FINANCING INNOVATIONS BY KAZAKHSTANI ENTERPRISES: REGIONAL AND INDUSTRIAL ASPECTS

The research aim is to conduct a comprehensive analysis of the current state of innovation financing within Kazakhstani enterprises. Employing a comparative and structural approaches, an examination of prevailing trends in enterprise innovation expenditures - considering various innovation types, cost structures, and funding sources - was carried out using 2023 statistical data from the Bureau of National Statistics at both regional and sectoral levels. The principal research method involved economic and statistical analysis, particularly the technique of vertical analysis. The research findings are an uneven distribution of innovation-related costs across regions - primarily the Atyrau and Karaganda regions, as well as the cities of Almaty and Astana - and across industries, notably manufacturing and mining, along with the information and communication sector. Furthermore, enterprises utilize a relatively narrow set of financial instruments (namely internal funds and bank loans), focusing chiefly on product innovations and the procurement of capital assets. To mitigate the «catch-up» nature of innovation in Kazakhstani enterprises and to address the asymmetric development of the national innovation system, a series of recommendations has been developed. These include diversifying the range of financing sources, strengthening collaboration between enterprises and universities and research institutes, and expanding state financial support mechanisms for enterprise innovation. Additionally, promoting venture financing and business incubation is suggested to foster further innovation-driven growth.