VENTURE FINANCING MEASURES FOR SMALL AND MEDIUM-SIZED ENTERPRISES

This study contains an analysis of the foreign experience of state support for venture capital investments in order to identify opportunities for its application in Russia to solve the existing problems of innovative small enterprises and unlock their potential. The article examines the experience of countries as Sweden, South Korea, and the United States, where venture financing tools are currently successfully developed, which ensures high innovation activity of small and medium-sized businesses, key regulatory legal acts in terms of supporting venture activities and/or information from specialized services responsible for the development of venture investments in these countries. Further, the results obtained are superimposed on the Russian reality (the most relevant, currently valid Government Decree on the subject of venture financing) and a list of key solutions that can be applied in Russia is formed. The most promising solutions that are currently not implemented in Russia, but at the same time meet the current problems of small and medium-sized businesses in Russia, are: formation of a unified, comprehensive policy for the development of venture investments (currently, the existing measures are scattered, there is no single system-forming document); – increasing the openness of the market and creating a tool for public control, creating standard conditions that are understandable for all market participants (initially, the problem is typical for Russia as a whole and, as a result, for the venture capital investment market); – ensuring that intellectual property can be used as collateral in venture capital financing (the lack of collateral is a key stop factor for small businesses); – approval of the standard of co-financing from the federal budget in the implementation of venture investments (this standard is not explicitly recorded in the studied documents).

venture capital investments, venture financing, government support, innovative small enterprises, innovation activity of small and medium-sized businesses, international experience, Sweden, South Korea, USA, recommendations.

Gruzdeva E. V. Venture financing measures for small and medium-sized enterprises. Business. Education. Law, 2021, no. 2, pp. 97—102. DOI: 10.25683/VOLBI.2021.55.231.