Current sources of funding for innovative projects

In order to form a holistic view of the sources of financial resources necessary to implement innovative projects in high-tech industries, as well as the list of economic entities capable of providing them, the article examines and complements the existing structure of project financing sources. Based on the analysis of capital structure dynamics in the Russian Federation for 20 years (1999–2021), the priority source of project financing preferred by business entities over the period under consideration is identified. Organizations providing financial support to innovative projects in the form of grants and/or grants in the form of subsidies are reviewed. The advantages and disadvantages of using own, borrowed and borrowed funds are systematised. The article also focuses on such sources of innovative project financing as fundraising, equity financing (venture capital and business angels), bond issuance (bond loan) in terms of their classification as debt or borrowed financial resources

Keywords: sources of finance, innovative projects, own capital, raised capital, borrowed capital, opportunities, risks

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