Financing Innovative Activities of Industrial Enterprises of Ukraine

Ensuring the competitiveness of Ukrainian goods and technologies is an important problem, the solution of which is connected with the improvement of their development, production, sale and maintenance, that is, with the implementation of targeted financing of innovative activities. The purpose of the study is to determine the state and establish trends in the financing of innovative activities of industrial enterprises of Ukraine for the period 2000-2020 based on actual data provided by the State Statistics Service of Ukraine as of the date of publication of the article. Analytical method, methods of data grouping, graphic methods, methods of deduction, comparison, systematization and logical generalization were used in the research process. The article examines the dynamics of sources of financing innovative activities of Ukrainian enterprises over a certain period of time; considered internal and external sources of financing innovative processes, problems and prospects of their involvement by domestic industrial enterprises. It was established that in the period before the announcement of quarantine measures due to COVID-19 and the subsequent start of Russia's aggressive war against Ukraine, the main sources of financing innovative activities in Ukraine were: companies' own funds; funds from the state budget of the country; funds from foreign investors and funds from other funding sources (funds from domestic investors, grants, etc.). The conducted research shows that the state policy of Ukraine regarding the implementation of innovative activities is unstable and fragmented. Adopted state acts are not supported by financial and other instruments that would allow domestic enterprises to carry out and finance innovative activities at an accelerated pace. In such a situation, the leadership of our country should pay more attention to the improvement of the legislative framework and the creation of real financial instruments of forced assistance to Ukrainian enterprises in the implementation of innovative activities.