CURRENT CONDITION OF VENTURE FUNDING IN UKRAINE: STATISTICAL DIMENSION AND EXPERT CHARACTERISTIC (Suchasny stan venchurnoho finansuvannya v Ukraini: statistichny rozriz ta expertna kharakterystyka)
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Performance and prospects of venture funding in Ukraine are analyzed. Relevant data for Russia is given for comparison purposes. Statistics of venture-related activities in Ukraine are given, which show that in spite of positive tendencies, Ukrainian venture capital still gives preferences to investment projects having little common with high tech industries. Results of expert interviews are given, from which it follows that the system of venture funding doesn't exist in Ukraine or is still in the embryonic condition, in spite of nearly 700 venture funds already established in Ukraine in keeping with the relevant legal act. Venture investment in Ukraine is streamlined to sectors with higher profit rate (construction, real estate etc.). For foreign investors traditional venture risks are added by political ones. Of the positive tendencies, respondents refer to the rise of the sector of private venture investors (so called business-angels) in Ukraine, to the coming of European funds that give consideration to technical capacities of Ukrainian projects etc. Of the barriers for venture funding in Ukraine, respondents refer to inadequacy of the Ukrainian legal base, ill-conceived business component of venture project and public misperception of venture projects due to lack of innovation and business culture.; ill-conception of Ukrainian investment and innovation projects, improper technical and legal support etc. Respondents offered their ways to eliminate the barriers, mostly associated with guarantees and preferences to investors in projects with high R&D capacity, tax relief for high tech enterprises etc. Only 8% of respondents have used venture capital as a source to fund their innovation, whereas 70% reported that developments drawing investors' interest did exist in Ukraine. Measures to advance venture funding in Ukraine are proposed.
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