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INVESTMENT STRATEGIES IN THE MANAGEMENT OF INNOVATION PROJECTS
Abstract
The transition of the Russian economy to innovation strategies of development has set conditions for the development of the infrastructure of innovative entrepreneurship, project environment and project management. By introducing innovations, small-sized innovative companies and heavy players aim at providing national and global competitiveness. Various investment sources are used to develop and promote new technological solutions and innovation services. Their choice depends on the content and size of a project, a company's strategy and other factors. Currently, experts observe a sufficient amount of available investment resources on the Russian innovation market. However, an inefficient implementation of investments still remains a vital problem. The purpose of the paper is to analyze the main causes of this problem and to propose its possible solutions based on the research done. The paper systematizes the types of investors and sources of innovative companies financing depending on the stage of their development. The peculiarities of large projects, in particular projects of creating territorial innovation clusters in Russian regions, are revealed in the paper. Small-sized innovative companies should choose a source of financing by balancing the concepts of the “innovation lift” and the “investment lift” taking into account the degree of risks. In this connection the paper proposes a company's investment strategy matrix. Since large innovation projects in Russia are mainly financed by the government, the paper pays special attention to the investment strategy based on the state-private partnership. The main task in effecting government investments is to provide their efficiency. The effectiveness of investments can be seen in economic and social indicators of the development of industry, society and the region as a whole. The paper expresses the author's view on the government investment effectiveness, a possibility of using benchmarking to analyze the efficiency of territorial innovation clusters. The study of the state-of-the-art foreign experience facilitates searching for effective investment strategies and stimulates investment project commercialization. The author has analyzed the best foreign practices and presents the conclusions that are based on them. The following research methods are used: observation, expert evaluation, generalization, benchmarking, comparative analysis and data visualization.
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