THEORETICAL AND PRACTICAL VIEW OF FINANCIAL REGULATION OF INNOVATIVE ACTIVITIES IN THE CONDITIONS OF WAR IN UKRAINE
Key concepts in the field of innovative research were systematized, and the author’s definition of innovation was formulated as the result of the materialization of an innovative idea into a specific tangible form, characterized by new consumer qualities, the implementation of which involves chan...
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| Main Authors: | , |
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| Format: | Article |
| Language: | German |
| Published: |
Alfred Nobel University
2025-07-01
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| Series: | Academy Review |
| Subjects: | |
| Online Access: | https://acadrev.duan.edu.ua/images/PDF/2025/2/9.pdf |
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| Summary: | Key concepts in the field of innovative research were systematized, and the author’s definition
of innovation was formulated as the result of the materialization of an innovative idea into a specific
tangible form, characterized by new consumer qualities, the implementation of which involves
changing established methods of activity to achieve economic, social, environmental, or other effects.
This approach expands the traditional understanding of the concept and allows for a more accurate
assessment of innovation activity as a complex, dynamic system of actions and interactions among
numerous participants in the innovation process, who conduct research and create various types of
innovations. It also enables the development of effective tools to support innovation. Empirical data
indicate that the financial regulation system of the innovation sector, which brings together both state
and private institutions, serves as an effective catalyst for the quantitative growth of innovative projects
and the enhancement of their quality. Through financial instruments such as budgetary funding, tax
incentives, loans, and investment programs, state institutions contribute to the rapid commercialization
of innovative projects and ensure the sustainable development of the economic ecosystem.
Private institutions provide a wide range of support for the development of innovative projects. A
set of interrelated factors influencing the effectiveness of financial regulation of the innovation process
has been identified, allowing for the assessment of its direction and the selection of management
methods that are appropriate to the specifics of the innovation process and the type of innovation.
Based on this, a model of financial regulation for innovative activity is proposed, featuring a clearly
defined hierarchical structure that includes the following key components: goal and objective setting, strategy development, selection of financial stimulation tools, and monitoring of their effectiveness.
This approach ensures the systematic and efficient financial regulation of innovations. The analysis
of international rankings (GII, IPO, GSEI) indicates that Ukraine has the potential for innovative
development. However, the current financial support mechanisms do not ensure adequate access to
funding for innovative projects. According to the Global Innovation Index, Ukraine significantly lags
behind European countries due to imperfect legislation, insufficient funding for scientific research, and
a weak innovation infrastructure. A set of interconnected issues has been identified that pose major
obstacles to national innovation development. These include inadequate funding for science, ineffective
state innovation policy, an underdeveloped venture capital market, an unfavorable tax environment,
and weak intellectual property protection.
To enhance Ukraine’s innovative potential and strengthen its position in the global market, a
number of strategic recommendations are proposed. These include increasing investment in scientific
research, optimizing financial mechanisms, creating a favorable business environment, stimulating the
commercialization of innovations, and promoting international cooperation. The implementation of
these measures will improve the efficiency of budgetary spending, optimize the regulatory environment,
and intensify technology transfer. Ultimately, this will drive the country’s sustainable economic
development and contribute to improving its global market position. |
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| ISSN: | 3041-2137 3041-2145 |