4.3. Modern practical methods of innovation management.

Acceptance of innovation management - a way of influencing the management subsystem (guiding) on the controlled area (to control), which includes innovation, innovation process and relationships in the market of innovation.

Movement of innovation is always associated with the movement of investment in this innovation. Therefore, all the methods of innovation management based on monetary relations arising in the process of moving innovation in the market. Thus, the total content of all methods of innovation management is the impact on innovation of monetary relations that arise between the manufacturer or seller of innovation, on the one hand, and the purchaser of this innovation on the other.

The impact of innovation management techniques can be directed to the area of ​​production and / or sale of innovations. These directions are determined by the structure of the innovation process.

Innovation management techniques can be divided into the following groups.

1 Receptions, acting only on production innovation.

2 Receptions, affecting both the production and the implementation, promotion and dissemination of innovation.

3 Receptions, acting only on the implementation, promotion and dissemination of innovation.

Engineering Innovation - a complex of works on creation of the innovative project, which includes the creation, implementation, promotion and distribution of a particular innovation.

In general, engineering innovation aims to get the best possible economic benefit from investments in new product and identifying promising areas of innovation.

Reengineering is a kind of method engineering.

American scholar M. Hamler, introducing scientific use the term "re-engineering", gave him the following definition:

"Re-engineering - a fundamental rethinking and radical redesign of business processes to achieve an abrupt improvement of modern performance of companies, such as cost, quality, service and rates."

Reengineering in the reception quality of innovation management involves an innovative process aimed at both the production of new products and operations, as well as for their implementation, promotion and distribution.

Reengineering crisis caused a sharp drop in sales of innovation due to lower demand for or in connection with the fall of the image of his seller. This situation is an indication of the tendency to reduce the competitiveness of products in the market, and possibly to the bankruptcy of the seller. Therefore there is a need for immediate measures to eliminate the holding incipient crisis.

Reengineering development caused a decline in product sales (transactions) in connection with the fact that the current structure of the organization and management of the economic process seller on the level of development has reached a certain limit, above which the sale of innovation cannot exist.

Theme 9. Financing innovation

1. The main sources of financing.

2. The main forms of interaction between enterprises and banks.

3. Types and forms of credit. Stages lending.

4. Financing through transactions on the stock market\

Sources and forms of financing innovation.

Innovation performance is largely determined by the forms of organization and methods of financial support.

Sources of financing for innovation can be enterprises, financial and industrial groups, small business innovation, investment and innovation funds, local governments, private individuals, etc. All of them are involved in the economic process, and in some way contribute to the development of innovation.

In developed countries, the financing of innovation activities carried out both from public and private sources.

By property type funding sources are divided into:

• public investment resources (budgetary funds, extra-budgetary funds, government borrowing, stakes, state-owned property);

• investment, including financial resources of business entities, as well as non-governmental organizations, individuals, etc.

Important financial source of various forms of innovation are budgetary allocations, which are carried out by complex target program, priority public projects.

In most cases, funds projects that provide the high quality, competitive products. For the success of the project is recommended to use a well-established, proven technology, to produce products that focuses on capacious enough and proven market.

High chances of obtaining financing and innovation - imitations, including fine-tuning, supplementing, replacing and displacing the base model.

In world practice under the project finance usually mean this type of funding organization when revenues generated from the project, the only source of debt repayment.

If the venture (risk) capital can be used to organize the financing of scientific activities at any stage, the organizer of the project financing can not take such a risk.

Innovative business venture is subject to the failure of the project being financed. As a rule, the first years of the project proponent shall not be liable to financial partners for the disbursement of funds and does not pay interest on it. Investors Venture Capital first few years satisfied the acquisition of shares of the newly created company. If the innovative firm begins to make a profit, then it becomes a major source of risk capital reward contributors. Often, the venture capitalist becomes the owner of the innovative enterprise.

Typically, an investor it is very difficult to choose one of the proposed innovative projects. Therefore, in order to minimize project risks and optimize the parameters of the project's success is most widely used portfolio approach.

Innovation portfolio should contain a variety of projects, large and small, far and near in timing, different in purpose and principles of implementation. It is necessary for optimal implementation of innovation with high-impact financial and economic indicators, as well as for successful competitive strategy of the firm. The content of the portfolio should be audited frequently, revision and updating.

6.2. Innovative activity as an investment object.

Empirically established relationship: the greater success for the entrepreneur expects in the future, especially in high costs, he should be ready to present.

When deciding on the implementation of innovations investor is faced with the problem of determining the lower limit of return on investment, as that usually serves the profit rate.

If an investor himself acts proponent of innovation, when making an investment decision, he comes from internal constraints, which primarily include the cost of capital, the internal needs of the production (the amount of required resources for the implementation of its own production, technical, social programs), as well as external factors to which the rate of bank deposits, the price of capital raised, the sectoral and inter-sectoral competition.

Management of the company - the innovator faces, at least one alternative investments - invest available cash in bank deposits or government securities, receiving guaranteed income without additional high-risk activities. Therefore, the profitability of innovative projects must exceed the interest rate on bank deposits and yield presented for redemption of government securities. Thus, the price of capital is defined as net profitability of alternative investment funds projects.

Innovation risks (risks of innovation projects) related to innovation activities, the main purpose of which is to ensure competitiveness through the implementation of innovation. Innovative risk is the result of the cumulative effects of all the factors that determine the different types of risks: technical, scientific, economic, political, business, social, environmental and others.

In the process of implementation of the innovative project is operating activities, investment activities and financing activities. All activities related to the typical risks of any investment project.

6.3. Ability to attract donor funding of innovative projects

To organize and manage the financing of innovation, there are so-called donors, which can be as fund private person and a public institution or company and who gratuitously provide the means to implement a specific innovation project.

As one of the possibilities to attract donor funding for innovation can be identified budgetary allocations. Government will be allocated from the federal budget to finance investment projects of high-performance under condition of these funds on a competitive basis. In this case, depending on the direction of the innovative project sizes and budgetary investments have significant differences.

Grant (grant) - funds donated transmitted sponsor organization or individual to implement a specific innovation project.

Another difficulty is that the increased competition for access to donor funding sources, often because of foundations, donors are the only source of new funds for many innovative projects.

The most reliable and responsive source of information is the Internet. On the Internet there are many servers, professionally engaged in the collection of information on competitions and informs the public.

When selecting a donor organization should consider the following points:

1 As we have already noted, the majority of donors restrict their activities to certain regions and countries.

2 Funds mainly funded projects strictly defined themes (we have already touched on this point above, it is necessary to pay special attention), or, at least, limit the types of activities that they are willing to finance.

3 As a rule, sponsors and restrict the type of grant recipients, such as, for example, individual researchers, students, non-governmental environmental organization, etc.

Each donor organization usually indicates the most appropriate form of self-treatment. Some funds require submission of a complete application, while others prefer to meet or talk on the phone with potential applicants. But the majority of donors, usually offers to send a request with a summary of the project and a description of the applicant.

Each fund operates by its own rules and provides funding after considering the competitive commission requests specific pattern.

However, some funds are considering only those applications that came to him after their invitation, ie applicant sends a short request to the fund with the suggestion of the full text of the application, a summary of which is given immediately. If the commission of the fund as a short query decides to take a detailed request, it sends an invitation, which, nevertheless, can not be regarded as a guarantee of a positive decision.

Other funds announce publicly about their goals and objectives and organize accepting applications without prior review. In this case, as a rule, established some form of submission to facilitate comparison of bids among themselves and limiting each application specific set of information about the project.

The final application must be designed according to the requirements of the sponsor.