the grid. This paper provides a comprehensive overview of the current state of the EV market, standards, charging infrastructure, and the PG’s response to the impact of EV charging. The article provides a comprehensive assessment of how forthcoming advancements in EV technology, including connected vehicles, autonomous driving, and shared mobility, will intricately influence the integration of EVs with the PG. Ultimately, the article concludes by meticulously analyzing and summarizing both the challenges and recommendations pertinent to the prospective expansion of EV charging infrastructure and grid integration. The proliferation of venture capital investments in nascent start-up ventures specializing in EV and battery technologies has experienced a pronounced surge, reaching an impressive sum of nearly USD 2.1 billion in 2022. This notable increase represents a substantial uptick of 30% compared to the figures recorded in 2021. Furthermore, these investments have been directed towards two key areas: advancements in battery technology and the acquisition of critical minerals. This discernible shift in investment trends underscores the growing recognition of the strategic importance and potential profitability associated with innovations in EV and battery technologies. In 2022, global expenditures on EVs surpassed USD 425 billion, marking a substantial 50% increase compared to the previous year, 2021. Remarkably, a mere 10% of these expenditures can be attributed to governmental support, with the bulk stemming from consumer investments.

대학 벤처투자 역량의 조절 효과를 통한 기업가적 대학 성과에 관한 연구

This study investigates the impact of university venture investment capabilities on the performance of entrepreneurial universities, specifically examining the moderating effect of these capabilities on the number of university student entrepreneurs, which is considered a key outcome of entrepreneurial universities. To explore this, the study examines the impact of student entrepreneurship education activities(independent variable) on the number of student entrepreneurs(dependent variable) and investigates the moderating effect of university venture investment capability(moderating variable) across 324 universities nationwide. The results indicate that all detailed variables of university student entrepreneurship education activities significantly affect the number of student entrepreneurs. Specifically, the number of entrepreneurship major courses, entrepreneurship general education courses, entrepreneurship clubs, and entrepreneurship competitions all have a positive relationship with the number of student entrepreneurs. The moderating effect of university venture investment capabilities was statistically significant only in the curricular activities of entrepreneurship major and general education courses, while it was not significant in the extracurricular activities such as entrepreneurship clubs and competitions. The implication of this study is that university venture investment capabilities have a strengthening moderating effect on the outcomes of entrepreneurial universities. Therefore, universities should extend their role beyond traditional education and research to include practical and economic activities as entrepreneurial entities, emphasizing the importance of enhancing university venture investment capability, including the role of University Venture Capital(UVC). Specifically, universities should strengthen their venture investment capabilities by securing and recruiting excellent human resources inside and outside the university, and boldly investing financially in technology holding companies. By focusing on building innovative and professional venture investment capabilities through technology holding companies, universities can vitalize university-led entrepreneurship and strive to grow into entrepreneurial universities that align with global standards.

Time Investment in an Entrepreneurial Venture: The Effect of Past Time Invested, Venture Confidence, and Business Planning

Time Investment in an Entrepreneurial Venture: The Effect of Past Time Invested, Venture Confidence, and Business Planning

Venture investments and experience working with universities and research institutes: practical problems in Russia

Venture investments and experience working with universities and research institutes: practical problems in Russia

ACTUALIZING THE VENTURING MODEL IN UKRAINE

The financing of innovations is the driving driver of the innovative model of development of any country, and Ukraine in particular. In modern conditions, the importance of venture capital for the economy of Ukraine is growing against the background of reducing alternatives to raising capital for the development of small and high-tech businesses. The reasons for the current state of decline in the innovation and investment process in Ukraine are analyzed and identified. Peculiarities of venture investment in Ukraine are studied. It is determined that the vast majority of venture capital institutions, regardless of their field of activity, are used mainly by large industrial and financial groups to preserve assets and minimize taxation, rather than to finance innovation. The obtained results give grounds for the conclusion that the essence of venture entrepreneurship in Ukraine does not correspond to the American and European models. The current conditions turn venture funds in Ukraine from an instrument of innovative development into a means of making a profit for large financial and industrial groups, which is a hidden reason for slowing down the innovation and investment process. An updated Ukrainian venture model is proposed, taking into account the peculiarities of the economy and a thorough rethinking of the existing structure of venture capital. The introduction of a rational combination of public, private, and research components of the investment process is proposed, i.e. the need to involve universities, scientists, and the scientific elite in the venture industry. It is determined that this model is only one of the components of a comprehensive program to stimulate investment demand, which also includes: ensuring macroeconomic stability; ensuring economic freedom; ensuring economic security; an increase of investment resource; impact on investment propensity; liberalization and development of the financial market; stimulating investment activities through the mechanism of state support for business and science partnerships.

УПРАВЛІННЯ ВЕНЧУРНИМ ФОНДОМ В КОНТЕКСТІ МІЖНАРОДНОГО ПАРТНЕРСТВА

Formulation of the problem. In today's globalized world, venture capital plays a key role in stimulating innovation and the development of new technologies. The growing importance of venture financing draws attention to the management of venture funds, especially in the context of international partnerships. However, despite the potential benefits of international cooperation, there are numerous challenges that make it difficult to effectively manage venture capital funds in such an environment. The purpose of the article is to study modern approaches and strategies of venture fund management in the context of international partnership with the aim of identifying key factors that affect the success of investment projects, consideration of challenges and opportunities arising from cooperation between different countries and regions, determination of optimal approaches to effective management of venture capital assets in the international environment. The object of the study is the key factors affecting the success of investment projects in the international venture environment, as well as practical recommendations for fund managers, investors and regulators in order to improve venture capital management strategies and increase the competitiveness of international investment projects. The methodological basis of the research was the logical methods of information processing, statistical analysis, comparison. The main hypothesis of the study is that there is a direct relationship between the degree of success of venture fund management and the level of cooperation and mutual understanding between partners from different countries and regions. In addition, it is assumed that the implementation of optimal management strategies aimed at maximizing the potential opportunities of international partnership and reducing risks will allow to increase the effectiveness of venture investments on an international scale. Presenting main material. The role of international partnership in venture investing is studied through the analysis of the impact of international partnership on the development of the venture market and the determination of the challenges of managing a venture fund in an international context. The importance of global pooling of resources and expertise for investing in promising startups and technological projects has been proven. The problems of cultural and legal differences between the partner countries are characterized. Strategies for managing venture assets in an international environment are proposed. Originality and practical significance of the research. The study provides an original perspective on venture fund management, considered in the context of international partnerships. The proposed approach allows taking into account cultural, legal and economic differences between partner countries. The given recommendations can be used by fund managers to improve strategies for managing venture assets in the context of international partnerships. Investors will receive information on the key factors and risks associated with international venture investing, which will help them make more informed decisions about the allocation of their investments. Conclusions. The study shows that successful management of a venture fund requires not only technical competence, but also the ability to work effectively in international cooperation and take into account the specific features of different markets. Recommendations are given on optimizing management strategies and reducing risks to achieve successful investment results in international venture business.

Smart City Projects Financing

The implementation of advanced digital technologies and innovations in smart cities for the provision of more efficient, sustainable, and inclusive city services, the development of infrastructure, and the improvement of citizens’ quality of life require appropriate financing technologies. In addition to purely public (for example, green bonds, social impact bonds, state subsidies, etc.) and purely private (venture investments, leasing, etc.) financial instruments, various options for public-private partnerships and financing with and against the participation of the community (participatory ), which increase the efficiency of budget financing due to the agreed distribution of risks and responsibilities between stakeholders. The bibliometric analysis of publications indexed by Scopus using the keywords “smart city” and “public-private partnership” using the VOSviwer tool allowed establishing the periods of growth (2013-2019 and 2022-2023) and decline (2019-2022) of the popularity of this topic among scientists, countries-leaders of research activity (USA, India, China, Italy, Spain, Great Britain, Canada and Germany), dominant directions of cross-sectoral research. The analysis of the Smart City Index Report (IMD Smart City Index Report) showed that in 2023, the top 5 leaders were Switzerland (Zurich), Norway (Oslo), Australia (Canberra), Denmark (Copenhagen), and Great Britain (London). With the help of the Google Trends toolkit, an analysis of the dynamics of Internet requests over the past 10 years from citizens of these countries, as well as Ukraine and the world, was carried out using identical keywords. The analysis proved that both in these countries and in the world as a whole, public interest in the development of the smart grid was recorded (in Ukraine, the highest peak (100 GT Scale) was in 2019; in Great Britain and Switzerland – in 2018, in Denmark – in 2017 and 2022, in Australia and Norway – in 2016) against the background of an almost absolute (except for Great Britain and Australia) lack of public interest in issues of public-private partnership. A regression model was developed to study the impact of participatory financing on the readiness level of Ukraine’s regions (as of 2020) to implement smart local development technologies. An integral indicator was used as the resulting variable, within which data on the assessment of the availability of electronic public services and the level of automation and digitization of public services (the number of state and local self-government bodies that provided the possibility of using electronic democracy tools), the level of use electronic platforms for communication with state bodies (the number of registered “E-appeals”, published “E-petitions” and reports on “E-consultations”), the availability of the Internet (the number of Internet subscribers and the share of households that have access to Internet services home). In the modeling process, adjustments were made for the gross regional product and the population of the respective region, the weighting factors were determined by the method of principal components, the estimation of the model parameters was carried out by the method of least squares, the calculations were made using the MS Excel spreadsheet and the Statistica application program package.