Pylypenko B. Venture capital as a source of innovation financing

The study investigates the main theoretical and practical approaches to venture capital as a source of financing of innovative activity at the global, international, regional and national levels. The main functions and features of venture capital in the innovation system of Ukraine and appreciated its role in the development of the national high-tech business. The basic trends of venture business in developed countries and implement their experiences in Ukrainian small businesses that, in turn, is a direct tool of innovation activities. As a result of economic - mathematical modeling, the systemic risk of venture capital has been defined, as well as priority areas of venture financing in foreign countries and in Ukraine, and factors influencing the investment and innovations. The new methodological approach for calculating the efficiency of venture capital investment in innovative projects has been proposed in order to accelerate the commercialization of innovation and improved management. The impact of venture investment on the promotion of innovations in Ukraine and the development of innovative business has been forecasted. The mechanisms of state influence on attraction of venture capital investors to the domestic financial market have been reviewed and the ways of the development of venture investment in Ukraine have been grounded.