Graphic model of relationship of cash flows and sources of financing innovative projects depending on the stage of development

This article discusses the main sources of financing investment projects. A literature review of the points of view of various authors on this issue revealed that many authors adhere to the classification of sources of financing recommended by the Methodological guidelines for evaluating the effectiveness of innovative projects. The existing diversity of the sources considered necessitated their generalization and systematization. As a result, it was determined that not all considered sources of financing can be used in investing projects in the early stages of their development, problems of use are highlighted. The author’s classification of the main sources of financing innovative projects at the early stages of their development is formulated and proposed, including state financing, leasing, bank credit, self-financing, project financing, venture financing and equity financing. A comparative analysis of the main problems associated with the use of the indicated types of sources of financing innovative projects is presented. An analysis of the reasons for the shortcomings in the use of sources of financing projects at early stages allowed us to identify the main constraints: the risk nature, the long-term nature of innovative projects, the lack of security, and others. Formulated and graphically presented the features of the relationship of cash flows and sources of financing, depending on the stage of development of the enterprise.