Current state and development prospects of venture financing in Russia

The modern economy is undergoing a phase of deep technological transformation, with innovation becoming a key element supported through venture financing tools. Venture capital plays a crucial role in the development of startups, especially in high-tech industries. Despite the existence of state-supported development institutions, the Russian venture market continues to face a number of barriers, including the outflow of foreign capital, high cost of borrowed funds, and fragmented investment infrastructure. The purpose of this paper is to study the theoretical and practical foundations of venture investment and lending, as well as to consider the prospects for improving the venture financing mechanism in Russia. In this regard, recommendations have been developed to enhance the tools for stimulating venture financing.