Journal of Siberian Federal University. Humanities & Social Sciences / Policy Analysis: Re-thinking Innovation Policy in Times of the Global Financial Crisis

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Issue
Journal of Siberian Federal University. Humanities & Social Sciences. 2009 2 (3)
Authors
Stepanets, Ekaterina P.; Khasin, Alexander A.
Contact information
Ekaterina P. Stepanetsa Erfurt School of Public Policy University of Erfurt 63 Nordhäuser Strasse, Erfurt, D-99089 Germany; Alexander A. Khasinb Moscow Institute of Physics and Technology 9 Institutskii, Dolgoprudny, Moscow Region, 141700 Russia
Keywords
innovative companies; «seed» stage; «start-up» stage; venture industry; private investment; stimulate innovation development
Abstract

This paper develops a model for the evaluation of the financial needs of innovative companies on the «seed» and «start-up» stages of their projects. In the model, the demand for finance is calculated with regard to the target performance of the industry set in «The Concept of Long-Term Socio-Economic Development of the Russian Federation» (17 November 2008). The study reveals certain problems that have impeeded the process of establishing a venture industry in Russia. These setbacks include a lack of venture entrepreneurship experience, an insufficient amount of private investment in the early stages of innovative projects and the absence of a functioning infrastructure. In order to tackle these problems a new concept of «seed» finance is proposed. The suggested scheme, which involves the OJSC «RVC» and «RUSNANO», seeks to stimulate innovation development in universities, regions and technological clusters and increase the efficiency of budget spending. The key parameters of the scheme are also described in the work.

Pages
415-428
Paper at repository of SibFU
https://elib.sfu-kras.ru/handle/2311/1013

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