Moscow, Moscow, Russian Federation
Moscow, Moscow, Russian Federation
Venture funds are an element of the infrastructure that supports innovation. They make a significant contribution to the development of the national innovation system, as well as increase industrial competitiveness and high-tech production. This article describes the long-term strategic priorities for the developmentof domestic venture funds. The research relied on the method of regression analysis, as well as on the theoretical and practical concept of strategizing developed by Professor V.L. Kvint and adapted for the venture capital market. These methods made it possible to analyze the global and national strategic trends in the development of venture funds. The analysis of strategic documents provided a strategic assessment of the effect of venture capital and government R&D expenses on various indicators of the Russian economy. It also revealed the role of public and private fundings as strategic multipliers of innovative activity. The data obtained allowed the authors to formulate the strategic priorities for the development of venture funds in Russia.
strategizing, venture funds, strategic trends, financing infrastructure
1. Ammosov YuP. Venchurnyy kapitalizm: ot istokov do sovremennosti [Venture capitalism: from origins to the present]. St. Petersburg: Feniks; 2005. 372 p. (In Russ.)
2. Gavrilina DN. Analyzing strategic global and national trends in financing infrastructure for small innovative businesses. Russian Journal of Industrial Economics. 2022;15(1):68-77. (In Russ.) https://doi.org/10.17073/2072-1633-2022-1-68-77
3. Zemtsov SP, Tsareva YuV. Entrepreneurial activity in the Russian regions: How spatial and temporal effects determine the development of small business. Journal of the New Economic Association. 2018;37(1):145-165. (In Russ.) https://doi.org/10.31737/2221-2264-2018-37-1-6
4. Gokhberg LM, Gracheva GA, Ditkovskiy KA, Evnevich EI, Kuznetsova IA, Martynova SV, et al. Indicators of innovation in the russian federation: 2021: Data Book. Moscow: Higher School of Economics; 2021. 280 p. (In Russ.)
5. Kvint VL. Kontseptsiya strategirovaniya. T. 1 [The concept of strategizing. Vol. 1.]. St. Petersburg: SZIU RANKhiGS; 2019. 132 p. (In Russ.)
6. Kvint VL. The concept of strategizing. Kemerovo: Kemerovo State University; 2020. 170 p. (In Russ.) https://doi.org/10.21603/978-5-8353-2562-7
7. Kvint VL. Development of strategy: Scanning and forecasting of external and internal environments. Administrative Consulting. 2015;79(7):6-11. (In Russ.)
8. Mazhorina MV. ESG principles in international business and sustainable contracts. Actual Problems of Russian Law. 2021;16(12):185-198. (In Russ.) https://doi.org/10.17803/1994-1471.2021.133.12.185-198
9. Maryasis DA. Factors of successful innovative development of Israel. Finance and Business. 2016;(1):51-64. (In Russ.)
10. Novikova IV. Strategizing of the human resources development: Main elements and stages. Strategizing: Theory and Practice. 2021;1(1):57-65. (In Russ.) https://doi.org/10.21603/2782-2435-2021-1-1-57-65
11. Khvorostyanaya AS, Alimuradov MK. The value of the participation of actors in the technology transfer process: A strategic vector. Administrative Consulting. 2020;137(5):128-137. (In Russ.) https://doi.org/10.22394/1726-1139-2020-5-128-137
12. Atkinson RD, Ezell SJ. Innovation Economics. New Haven, London: Yale University Press; 2012. 431 p.
13. Bagnoli M, Watts SG. Selling to socially responsible consumers: Competition and the private provision of public goods. Journal of Economics and Management Strategy. 2003;12(3):419-445.
14. Baron DP. Private politics, corporate social responsibility and integrated strategy. Journal of Economics and Management Strategy. 2001;10(1):7-45.
15. Baumol WJ. Entrepreneurship: Productive, unproductive, and destructive. Journal of Business Venturing. 1996;11(1):3-22. https://doi.org/10.1016/0883-9026(94)00014-X
16. Cumming D, Johan S, Zhang M. The economic impact of entrepreneurship: comparing international datasets. Corporate Governance: An International Review. 2014;22(2):162-178. https://doi.org/10.1111/corg.12058
17. Fossen FM. Personal bankruptcy law, wealth, and entrepreneurship - evidence from the introduction of a “fresh start” policy. American Law and Economics Review. 2014;16(1):269-312. https://doi.org/10.1093/aler/aht015
18. Lerner J, Nanda R. Venture capital’s role in financing innovation: What we know and how much we still need to learn. Harvard Business School Entrepreneurial Management Working Paper No. 20-131; 2020. 32 p.
19. Paul CJM, Siegel DS. Corporate social responsibility and economic performance. Journal of Productivity Analysis. 2006;26(3):207-211. https://doi.org/10.1007/s11123-006-0016-4
20. Popov A, Roosenboom P. Does private equity investment spur innovation? Evidence from Europe. ECB Working Paper. 2009;(1063). https://doi.org/10.2139/ssrn.1414208
