VENTURE BUSINESS IN UKRAINE AND DIGITAL INNOVATION HUBS AS AN INSTITUTION OF ITS DEVELOPMENT

Abstract

Expert research shows that the strengthening of digitalization trends, in particular, the use of digital technologies in the process of developing innovative businesses in Europe, will allow to receive an additional 110 billion euros annually over the next five years. Specialists note that such digital transformations should be implemented on the basis of specialized ecosystems: hubs, which include a wide range of startups, small and medium-sized businesses, scientists and researchers, consultants on digitalization and digital business management, big business, accelerators and investors. The joint activities of all these actors form a synergistic effect for innovative development.
The development of venture business is based on attracting the appropriate amount of financial resources, as well as a number of other consulting and mentoring services. However, the peculiarities of such support depend on the stage at which the venture business is. The seed round of financing is characterized by a strong financial risk for direct investors, which is due to the return on investment and profit only in the long run. Instead, it is at the initial stage of creating a venture business that organizational problems often arise, related to the preparation of business plans and the final selection of the team, in particular, the establishment of digital competencies. Rounds A and B support the venture business, which already has a ready-made innovative product and a certain audience of enthusiastic users. However, there is an urgent need to commercialize innovation. The venture startup still has problems with monetizing the results of its activities, developing the concept of an innovative product-leader.
Scaling the production of innovative products requires significant improvements associated with additional marketing research on the priorities of the target audience at the global level, the need for business planning. The digital innovation hub serves as a platform for the formation of synergistic cross-sectoral partnerships that creates the foundation for the development of innovative business.