Innovation management. Features and importance of small innovative firms (the most important)

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Innovation management. Features and importance of small innovative firms (the most important)

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47. FEATURES AND IMPORTANCE OF SMALL INNOVATIVE FIRMS

According to the Federal Law of July 24, 2007 No. 209-FZ "On the development of small and medium-sized businesses in the Russian Federation", small and medium-sized businesses are business entities (legal entities and individual entrepreneurs) classified in accordance with the conditions established by this Federal law, to small enterprises, including micro-enterprises and medium-sized enterprises.

Most of the small firms today are the so-called venture firms that specialize in research and development, production of new products. They are created by scientists, researchers, innovators. Such firms, as a rule, are not engaged in the production of products, they only transfer their developments to other, larger companies. Also, venture firms can be subsidiaries of large organizations.

Features of venture capital firms are as follows:

1) equity participation of the investor in the capital of the company;

2) provision of funds for a sufficiently long period;

3) the active role of the investor in managing the financing of the firm.

At the present stage, the development of small business is determined by the following factors:

1) the introduction of various types of microelectronic equipment into all spheres of the economy, which does not require large production areas and initial investments, but makes it possible to drastically simplify and reduce the cost of communication links, the process of making an effective managerial decision;

2) adoption by states of legislative acts on tax and other benefits for small businesses;

3) state and extrabudgetary support for financing risky venture business;

4) the flexibility and adaptability of small firms due to the small number of their employees to the requirements of the market and the achievements of scientific and technological progress;

5) raising the intellectual level of researchers and their desire for freedom in creative activity;

6) higher efficiency of the final results of innovative activities of small firms and faster return on investment compared to large companies and corporations.

However, there are also factors that have an impact on curbing the growth of their number. These factors include:

1) high risk of investment due to the small range of manufactured goods and services. Thus, if this product is not sold, the company suffers bankruptcy;

2) significant difficulties in establishing production due to the lack of the necessary production potential;

3) weak infrastructure of the firm and its insecurity.

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

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