THE FINANCING OF INNOVATION ENTREPRENEURSHIP IN THE REPUBLIC OF MORDOVIA: CURRENT STATUS AND OPPORTUNITIES
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Author(s): | Eremina O. I., Semenova N. N., |
| Number of journal: | 2(47) | Date: | May 2019 |
| Annotation: | Currently, important structural transformations are being carried out in the world economic system, when the industrial model of development is replaced by an innovative one, which causes a change in the way of the economy, as the methods of production, exchange and distribution are modernized. There is a modification of the forms and methods of financing entrepreneurship, contributing to the formation of financial structures and financial relations of a new type, developing innovations, their commercialization and technology transfer. In the conditions of creating an innovative model, the role of innovative entrepreneurship in ensuring the competitiveness of the domestic economy and its sustainable development is decisive. To a large extent, this contributes to the growth of innovative industries in the regions of the country. In the article the authors consider the issues of development and financial support of innovative entrepreneurship in the Republic of Mordovia as one of the most dynamically developing and investment attractive subjects of the Russian Federation. A significant role in the process of activation of innovative activity in the region was played by the formation of an Innovative cluster that United the production of high‑tech products of lighting and optoelectronic instrument‑making enterprises, as well as the implementation of the State program of scientific and innovative development of the Republic of Mordovia for 2013–2020. Based on the analysis of innovation processes in the region, the authors conclude that the main source of their funding is the own funds of organizations, and the cost of technological innovation of industrial enterprises do not have a significant impact on the growth of production of high‑tech products. Of particular importance for the creation of conditions for the growth of innovative industries is the introduction of effective tools, forms and methods for their financing, in particular, the reengineering of financial institutions supporting innovative entrepreneurship; development of the network form of financing innovations and the mechanism of public‑private partnership. | ||
| Keywords: | innovation, innovative entrepreneurship, innovation process, innovation, financial security, sources of financing, financing mechanism, region, cluster, sustainable development. |
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| For citation: | Semenova N. N., Eremina O. I. The financing of innovation entrepreneurship in the Republic of Mordovia: current status and opportunities. Business. Education. Law, 2019, no. 2, pp. 54–60. DOI: 10.25683/VOLBI.2019.47.246. |
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