Development of an innovative activity financing system

Innovation activity, as a rule, is characterized by a high degree of uncertainty and risk, therefore, the important principles of its implementation should be the multiplicity of funding sources, flexibility and adaptability to the changing environment of innovative processes that will promote rapid and effective implementation of innovations with their commercialization providing growth of financial return from investments. This implies the establishment of a system of financial support for innovation activities on the basis of an optimal combination of budgetary and extrabudgetary components. The article considers the advantages of the program-targeted approach in the system of financing innovation activity, defines the peculiarities and role of state development institutions in the system of financing innovation, analyses and estimates modern trends in financing innovation activity.