GRANT FINANCING OF VENTURE FUNDS AS A TOOL FOR THE DEVELOPMENT OF INNOVATIVE BUSINESS AND SOCIAL PROJECTS IN UKRAINE
DOI:
https://doi.org/10.32689/2523-4536/70-9Keywords:
grants for business, grant support, venture funds, grants for social projects, grants for startups, grants from venture fundsAbstract
The article examines grant instruments of venture capital funds of Ukraine for innovative startups and social projects. The main advantages of direct and indirect grant support for small and medium-sized enterprises from the Western NIS Enterprise Fund (WNISEF) are outlined. In particular, direct support is manifested in grant competitions, which are opened for Ukraine with a certain regularity, indirect assistance is monitored in the financing of the grant program eRobota for opening and developing a business. Prospects for attracting financial and non-financial support for strengthening social enterprises from the Ukrainian Social Venture Fund as a venture philanthropy organization were considered. The success stories of social entrepreneurs who took advantage of investments from the Ukrainian Social Venture Fund for the development of social business in Ukraine were demonstrated. Grant opportunities for innovative startups in the fields of Software as a Service, Financial Technology, Educational Technology, Artificial Intelligence / Machine Learning from the Angel Venture Fund Angel One, created by the Ukrainian Catholic University Foundation, were considered. The main trends in the development processes of grant financing of venture funds in Ukraine have been determined. The reasons for the sluggish process of establishing an institute of venture grant-makers supporting social projects and innovations are analyzed. In particular: a relatively small number of social projects claiming the status of innovative and such that may be promising from the point of view of capital investment by venture capital funds; social projects are not interesting to classical venture capital funds due to the low level of profitability; investors are not interested in investing their capital in social startups. The main opportunities for the development of the institution of grant financing of venture funds in Ukraine in the medium and long term are emphasized. Emphasis is placed on the stories of grant recipients, who prove that grants from venture funds contribute to the process of opening and developing businesses, social projects, and innovative startups.
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