Corporate venture financing of innovative projects

Abstract

The world practice shows for a long time that creation of own venture funds became one of methods of increase of efficiency of innovative activity of the companies. The Russian companies is doing only the first steps in this direction. The article explains that such actions require prior formation in the company of the appropriate innovation culture. Creation of corporate fund will be justified when internal prerequisites are for this purpose created, and long-term innovative strategy is accepted. It was determined that the most appropriate form of the fund is an investment partnership. It is desirable to include in structure of managing company both own, and invited experts. The advantage of invited experts consist in their professional competencies for the implementation of activities associated with investments and asset management. There was a need to address a number of issues requiring legal settlement (the definition of a corporate venture fund, the need to ensure the right of fund manager to make a mistake when making investment decisions, and others). Attention is paid to the specifics of firms which already create funds: in the capital of most of them there are significant share of state participation. In case of failure of investment it can lead to serious problems for managing company. Refs. 24.