Venture Capital and Creative Labour: Dilemma of Economic Growth Model Selection
Keywords:
Venture capital, reproduction, economic growth, industrial growth, venture capital marke, technological structureAbstract
The research is devoted to the choice of economic growth model in relation to the conditions of the Russian economy. The article analyses scientific research on economic growth to identify the specifics of the development of the domestic economy; indicates the parametric characteristics of comparing the liberal and socially oriented models; determines the degree of venture capital influence in the context of changing technological orders, as well as their causes and consequences. The authors note a special role of small innovative firms in stimulating economic development. Moreover, the most significant factors determining the circulation of venture capital in the reproduction process have been investigated. The main advantages of venture capital, which provide the opportunity for high-risk innovative business, the possibility of stage-by-stage development, have been determined. The dynamics of the venture capital market development on a global scale is analyzed, the features of the venture capital market in the United States, as well as the state and prospects of the venture capital development in the Russian Federation, including in the context of the global COVID-19 pandemic, are investigated. As a result, the main trends in the venture capital market development in Russia have been determined and a significant structural deficit of venture capital investments in Russia revealed. The necessity of systematizing state support of the venture capital market by management levels (from nano to global) and structuring within each level from the point of view of the significance and degree of generalization, the focus on the formation of motivational mechanisms for the transition to innovative-expanded reproduction has been substantiated. As a conclusion, a number of legislative measures are proposed to stimulate the development of venture capital in Russia. It has been proved that Russia’s transition to an innovative type of economic development presupposes the formation of new innovation-structural-reproduction relations based on a combination of state and market regulators.
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