CHOOSING A STRATEGY AND INSTRUMENTS FOR FINANCING A BIOTECHNOLOGICAL PROJECT

Abstract

The field of biotechnology is one of the key areas of technology affecting the innovative development of the modern economy. The article examines the regularities of the stage of development of a high-tech project in the field of biotechnology and a successful method of financing it. The results are expressed in the form of recommendations on the choice of financing methods depending on the current stage of project development. The developed approach is based on the phased introduction of available and identified external sources of financing at different stages of the project life cycle. Due to the lack of demand for innovative products and their low competitiveness at the initial stage of the life cycle, investments in knowledge-intensive enterprises are carried out at the expense of public funds through state R&D contracts and a grant system. However, budget funds alone are not enough at the early stages, and therefore non-state financial support tools should also be used at the initial stage of financing high-tech projects. At the second stage of the development of a high-tech project, financing is carried out at the expense of other instruments. The influence of the state will decrease, creating conditions for investments from the resources of companies and funds. At the third stage, the influence of the state becomes even less significant, and public-private partnership becomes necessary for the commercialization of innovations. Financing of high-tech projects should be carried out in stages with the establishment of responsibility for spending budget funds if a positive result is not achieved.