Creation and Development of Regional Venture Ecosystems

The article is devoted to the peculiarities of regional venture ecosystems functioning in a context of digital economy development. Facility development for venture projects financing is one of the strategic targets of the state policy in innovation development. The aim of the study is to provide reasonable arguments for the necessity of pursuing domestic state policy considering regional peculiarities of RF entities development in the sphere of innovation and investment. The study methodology is based on the non-parameter DEA analysis in effectiveness estimation of venture ecosystems functioning in RF entities. Output-oriented mono models allowed to perform quantitative assessments of effectiveness of public financial institutions and venture investors interaction in federal entities and to classify the entities by major types of innovation territories. Based on the empirical data, a number of hypotheses related to creation and development of national venture ecosystems in digital economy have been confirmed. Practical relevance of the study is proved by the fact that identifying RF entities with different levels of venture ecosystem development will allow to use different facilities in managing them, to master venture investment tools as a factor of steady economic growth. Keywords—national innovation system; regional venture ecosystem; effectiveness; venture projects financing, DEA-analysis