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This paper aims to analyze the most relevant methods to determine the financial capacity of innovation projects and identify potential ways of their improvement. The research helped to propose an alternative methodology to assess the financial capacity of innovation projects by charting an alternative balance with a minimum scope of data (annual balance sheet data, project term). The authors drew a conclusion concerning the critical role of choices on the methods applied to analyze the financial capacity of innovation projects in the context of different scales and terms of project jobs in an analyzed project and the need for the proposed alternative (estimate or expertise-based) assessment of financial capacity as well as the relevant risks associated with the implementation of the new financial capacity assessment system and the overall risks of the innovation project. These specifically concern the choices of the methods of attribution of indirect costs in innovation projects, composition and scope of criteria to distinguish business processes to manage these processes and constituent operations, the form of a matrix of correspondence for a set of costs by the stages of an innovation project (event-based matrix accounting) and the information model of the objective-based methods of managing an innovation project as an object.

This paper demonstrates that the level of financial risks and the impact of the COVID-19 pandemic and crisis on them are high. The existing approach to financial risk management is not very effective and does not allow coping with financial risks in entrepreneurship, not even in a certain category of countries. As a prospective alternative, we offer a new socially-oriented approach. The theoretical value of the paper lies in the offering and scientific substantiation of a new hypothesis: that the SDGs could and should be constantly supported by business in their financial risk management with the help of the socially-oriented approach, which is available and expedient for use under the conditions of economic crisis. The practical value of the received results is as follows: the developed new (alternative) socially-oriented approach to financial risk management in entrepreneurship allows increasing the effectiveness of financial risk management in entrepreneurship and raising its robustness against the current COVID-19 crisis. The social importance of the obtained conclusions and results is that the developed approach allows for and stimulates continuous support for the SDGs in entrepreneurship.

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