STATE SUPPORT FOR VENTURE BUSINESS IN THE WORLD

2022;
: 47-55
1
Lviv Polytechnic National University
2
Lviv Polytechnic National University

Purpose. The aim of the article is to reveal the essence of venture business, its role and significance. Identify the importance of the state as one of the interested participants in the venture capital market. Investigate and form the goals of the system of state financing of venture activities. Identify and disclose methods of state incentives for venture financing. Consider the five main types of budget allocations. Investigate the elements of the system of state incentives for the venture capital market in different countries on examples. To form a system of organizational and legal measures of state stimulation of venture business in Ukraine, based on the results of research of domestic and foreign scientists.

Design/methodology/approach. This study used both general scientific methods, empirical and theoretical, in particular, the method of analysis (in the study of the goals of public funding of venture capital), synthesis (in the formation of agreed goals of public finance of venture capital), generalization and explanation, classification and systemic (in the formation of organizational and legal measures of state stimulation of venture business in Ukraine). In addition, special research methods were used, in particular, formal-logical and comparative methods of scientific knowledge.

Findings. The article reveals the essence of venture business, its role and significance. The importance of the state as one of the interested participants in the venture capital market has been determined. The goals of the system of state financing of venture activities have been studied and formed. Methods of state stimulation of venture financing have been defined and revealed. Five main types of budget allocation have been considered. The elements of the system of state stimulation of the venture capital market in different countries have been studied on the examples. A system of organizational and legal measures of state stimulation of venture business in Ukraine has been formed, based on the results of research of domestic and foreign scientists.

Given that the venture business leads to the creation of new high-tech jobs, increases tax revenues and social contributions, helps to equalize regional stratification, achieve competitiveness of enterprises and industries, supports the widespread development of infrastructure, provides new jobs, new markets and goods, thereby reducing unemployment, improving national, regional and individual well-being in the country, promoting economic and social development, while ensuring national economic security, it is appropriate to flourish venture business in Ukraine. The current stage of the scientific and technological revolution is characterized by growing dynamism of economic processes, accelerated renewal of consumer goods, technological solutions, the emergence and development of fundamentally new industries, whose products should best meet consumer needs, not limited to existing achievements.

Practical implications. The results of this study are of interest to venture capitalists seeking to improve their operations and strengthen their competitive position in the market, as well as to government agencies to support domestic venture capital.

Originality/value.This study highlights the elements of the system of state incentives for the venture capital market in different countries on the examples and the system of organizational and legal measures of state incentives for venture capital in Ukraine.

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