Innovation management. Research and Development Funding (Most Important)

Lecture notes, cheat sheets
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Innovation management. Research and Development Funding (Most Important)

Lecture notes, cheat sheets

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37. FINANCING RESEARCH AND DEVELOPMENT

The most important issue of resource support for innovation management is the financing of research and development. Without additional financial support, no innovative organization will be able to effectively carry out its activities.

The financial support of any economic entity includes the financial relations of the organization with other economic entities and banks for payment for scientific and technical products, counterparty work, supplies of special equipment, materials and components, settlements with the founders, organization personnel and government authorities. The financing system performs two main functions: distributive and control.

Funding principles include:

1) a clear target orientation of the system - its connection with the task of the rapid and effective application of modern scientific and technological achievements;

2) consistency, validity and legal security of the applied mechanisms;

3) plurality of funding sources;

4) breadth and complexity of the system, i.e. coverage of a wider range of technical and technological areas;

5) adaptability and flexibility, which implies a quick response to dynamic changes in the external environment in order to maintain the maximum efficiency of the company.

The main objectives of financing are:

1) creation of prerequisites for the rapid and high-quality introduction of technical innovations in all spheres of the national economic complex of the country;

2) preservation and further development of the strategic scientific and technical potential in the preferred directions of development;

3) creation of material conditions for maintaining the personnel potential of science and technology, avoiding its leakage abroad.

Currently, the main sources of funding are:

1) financial resources formed at the expense of own funds:

a) income (profit from the sale of products, construction and installation works, from financial transactions);

b) receipts (depreciation deductions, targeted receipts, etc.);

2) financial resources mobilized in the financial market:

a) sale of own shares, bonds and other securities;

b) credit investments;

c) financial leasing;

d) funds of scientific funds;

e) sponsorship funds;

3) financial resources received in the order of redistribution:

a) insurance compensation for incurred risks;

b) financial resources coming from concerns, associations, industry and regional structures;

c) financial resources formed on a share basis;

d) dividends and interest on securities of other issuers;

e) budget allocations and other resources.

Authors: Evgrafova I.Yu., Krasnikova E.O.

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