The Role Of Financial Institutions In The Development Of Innovation In Russia

Abstract

Innovative development of Russia is a key priority in the context of the complicated macroeconomic situation in the country, increased geopolitical risks and serious global economic challenges. Russia was in the top 60 in the innovation ranking of countries until 2018, according to the results of which it, ranked 49th, rising 13 points compared to 2017. The goal set in the Strategy for Innovative Development of Russia to increase the share of industrial enterprises implementing technological innovations to 50% by 2020 requires not so much a large-scale financial flow as new incentives and instruments for financing innovation, with a focus mainly on the early stages of business development.There is an obvious need for alternative tools for financing innovations, such as crowdfunding, which combines the achievements of openness of the Internet space and the ability to use free financial resources of the population. Today, there is a historical moment in the formation of a new financial instrument, and it is important to support crowdfunding at the beginning of its development. According to World Bank estimates, investments through crowdfunding will amount to about 96 US Dollars Billion by 2025 (an increase of 30 times since 2012), which is double the global market for venture financing.