Financing of innovative projects in industry

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Abstract

A distinctive feature of innovation-oriented enterprises is a higher demand for external sources of financing, while innovative activities are characterized by a sufficiently high degree of uncertainty and risk, therefore, the important principles of financing innovative projects are the multiplicity of financing sources, flexibility and adaptability to a rapidly changing external environment. Using in-house funds in the development and implementation of an innovative project provides maximum scale of actions in making management decisions. At the same time, international experience in the innovative projects implementation proves the effectiveness of debt and equity instruments use for project financing. The article discusses the main instruments for financing innovative projects in the Russian Federation, highlights the main stages of finding and attracting financial resources. In addition, within the framework of this study, the costs of technological innovations and the sources of their financing, the patent activity of enterprises in the Russian Federation were analyzed. The main economic reasons that impede the development of innovations project management are listed. The necessity of developing measures to expand the access of innovative enterprises to loaned sources of financing has been substantiated.

About the authors

Svetlana V. Galachieva

North Caucasian Institute of Mining and Metallurgy (State Technological University)

Author for correspondence.
Email: svetagalachieva@list.ru
ORCID iD: 0000-0002-7193-0454

Doctor of Economics, professor, head of the Department of Economics and Management

Russian Federation, 44, Nikolaeva Street, Vladikavkaz

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