WORLD EXPERIENCE IN FINANCING INNOVATIVE SMALL BUSINESSES

Abstract

The aim of the article is to study and generalize world experience in financing innovative small businesses to determine the areas of improvement of financing domestic small and medium innovative enterprises within the framework of state innovative policy. The subject of the study is the world experience in financing innovative small businesses. Methodology. The study is based on the comparative analysis of the systems of financing innovative small businesses in Ukraine and foreign countries. The analysis of specificities of financing innovative small businesses in Germany, the United States, the United Kingdom, China, Japan, Spain, Belgium, and in some other countries enables to determine the advantages and disadvantages of different systems of financing innovations in small businesses. Comparative legal study of certain provisions of Ukrainian legislation enables to determine the potentials and application limits of positive foreign experience in the specified sphere. The results of the study revealed that the world economy has accumulated significant experience in the formation and development of a financial support system for innovation, which includes various levers to intensify intellectual creativity. The maximum effect from their use would be ensured by the systematic consideration of all financial instruments, integration with elements of other subsystems of the national innovation system. Practical implications. The experience of developed economies and the analysis of the current state of financing innovation activity in Ukraine suggest that to create a developed layer of industrial and innovative small businesses, which will become the main consumer and producer of innovations, Ukraine should apply the entire complex of organizational, regulatory, financial, and other measures. While the whole complex of issues related to the development of innovation in Ukraine is of great importance, the problem of forming an active demand for innovation should be put into the first place. Relevance/originality. The analysis of the global experience of financing innovative small businesses is the basis for developing the most promising areas for the improvement of domestic legislation in this sphere.