FEATURES AND PROSPECTS OF VENTURE FINANCING IN UKRAINE

Анотація

Urgency of the research. Ability of domestic enterprises to spend their own resources on reconstruction and modernization of production processes, to develop and introduce innovative products today is limited. Target setting. Attracting venture capital as a source of targeted investment of innovational developments has to become a catalyst for the introduction of innovative technologies in enterprises of Ukraine. Especially noticeable is the need for financial resources in the conditions of crisis in the economy of Ukraine. Analysis of recent research and publications. Forming of a national system of venture financing draws the interest of many local scholars, among which should be mentiond works of Z. O. Andriychenko, L. L. Antoniuk, T. O. Buturlakina, I. Baranetskyi, O. Boyko, V. Denisyuk, O. Y. Dudchyk, Y. Zhornokut, P. V. Kovalishyna V. Nezhyborets, I. Lobas, S. V. Onyshko, A. M. Poruchnyk, V. Savchuk, B. B. Sas, A. Stepanenko, O. Yastremskyi. Uninvestigated parts of general matters defining. Unsolved part of the problem is providing investment and innovative feature by domestic venture funds for their redistribution in favor of funding for innovative projects. The research objective. The main objectives of the article is to study the current state of the venture investments market in Ukraine, to determine the level of development and major issues. The statement of basic materials. The problem of effective development of the venture industry is extremely important in innovation sphere, and without creating private investment companies whose activities are supported by the state and public funds, it is impossible. The peculiarities of phased financing of entrepreneurial projects using venture mechanism. The research allowed clarifying the essence of the concept of «venture capital». The features of venture funding are compared to traditional types of financing. The analysis of the state of the venture capital market in Ukraine is done. Conclusions. Not enough developed Ukrainian investment and innovation systems related to the problems of the domestic investment climate, underdeveloped capital market, low prevalence of devices technology in the national economy, the imperfection of the legal system in the field of venture capital investment, low business transparency and a limited number of real investment attractive and innovative proposals. Ukrainian entrepreneurs and investors are not ready to build a European venture business models. All this creates a problem of national scope to increase the role of the classic business venture to build a new economic model of Ukraine, which will be based on the investment and innovative approach.