Open AccessVENTURE CAPITAL FUNDING AS A FACTOR OF THE INNOVATIVE DEVELOPMENT
Author(s) -
Ye. N. Nesipbekov,
Г.Н. Аппакова,
Zh. S. Karabayeva
Publication year - 2021
Publication title -
vestnik nacionalʹnoj akademii nauk respubliki kazahstan
Language(s) - English
Resource type - Journals
eISSN - 2518-1467
pISSN - 1991-3494
DOI - 10.32014/2021.2518-1467.66
Subject(s) - venture capital , social venture capital , business , finance , investment (military) , work (physics) , capital (architecture) , economic growth , economics , mechanical engineering , politics , political science , law , engineering , archaeology , history
The paper justifies the necessity to improve the mechanisms of venture capital funding in Kazakhstan for sustainable and effective development of the country. The role of venture capital funding in the innovative development of the countries is investigated on the base of study of the experience of such countries as USA, Canada, Europe, India, and China. The recent research works related to the venture capital funding in different aspects are reviewed. The innovative activity and venture investments in the Republic of Kazakhstan were analyzed. The paper investigates the features of venture capital funding in Kazakhstan. The investigation results show that Kazakhstan system of venture investment is at its initial stage of development, and there are no tangible results of venture field development yet. The conducted research allowed revealing the factors limiting the development of venture investment in Kazakhstan, these are: poor systematic monitoring of funds efficiency invested by the national institutes; lack of effective strategies of venture capital funding; low innovative activity and intensity of venture appearance; uncertainty and gaps in the legislative base related to venture financing; absence of tax concessions and preferences not tied to FEZ or technological parks; absence of strong institutional venture investors; low capacity of securities market and scarcity of its instruments. The work suggests a set of measures directed on activation of venture financing. The implementation of the suggested measures assumes the increased control over the effectiveness of quasi-public structures investments and venture incomes, and creation of conditions for venture capital funding development. The research results can be a cut-off point for further investigations in the field of venture capital funding related to the innovative development of the country.