В статье рассмотрены основные перспективы и проблемы инвестирования в инновационную деятельность высокотехнологичных предприятий. Исследованы принципы построения венчурного инвестирования и механизм венчурного финансирования проекта при создании технологической инновации. Дан обзор российского венчурного рынка, из которого видна позитивная динамика, связанная с прекращением значительного оттока фондов с рынка, и показан рост количества вновь создаваемых фондов. Выделены перспективные направления для развития венчурного рынка и поддержки высокотехнологичных предприятий, а именно: истории успеха; низкая доходность традиционных инвестиционных инструментов; рост активности госкорпораций; рост количества стартапов, ориентированных на международный рынок; поддержка государства; рост ангельского движения; популяризация VC и инновационной деятельности; появление умных производств. Выявлены барьеры развития венчурного инвестирования, в частности, разобщенность рынка, отсутствие соинвестиций. Сделаны выводы о перспективности вовлечения бизнеса в процессы исследований и разработок новой продукции, а также ее продвижения на перспективных рынках среди партнеров, обладающих специальными компетенциями, а также о том, что человеческие ресурсы становятся важнейшей составляющей успеха высокотехнологичных производств. Ключевые слова: инновации, инвестиции, высокотехнологичный бизнес, венчурное инвестирование, предпринимательство. Для цитирования: Мандыч И.А., Быкова А.В. Тренды инновационно-инвестиционного развития высокотехнологичных предприятий // Российский технологический журнал. 2019. Т. 7. № 5. С. 79-92. https://doi.The article deals with the main prospects and problems of investing in innovative activities of high-tech enterprises. The principles of construction of venture investment and the mechanism of venture financing of a project when creating technological innovation were investigated. The overview of the Russian venture capital market shows the positive dynamics associated with the termination of a significant outflow of funds from the market and the growth in the number of newly created funds. There were also revealed promising areas for the development of the venture capital market and support high-tech enterprises, namely: success stories; low profitability of traditional investment instruments; the growth of activity of state corporations; growth in the number of startups focused on the international market; state support; angel investing growth; promotion of VC and innovations; the emergence of smart industries. Such barriers to the development of venture capital investment as the disunity of the market, the lack of co-investment. There were made conclusions about the prospects of engaging businesses in the processes of research and development of new products, as well as its promotion in promising markets among partners with special competencies, and that human resources are becoming the most important component of the success of high-tech industries. For citation: Mandych I.A., Bykova A.V. Trends in innovation ...

It is now customary to talk about the increasing role of high-tech projects in the formation of a digital model of the Russian economy. And the breakthrough that occurred at the turn of the century is called the information revolution. The task of developing an innovative economy in Russia is to ensure conditions under which the volume of production of science-intensive products, the share of which is extremely low, will increase. The production of these products is carried out by high-tech projects requiring financial, informational and resource support from various institutions, including the state. Today, Russia has a high level of potential for innovative development in the global economic space, however, at the moment, it does not contribute to its implementation. The aim of the scientific article is the formation of a new model of state support for the development of the industry of high-tech projects, which are the basis of the information, digital and innovative economy. The relevance of the research on the selected topic is due to the fact that in modern times there is a digital transformation of the economy of the Russian Federation (RF), which requires decisionmaking on the formation of a new approach to participation in high-tech projects programs. Within the framework of the article, the following tasks were solved: trends in the development of the innovative economy of Russia and its key problems in the framework of supporting high-tech projects were considered and recommendations were made on the formation of a new model of state support for the development of high-tech projects based on the study and borrowing of foreign experience of advanced countries of the digital economy, including the USA, Germany and Japan.

Objectives. The creation of high-tech projects is one of the main stages of the transition to an innovative economy. This can further be explained by the intensive development of globalization processes in the economic system of Russia. High-tech projects have lower profitability when compared to venture projects, but a higher probability of commercial success. In Russia, there are currently six areas of support programs for high-tech projects. Moreover, there are a large number of operators supporting high-tech projects actively working in the Russian market. The acceleration of the technological development requires an intensification of innovation policy and a revision of the portfolio of its acting instruments. In turn, this makes the matter of analyzing their significance and relevance for participants in innovation processes more pertinent. The purpose of this work is to identify features of the investment process in the Russian Federation, and determine criteria for selecting priority high-tech projects and methods of evaluating high-tech projects, in the aim of making informed investment decisions.Methods. Models for assessing the investment attractiveness of high-tech projects were constructed using economic and mathematical modeling methods, in particular, nonlinear and dynamic programming methods.Results. The general principles and approaches to methods of evaluating the efficiency were analyzed. A model of the priorities of high-tech projects was presented. Models which take into account cash flows after the expiration of the payback period were also considered (by means of the nonlinear programming of calculation of the discounted payback period of investment costs and the modernized discounted payback period of investment costs). An algorithm for assessing the investment attractiveness of high-tech projects was demonstrated.Conclusions. To date, there has been no single algorithm for assessing the investment attractiveness of high-tech projects. However, the integrated application of the methods and models proposed in this work will allow investors to make informed investment decisions despite the complexity of project financing in innovative developments.

The article is devoted to the issue of formation of indicators intended for the assessment by textile organizations of their economic security as a key condition for the functioning and development prospects of all organizations, including this national economic sector, which is a set of universal directions of the national economy of a mass nature, without which the life of people in professional and domestic life is impossible, requiring knowledge and application of indicators to assess its real level, serving as a yardstick in taking appropriate anti-crisis measures. The study is based on the final and intermediate desired benchmarks (goals and objectives). The goal is to offer and justify the formed system of indicators of the economic security of textile organizations, based on the author's position, focused on the effectiveness and cost (direct and indirect profitability) of economic processes and justified by commodity-money relations interacting with market laws inherent in the modern era, in which they carry out their activities along with other economic entities. The objectives of the study to achieve it are the study of sectoral economic cycles and other elements of productive forces in the textile industry correlated with them, the choice and application of methods and techniques (computationalconstructive and inductive methods) in the formation of this system of indicators. Using such knowledge, a system of general and particular indicators of the effectiveness and cost of the activities of textile organizations has been built, and their formalized relationship is shown, which allows them to quickly identify reserves for optimizing financial benefits. The provided material can be useful for persons engaged in theoretical and applied developments in the field of ensuring the economic security of organizations in the textile industry and other industries in terms of a general methodological approach based on uniform scientific principles.