purchased machinery, equipment and software for the production of new or
significantly improved products and services. Almost one-third of the companies
engaged in the implementation of new or substantially improved products or processes.
Funding of innovations in Ukraine. One of the most important problems faced
by any enterprise is the problem of attracting investment resources for the innovation
activity of the enterprise, and this is especially relevant in conditions where the
depreciation of the main productive assets in many sectors of the Ukrainian economy
has reached a critical level. The structure of financing of technological innovations by
their sources in 2000-2017 is presented in Fig. 3 [6].
Figure 3. Structure of funding sources of innovation activity in Ukraine at
2007-2017 years. [6]
The most part of innovation funding is their own funds (from 69.3 to 83.9%).
Approximately a 10% of the innovation costs of industrial enterprises are from
domestic and foreign investors (while the share of financing domestic investors is quite
small). It should be noted that the priorities of foreign investors are more in line with
the interests of structural adjustment of the Ukrainian economy than the priorities of
domestic investors. Ukrainian investments in machine building by their share in the
structure of investments (3.0%) in 2010 were in the tenth place, direct foreign
investments (FDI) in mechanical engineering with a share of 9.0% were in third place
in their structure [6]. The share of state budget financing for the analyzed period did
not exceed 3%.
An important source of investment resources is the funds of the banking system.
Unfortunately, in spite of the dynamic development, in recent years domestic banking
institutions still have insufficient number of services and are financially weak. Long-
term bank loans in funding of innovation activity of enteprises today are practically not
used due to the lack of an effective incentive mechanism and, consequently, the lack
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