PROBLEMS OF ALTERNATIVE FINANCING FOR INNOVATIVE SME IN RUSSIA
Lali Chebukhanova1*, Tatiana Blokhina2
1Ms, RUDN University, Russia, chebukhanova-lv@rudn.ru
2Prof. Dr., RUDN University, Russia, blokhina-tk@rudn.ru
*Corresponding Author
Abstract
The article considers the current state of the alternative financing market through crowdfinancing in Russia. The development of innovation economy directly de-pends on the innovation activities of small and medium enterprises. Alternative financing is an important type of financing for small and medium-sized innovative enterprises, as currently there are difficulties in obtaining financing from traditional sources. Funding through crowdfinancing online platforms has several advantages over traditional sources. This instrument has important role for startups and can be the only finical source for innovation (among R&D grants). The main models of such financing and their advantages and disadvantages are considered in paper. It is conducted the regression analysis of the dependence of research and development expenditures and the volume of alternative financing in the UK, since this type of expenditure affects both innovation and the country's economic growth. The weak development of the alternative financing market in Russia and the main problems that served this situation were noted. In Russia, there is no regulation of this market so investors as well as enterprises have no legal status and rights, and they cannot use any government stimulation measures (i.e. tax reduction). Now only seven-ten crowdfinancing platforms are operating in Russia, mainly offering debt financing at a high percentage. This situation limits the use of these financial instruments by young enterprises, and at the pre-seed and seed stage. The main directions of market regulation are proposed in order to expand the use of crowdfinancing in Russia.
Keywords: SME, innovation, alternative financing, crowdfunding.
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