The modified factor model of discount rate estimation, based on cumulative method for innovation projects value with venture investment

The author analyzes the original method of constructing a cumulative discount rates for business valuation and investment projects. The author presents a modification of an existing model for calculating the discount rate for evaluating investment projects with attraction of venture investing, and taking into account the specificities of different developmental stages of the venture project. The essence of the modification of the original method of cumulative build-to-use risk characteristics of the venture projects, and in integrating the odds ratio for each subject at risk.