Venture financing of innovative technologies in enterprises in the conditions of digitization and circular economy

The subject of the study. The article is devoted to the study of the role of venture financing in stimulating the innovative activity of enterprises in the context of modern economic challenges, in particular in the context of digitalization and circular economy. Innovative activity is considered a key element of modernization of the national economy of Ukraine and ensuring the competitiveness of enterprises in market conditions. Special attention is paid to the venture financing mechanism, which is an important tool for supporting innovative projects in leading countries of the world. The article reveals the essence of venture capital as a system of relations between venture enterprises, investors and financial intermediaries, which ensures the accumulation of funds for research, development and commercialization of innovations.The purpose of the article is to form venture financing for innovative activities and sustainable development of enterprises in the context of digitalization and the circular economy.Research methods. The article uses the dialectical method of scientific knowledge, the method of analysis and synthesis, the comparative method, the method of data generalization.Results of the work. It is proved that venture enterprises, mainly small and flexible structures, are distinguished by high innovative activity, the ability to quickly adapt to market changes and introduce innovative technologies into production. The results of the study indicate an increase in the number of innovatively active enterprises in Ukraine, although their share remains low (18.5%). At the same time, the volume of innovative products sold remains insignificant. The article emphasizes the need to introduce innovative technologies, such as CRM and ERP systems, cloud technologies, the Internet of Things (IoT) and cybersecurity, which contribute to the optimization of business processes, cost reduction and increased efficiency of enterprises. Conclusions. An important direction of development is the circular economy, which involves the rational use of resources through their reuse and recycling. Insufficient investment remains a key obstacle to innovation, hindering the development of venture entrepreneurship. A set of measures is proposed to improve the venture financing mechanism. The article emphasizes that the activation of innovation and investment in innovative technologies is the key to economic transformation and strengthening the competitiveness of enterprises in domestic and international markets.