TRANSITION TO THE INNOVATIVE MODEL OF DEVELOPMENT IN THE NATIONAL ECONOMY AND THE NEED FOR FINANCIAL SUPPORT OF THIS PROCESS

This article aims to analyze some obvious sources of financing the innovative development. Mobilizing capital for financial support innovative development model is traditionally performed by the state and private investors. Institutions participating in financing the innovation are investment funds and pension funds, insurance companies, major industrial companies, commercial banks, government agencies, international organizations, and individual investors with their own free capital. The structure and share of resources for the venture fund formation varies from country to country and depends on such factors as: state policy on science and innovation, legislative regulation, the level of development of the financial sector, investor aversion to risk innovation etc.