tendencies – significant level of attraction of foreign investments? Vencure funding
and private investors.
Innovative companies and SMEs in general face particular difficulties when
trying to raise finance, which remains a critical obstacle when starting a business.
However, support programmes for SMEs are very limited and there are no public
interventions targeting startups. Leasing has great potential for becoming the preferred
tool of foreign investors and its share in the investment volume will most likely show
steady growth in the coming years.
Limited public resources and previous unsuccessful attempts to stimulate
innovation by offering financial incentives help explain the current absence of financial
mechanisms to encourage the development of innovative enterprises.
Research institutes and universities often have no commercial orientation. For
small and medium-sized enterprises, scientific services in domestic research institutes
are rather costly, and rigid frameworks for interaction do not meet their changing
needs. A thorough analysis of existing opportunities and programs is needed to develop
relevant policy measures to reform the academic sector. Measures aimed at increasing
research and development, both in educational and business environments, have clear
limitations while the demand for innovation remains low, which, like other transition
economies, is a key constraint for Ukraine.
Innovation activity of industrial enterprises requires substantiation of a set of
measures of activating innovative processes, taking into account the potential
opportunities of the macro- and microlevel of the enterprise. But the main thing in
solving these problems is constant, hard work in search, attraction and effective usage
of all potentially possible sources of investment of industrial enterprises' inovations
and R&D.
BIBLIOGRAPHICAL REFERENCES
1.
European Commission (2016). Peer Review of the Ukrainian Research and
Innovation system: Horizon 2020 Policy Support Facility
2.
The Global Innovation Index by World Bank. Retrived from:
https://www.globalinnovationindex.org/
3.
World Economic Forum (2017) The Global Competitiveness Report 2016–
2017 Retrived from: https://www.weforum.org/reports/the-global-competitiveness-
report-2016-2017-1
4.
Ukraine: Science, Technology and Innovation Public Expenditure Analysis
(2016). World Bank Group. – IBRD.
5.
B. Majcen, S. Radosevic, M. Rojec (2009), Nature and determinants of
productivity growth of foreign subsidiaries in Central and East European countries,
Economic Systems, vol. 33(2), pp.168-184, June.
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