Purpose The purpose of the paper is to develop a perspective mechanism of the investment and innovative activities of university in the conditions of industry 4.0, which allows supporting its high investment attractiveness and high effectiveness of usage of venture investments in digital education. Design/methodology/approach The research is performed by the example of modern Russia with application of the methods of trend analysis and regression analysis in two consecutive stages. The authors determine regression dependence of the efficiency of digital modernization of universities (on the basis of the indicator of fixed assets implementation) on the volume of investments into fixed assets. Dependence of the indicator of digital competitiveness of education (“training and education”), calculated within the part “knowledge” of the IMD rating “world digital competitiveness ranking,” on commissioning of fixed assets by universities is determined. For the purpose of representativeness of the selection of statistical data, which initial period is 2012, not only factual data for 2012-2018 are used but also forecast data for 2019-2024 (as the national program “digital economy of the Russian Federation” is due until 2024). Findings Low effectiveness of usage of venture investments in digital education in Russia is substantiated. As investments are provided in the form of target state financing, universities cannot independently determine the directions of their usage and have to use them for purchasing digital equipment and technologies. Other necessary measures for digital modernization of education, namely, training of digital personnel for university, access to digital infrastructure, development of new educational programs, conduct of research and development and marketing, are not implemented. Originality/value It is determined that attraction of private venture investments faces the problem of their large volume and high risk. Both problems could be solved by the developed mechanism of investment and innovative activities of a university in the conditions of industry 4.0. It shifts the initiative from university to digital business, which independently initiates the process of venture investing.

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In the past two years, the idea of a green economy has been widely discussed by not only environmental experts, but also various economic researchers. It is increasingly mentioned by heads of state and finance ministers, as well as in joint statements by the G20 and discussed in the context of sustainable development and fight against environmental damage. The current increase in relevance of the green economy concept is undoubtedly fueled by growing disappointment in the most widespread economic model, as well as the feeling of fatigue generated by the many crises and environmental failures that have been observed during the first two decades of the new century. The transition to a green economy has a solid economic and social justification. Convincing arguments are emerging in favor of doubling the efforts of both the state and the private sector towards to green economy transformation. In this regard, the state is faced with the task of leveling the rules for green products by refusing to provide obsolete subsidies, reforming policies and creating new incentives, strengthening ecological infrastructure and economic mechanisms, redirecting public investment and moving to green public procurement.

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