Multi-Сhannel Source of Financing for Innovative Projects

Abstract

The article deals with the problem of financing innovation activities that hinder the development of the innovation system of Kazakhstan. The types of sources of financing for innovative projects are given, the limitations of their use are noted. A feature of innovation-oriented enterprises is a higher demand for external sources of financing, while innovative activity is characterized by a sufficiently high degree of uncertainty and risk, therefore, the multiplicity of sources of financing, flexibility, and adaptability to a rapidly changing external environment are important principles of financing innovative projects. The use of own funds in the development and implementation of an innovative project provides maximum freedom in making managerial decisions. The implementation of innovative projects proves the effectiveness of the use of debt and equity instruments. The methodology of the study is based on a descriptive and comparative analysis of the features of domestic and foreign methods of developing innovative activities and financing innovative projects, which are not based on empirical data, synthesis, and systematic and logical approaches. The modern market economy is characterized by the inevitability of the transition to an innovative path of development, which defines itself as one of the significant factors of accelerating the economic growth of the state, and its technological and socio-economic development, ensuring economic security and competitiveness in the world market. The innovative way of economic development is based on the process of searching, preparing, creating, implementing, and commercializing innovations, i.e., ensuring the transformation of an idea directly into an innovation. The innovative development of the state is based on attracting the necessary investments that ensure economic growth, which is considered by the author of this article. The Republic of Kazakhstan, having a number of direct and indirect methods, can expand its arsenal by applying effective.