Problems of external fund raising for the high-tech innovative startups in Russia

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Abstract

This paper analyzes the factors that lead to the barriers to external fund raising for the design works of high-tech startups. Such factors include the support of dominant role of the state that acts not only as a regulator, but also as the main source of financing. The article considers the reasons for decreased activity of the entities engaged in funding of the high-tech startups and innovative projects. The recommendations have been developed aimed at stimulating external funding of high-tech projects that is necessary for innovative development of the Russian economy.

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About the authors

Irina K. Epaneshnikova

Moscow Aviation Institute (National Research University)

Email: yeremiina@gmail.com
ORCID iD: 0009-0000-5305-9266

Associate Professor, Cand. of Sciences (Eng.), Associate Professor

Russian Federation, Moscow

Daria A. Eremina

Moscow Aviation Institute (National Research University); Sberbank of Russia PJSC

Author for correspondence.
Email: yeremiina@gmail.com
ORCID iD: 0009-0008-0335-9779

Master’s Student, Department 317, Moscow Aviation Institute (National Research University); engineer, Public Joint-Stock Company “Sberbank of Russia”

Russian Federation, Moscow; Moscow

Aliy A. Otarov

Moscow Aviation Institute (National Research University)

Email: yeremiina@gmail.com
ORCID iD: 0009-0005-0804-9620

Master’s Student, Department 317

Russian Federation, Moscow

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2. Fig. 1. Dynamics of venture transactions on the Russian market in 2017–2023, pcs. [5, 6]

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3. Рис. 2. Structure of the venture capital market in Russia by the types of investors, in million dollars [5]

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4. Fig. 3. Interest rates on loans for the business entities [7]

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Copyright (c) 2025 Epaneshnikova I.K., Eremina D.A., Otarov A.A.