EXAMINATION OF THE INVESTMENT ENVIRONMENT FOR STARTUP IN RUSSIA

The current practice of investing in startups is examined in the article; the sources of investment in Russian startups are shown according to the Startup Barometer. The low activity of the Russian venture capital market is studied, which is a consequence of the low venture capital culture of the main market participants and their small size. A study of the institutional environment for investing in startups in Russia was conducted: traditional and modern structures that invest in startups were examined. Based on the study, a classification of start‑up investment sources has been developed, which includes traditional and modern structures and investment methods. The current trends are considered in detail, which include new ways of investing, which are based on different managerial and financial decisions and new business models; investment methods based on IT solutions and c2b2c business models, i.e. platform aggregators for the venture capital market; tools for private venture investors and investment process services for start‑ups; investment ‑ acceleration programs that are aimed at selecting acceleration and investing in the best startup team; acceleration programs and start‑up corporate competitions. The influence of expanding the range of investment instruments on the dynamics of venture investment in Russia is examined. It is shown that the venture market is developing and there are positive expectations of large players. Moreover, there is a growing interest from private investors, who are only planning the first steps in this market. It is concluded that development of the investment landscape has a positive effect on the growth dynamics of investment in startups using the example of venture investments.

startup, investments, investors, venture capital investments, business angels, investment funds, investment landscape, innovative technologies, IT platforms, investment and acceleration programs, corporate venture funds, business model.

Gorevaya E. S., Shmatko A. D. Examination of the investment environment for startup in Russia. Business. Education. Law, 2019, no. 2, pp. 117–124. DOI: 10.25683/VOLBI.2019.47.216.