Venture financing development in the Kyrgyz Republic

The article examines venture financing as one of the most effective mechanisms for supporting innovation, the relevance of which in the Kyrgyz Republic is especially high in the current conditions of prioritizing innovative development of the economy. The goal of the study is to determine the prospects and develop scientific and practical proposals for adaptation to the specifics of the Kyrgyz economy and the application of successful international experience in the development of venture financing in support of economic growth and innovative development of the Kyrgyz Republic. The article is based on the works of modern authors, which consider the fundamental and applied issues of venture financing in support of innovative development of the economy. The research methodology includes both general scientific methods (evolutionary-historical, comparative and critical analysis), and a special method of economic science, which is the method of statistical review, with the use of which the data of the global innovation index are analyzed, information on the dynamics of the development of the global venture capital market is studied, as well as on venture financing in the Kyrgyz Republic. As a result, the history of venture capital was studied and its role in economic growth and innovative development of the country was determined. A comprehensive analysis of international experience of state stimulation of venture capital inflow to accelerate technological development of countries of the world was conducted. The main factors of success of implementation of venture financing mechanisms in such developing countries as India, China and Brazil, as well as such developed countries as Switzerland, Sweden, USA, Great Britain and Singapore were identified. The specifics of venture financing in the Kyrgyz Republic were substantiated, and the author’s scientific and practical recommendations were given for accelerated development of the national venture ecosystem in support of innovation, solution of social problems, economic growth and development of entrepreneurship.