INTERNATIONAL VENTURE FINANCING OF INNOVATIVE STARTUPS

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides a framework integrating startup stages, investor types, and ESG criteria in venture financing.

🏢実務担当者:Offers insights on how venture capital is increasingly prioritizing ESG and deep tech, influencing fundraising strategies.

🏛政策担当者:Relevant for designing national innovation financing systems, especially for countries undergoing economic restructuring.

The article examines the current patterns of international venture financing for innovative startups within global, European, and Ukrainian contexts. The theoretical and practical significance of this research is driven by the evolving nature of venture capital, which increasingly serves not only as a source of investment but also as a crucial coordination mechanism. Beyond providing liquidity, venture capital facilitates access for young innovative firms to expert knowledge, international markets, corporate partnerships, and sophisticated mechanisms for scaling and strategic exit.The research substantiates that following the peak activity observed in 2021, the international venture capital market has transitioned into a phase of more selective investment. This new era is characterized by an increasing concentration of capital in large-scale funding rounds and a strategic shift toward deep tech, artificial intelligence, defense technologies, and renewable energy solutions. Furthermore, the study highlights the rising importance of ESG criteria (Environmental, Social, and Governance), intellectual property rights, and the institutional quality of the innovation ecosystem as decisive factors in investment decision-making.The paper systematizes the specific roles played by various market participants, including business angels, independent and corporate venture capital funds, as well as state and hybrid co-financing mechanisms. Their interactions are mapped across different stages of a startup's lifecycle, from pre-seed to late-stage growth. The author proposes an integrated analytical framework for international venture financing that synthesizes the stages of startup development, investor types, capital geography, and requirements for management teams. This framework also incorporates the impact of geopolitical risks and sustainable development criteria on the overall investment process.Special attention is devoted to the implications for Ukraine, a country concurrently undergoing economic recovery, European integration, and a structural transformation of its national innovation system. The research proves that the most productive model for Ukraine is a synergistic approach that combines grant support, business angel and pre-seed capital, venture capital funds, corporate co-financing, guarantee instruments, and international funds of funds. This hybrid model is essential for ensuring the resilience and global competitiveness of the Ukrainian high-tech sector during its integration into the global innovate space.

• semanticscholar https://doi.org/10.30838/ep.212.367-376first seen 2026-07-01 05:52:17