Innovative startup as an object of venture financing

This article substantiates the definition of innovative startups and the critical importance of venture financing in their development. Innovative startups are a key participant in the innovation process, which serves as a prerequisite for increasing the country's competitiveness in international markets. It is important to take into account the existing access to financial resources and the existing access to research and development infrastructure. Venture capital is a source of capital with a high level of risk. Accordingly, venture capital funding can serve as one of the key conditions for the successful operation and development of innovative startups. In the context of the current study, the methods of analysis, synthesis, comparison and theoretical generalisation were applied. The method of case analysis is a practical one. The purpose of the article is to provide recommendations for improving the efficiency of attracting venture capital based on the results of assessing innovative start-ups as a subject of venture capital financing. The study highlights different approaches to startup definition and a wide range of their characteristics. The article analyses venture capital as an important tool for stimulating innovation and economic growth. It is found that venture capital financing creates conditions for financing a startup at different stages of its development, from the implementation of an innovative idea to the scaling of a startup. It is noted that innovative start-ups remain key players in the market, despite the reduction in venture capital funding in the era of geopolitical disruptions. Based on the results of the study, a number of recommendations have been developed to improve access to financial resources and support for start-ups at the state and regional levels. In particular, attention should be paid to improving access to information on funding opportunities, markets, technologies and other resources for startups. It is important to support the creation and development of startup accelerators and incubators at the state and regional levels. Corporate venture capital investment could be encouraged through the creation of special co-financing programmes with private companies.