The purpose of the article is to reveal a financing model for the implementation of innovations in the Russian economy’s sustainable development, as a multi-stage process with features inherent in each stage. The article defines the sequence of actions for financing the multi-stage implementation of innovations in the sustainable development of the Russian economy, reveals the features of financing at all stages of the model for the development of innovations that support sustainable development, examines the characteristics of the behavior of various types of investors, in particular the conservative attitude towards technological risks on the part of banks and difficulties with accumulation large volumes of investment within one project by venture investors, and also proposes a procedure for the investor to assess the feasibility of financing the implementation of innovations in the field of sustainable development. The research methodology is based on a dialectical systems approach, the use of logical, factor analysis using the theoretical apparatus of analyzing economic processes. A feature of financing technological innovation within the framework of sustainable development is the need to apply a multi-stage approach. Each stage implies a change in the approach to financing, both from the point of view of using the provided capital and from the point of view of sources of capital. Each stage of the funding model, which includes technology research, technology development, technology demonstration and technology deployment according to its maturity, requires different types of financial and non-financial support.