Risks of venture capital financing in innovative entrepreneurship

Анотація

Introduction. Innovation-driven development in the 21st century is recognized as a key factor of economic growth, requiring specific financing mechanisms. Venture capital has become one of the leading instruments for supporting startups and high-tech companies, combining high risk with potentially significant returns. Problem Statement. In Ukraine, venture financing faces multiple barriers: institutional instability, limited access to capital, brain drain, military threats, and cyber risks. At the same time, the country’s innovation sector demonstrates considerable potential, which necessitates a systematic risk analysis and adaptation of international practices to national conditions. The purpose is a comprehensive analysis of venture capital financing risks in innovative entrepreneurship and to develop an integrated risk classification tailored to the Ukrainian context. Methods. The methodological basis is a systemic approach combining theoretical analysis, classification methods, comparative analysis of international and Ukrainian practices, and empirical methods based on statistical data and reports of international and national institutions. Results. An integrated classification of venture financing risks has been proposed, covering financial, technological, market, managerial, and institutional dimensions. Financial risks are linked to liquidity and startup overvaluation; technological risks — to delays in product development and technological obsolescence; market risks — to low demand and strong competition; managerial risks — to team competence and conflicts; institutional risks — to legislative instability, taxation issues, and military threats. Risk management methods such as expert evaluations, SWOT analysis, and scenario analysis are outlined as effective tools for minimizing risks and shaping comprehensive strategies. Conclusions. The developed risk classification serves as a practical tool for investors and entrepreneurs, enabling systematic identification of threats, prioritization of risk management, and adaptation of international practices to Ukrainian realities. It contributes to enhancing the efficiency of venture financing and ensuring the resilience of innovative projects in the transformational economy of Ukraine.

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