Introduction. The article is devoted to the analysis of the modern system of financing of innovations, search of reserves for improvement of financial maintenance for innovative development.
The purpose of the article is to analyze the financial sources for innovative development and to research reserves for improvement of financial maintenance for innovative development.
Results. The influence of innovations on the economic growth of the country is studied. The peculiarities of investment financing are clarified, the current state of financial support of innovation in Ukraine is assessed. The positions of Ukraine in the international indices are given, the analysis of innovative activity of the Ukrainian enterprises and efficiency of innovative activity of the industrial enterprises in Ukraine is carried out.
Insufficient support of the innovation sphere by the state, unsatisfactory innovation activity of the vast majority of enterprises, insufficient formation of the innovation infrastructure actualize the issues of financial support of innovations.
The conducted analysis allows to state the financial insufficiency of the available and the deficit of potential sources of financial resources to ensure the implementation of innovative activities and the implementation of innovative projects in Ukraine. The main problems of financing the innovative development of Ukrainian enterprises are the lack of long-term lending for innovative projects by the banking system; insufficient support of the innovation sphere by the state, insufficient formation of the innovation infrastructure; increased risk of investing in innovations.
Conclusions. It is possible to improve the country’s investment environment through various measures, including the introduction of tax benefits, ensuring legal protection of investments, improving information support and investment infrastructure.
In the future, the main source of funding for innovation should be private financial resources of domestic and foreign investors with the support of the innovation sphere by the state.
Key words: innovations, investments, innovative activity, innovative development, financial provision, sources of financing of innovations, bank crediting, state support.
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The article was received 15.09.2020