Venture Capital Financing as a Mechanism for Impelling Innovation Activity

Abstract

This paper aims to provide an insight into the foundations of the development of the institution of venture capital financing, as well as summarize and conceptualize the experience of more economically developed countries, where the more favorable conditions have been created for the conduct of venture capital business. The authors' summarization of theoretical, methodological, and empirical data has made it possible to formulate the major issues characteristic of the making of the venture capital sector in countries with a transitive economy (Russia, in particular), as well as propose a set of solutions aimed at optimizing the legal and institutional space in the venture capital sector with a view to boosting the innovation activity of businesses. The authors derive the following major inferences: Venture capital financing is a modern institution whose activity is aimed at accumulating and redistributing temporarily available investment resources that are sought after in the sphere of innovation entrepreneurship; Countries whose economy may currently be recognized as transitive are characterized by a set of uniform issues: underdeveloped infrastructure in the national innovation system; lack of sources of venture capital financing; businesses reporting decreased innovation activity levels due to lack of economic incentives; lack of personnel resources; The evidence from the experience of more economically developed countries suggests that to enable the proper making of the institution of venture capital financing in countries with a transitive economy a set of interrelated objectives may need to be undertaken, namely: ensuring legal optimization; boosting investment attractiveness; altering the nature of partnership between the state, business, and science-and-education sector; reducing state participation in economic and research activity.

Reality or utopia? The happiness of university academics in their professional performance: evidence from an emerging country (Mexico)

“…That is, the teachers who worked on the project that culminated in the patent led to the expectation of more significant growth in both personal and professional perception, which impacts their satisfaction (Ouellette and Tutt, 2020). Now, in the Mexican context, the economic support granted to professors to carry out their research activities through the National System of Researchers of CONACYT, bases its recognition procedures on the official rules that have been created in this institution and on the reliability and results of the previous research carried out by the researchers (Rodr ıguez-Miramontes et al, 2017), finally, the concept of innovation ecosystems consists of a group of people coming together to improve innovation and it is essential to mention that evidence from the experience of economically developed countries suggests that to enable the proper construction of these ecosystems in countries with transitive economy the following objectives should be taken according to the expected: ensuring legal optimization; boosting investment attractiveness; altering the nature of the partnership between the state, business and the education sector; and eventually reducing state involvement in research activity (Lyasnikov et al, 2017). The science of happiness is related to self-perception and career development associated with income (Salas-Vallina et al, 2018;Ball and Chernova, 2008;Tsou and Liu, 2001).…”