Evolution of the concept of investment attractiveness of venture investments

Evaluation of investment attractiveness of venture investments is an important issue to study because the successful venture investments allow multiplying the invested funds. Ambiguousness of the concept of investment attractiveness affects the approach to its evaluation. The article provides various points of view in interpretation of investment attractiveness. Analysis of evolution of the investment attractiveness concept is carried out; the essence of venture investments, the nature of investment at various stages of innovations' implementation, the main objects of venture investment, as well as economic efficiency indicators and innovation efficiency factors are considered. Financial and economic factors are compared with noneconomic factors of investment attractiveness; economic efficiency is compared with innovation efficiency; a relation is found between these concepts; this proves the abstract nature of the venture investment attractiveness concept. As a result, a modern view on estimation of investment attractiveness is presented; a conclusion is made on the prevailing role of subjective factors when evaluating the investment attractiveness in regard with the development of investment platforms, scoring models, and acceptance of the term of “investment attractiveness” as an abstract concept.