Studying the effectiveness of the venture capital mechanism for innovations financing

The subject of the study is innovation, which is considered to be the driving force behind the development of enterprises. Innovation plays an important role in economic growth, structural improvement and overall competitiveness of enterprises. In turn, economic development also offers a solid material base and environmental support in the field of innovation. Innovation is inseparable from the material and environmental basis, and the support of capital. The purpose of the study is to substantiate the assertion that innovation efficiency increases when using mixed venture capital. Innovation and investment projects are an important part of the innovation system, the driving force behind economic development and the key to increasing the competitiveness of enterprises. Therefore, it is especially important to effectively evaluate the innovation investment plan, which directly reflects the effectiveness of innovations and their transformative power. The methodology of the work is based on statistical and regression analysis of data of several companies that received venture capital from 2000 to 2019. This article analyzes and explores the innovative ability of various types of projects, and purposefully optimizes the innovative potential of enterprises. The results of the analysis show that, compared with own funds and independent investments, joint investments can significantly increase innovative capacity of a company. In addition, the article characterizes the heterogeneity of venture capital in terms of the experience of investment success, the type of institution, the type of capital and the amount of investment. Descriptive statistics of control variables, including financial indicators of a company and indicators of the corporate governance structure, are given.