Financial support for enterprises’ innovation activities: modern approaches and models

Abstract

Abstract: The article examines the theoretical-methodological and applied aspects of financial support for enterprises’ innovation activities in the context of global economic transformation and intensified technological change. The aim is to substantiate modern approaches, models, and mechanisms of financing innovation activities and to develop a conceptual model of multichannel financial support for innovation projects of various types and maturity levels. The research methods include systemic and structural-functional analysis, comparative analysis of financing models, as well as methods of synthesis, classification, and expert evaluation, which made it possible to form a comprehensive understanding of current trends and instruments for financing innovation. A conceptual model of multichannel innovation financing is developed, integrating various sources of capital according to the stages of the innovation process and the technological maturity of projects. The results consist in substantiating a differentiated approach to selecting optimal financing sources depending on the type of innovation, stage of the innovation cycle, and project-specific characteristics. A comparative assessment of different financing models is conducted based on criteria such as capital accessibility, speed of resource acquisition, cost of financing, degree of control over the project, and potential synergistic effects. The role of new-type financial intermediaries in reducing information asymmetry and transaction costs is revealed. Mechanisms of public-private partnership are proposed, combining budgetary support, tax incentives, state guarantees, and co-investment in high-risk innovation projects. A system of indicators for evaluating the effectiveness of innovation financing is developed, covering both financial and non-financial metrics. The conclusions identify promising directions for transforming innovation financing models in the context of digitalization, the development of open innovation, and the formation of global innovation ecosystems.