International Experience in Creating Institutional Models of Venture Financing for Innovative Businesses

The aim of the study is to analyze international experience in creating institutional models of venture financing for innovative businesses, with an emphasis on their efficiency and adaptability in the context of a transforming economy. The research uses an interdisciplinary approach that integrates elements of institutional theory, innovation economics, and comparative analysis. The methodology includes the analysis of statistical data, case studies, and classification of models based on the level of government intervention, the development of financial markets, and the role of educational and scientific institutions. As a result, key success factors of institutional models in the USA, Israel, Germany, and other countries have been identified. It is concluded that an effective venture financing model should be rooted in the partnership between the private and public sectors, the active participation of universities and research centers, as well as the development of specialized infrastructure. The research framework covers developed countries with active innovation ecosystems. Further research may be directed towards adapting the identified models in the context of transition economies, particularly Ukraine. The practical significance of the work lies in forming recommendations for government policy in the area of supporting innovative entrepreneurship and developing national venture infrastructure. The social effect consists of creating conditions for employment, increasing the innovative activity of society, and stimulating economic growth. The originality lies in the comprehensive analysis of institutional models considering their effectiveness and the possibility of practical application in other national contexts.