FINANCING INNOVATIONS: ANALYSIS OF PROGRAM-TARGET SOURCES

Fundraising is becoming more commonly used as a way to raise money for project fulfillment. Fundraising development on a qualitative level is proved by the increase of the usage of the program-targeted approach and the targeted support of the individual projects or people. The state, business and people create charity foundations, which launch grant competitions. The list of the main foundations is quite impressive. It allows concluding that the representatives of the fundraising sources are ready to do systematic charity. This article presents a classification of funds by sources of funding and areas of support. The results of the analysis of the competitive bidding and reporting documentation are described. The general and specific criteria for selecting projects have been identified. The basic criteria allow making conclusions about effectiveness of each project for the goals of the foundation, project implementability and reliability of the applicant. Specific requirements determined by the contests of separate financing source categories (state, business, private persons) usually specify their main objectives. Specific criteria in separate project fields usually set the main indicators of their implementation. Mostly these indicators reflect the quantitative measures, by which the application and the expected results are assessed. Generalized recommendations for applicants for grant support have been given. Firstly, it is necessary to choose the right foundation and the right program within this foundation. The project, the research team and the expected results should completely correspond to all the criteria. If the submitted application is the first experience, it might be better to begin with the «first level competitions» and turn it into a long and fruitful cooperation. Deep understanding of the cooperation mechanisms with the systemic sources gives significant advantages when creating an application, but it does not guarantee actually receiving the financial support. Fundraising source may accelerate the project development, but it is better not to consider such source as the single and the most important one.

financing, fundraising, fund, innovation, project, grant, sources, criteria for selecting projects, open competition, program approach.

Spiridonova E. V., Trofimova K. V. Financing innovations: analysis of program-target sources // Business. Education. Law. 2018. No. 3 (44). P. 163–171. DOI: 10.25683/VOLBI.2018.44.309.