National Venture Ecosystems in Management of Innovational Process Development

Venture capital is the most important factor in increasing the economic transformation effectiveness, performed in many countries during the transition of national economy to the innovational path of development. Application of the ecosystem approach to the study of venture capital financing allows for deeper research from the positions of interaction of participants, factors, and mechanisms that influence nonlinearity of innovational processes. The article views the role of the venture ecosystem as a source of innovational process development. The main characteristics of the national venture ecosystems at the modern stage are analyzed. It is noted that against the background of growth of the global market of venture capital, the Russian venture ecosystem is peculiar for outflow of investors, depreciation of portfolios of many Russian venture funds, and domination of investments into projects of late stages. It is partially caused by influence of international sanctions on the domestic market of venture capital that led to the economic isolation of Russia from the external world. Analysis of existing problems of the Russian venture ecosystem showed that its sustainable development will be achieved only by systemic interaction of all members in the conditions for the development of entrepreneurial environment that corresponds to specifics of economic relations in Russia. The article shows perspectives of development of the Russian venture ecosystem, based on effective symbiosis of government and private initiative against the background of favorable institutional conditions.