ISSN 2409-7616

Kulagin R.V.



UDC 330.322.16

Kulagin R.V.1 (Kazan, Russian Federation) – E-mail:

1Kazan Federal University

Abstract. Venture investment is the main mechanism for financing small innovative enterprises. State participation has played a decisive role in the development and institutionalization of the venture investment market. It is believed that enterprises promoting innovative projects contribute to economic growth and increase the competitiveness of the country’s economy. For this reason, the governments of many countries pay special attention to the problems of functioning and development of venture investment institutions. In the Russian economy, there is a trend towards a decrease in the volume of venture investments. An increase in the amount of financial resources allocated by the state for venture investments could smooth out this trend. However, before that, it is necessary to determine what tools will not only saturate the venture capital market with finance, but will also contribute to the performance of the functions of the state to stimulate the innovative activity of economic entities. On the example of Russia, the effectiveness of the performance of this function of the state, through the financing of private venture investment funds, was studied. The paper compared statistical data characterizing the dynamics of the volume of investments of such funds and the dynamics of indicators reflecting the innovative activity of business entities and researchers. Other forms of organization of venture investment were also considered. Their main advantages and disadvantages are derived based on the ability to have a positive impact on small innovative enterprises. The value of venture capital enterprises was decomposed into technological and financial. The assessment of the positive impact of funds was carried out on the basis of the desire of different types of funds to maximize one or another value of investment recipient companies. An intermediate result of the study is the identification of the most pressing problems of the Russian venture capital market.

Keywords: venture capital, venture investment, innovation activity, funding failure, technological value, innovation activity, state participation.


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For citation:

Kulagin R.V. Choice of the form of investment organization for state participation in the venture capital market. CITISE, 2022, no. 2, pp.483-493. DOI: