Mel'nikov R.M.International Institute of Public Administration and Management of Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation rmmel@mail.ru
Subject The article presents a comparative analysis of techniques to assess the efficiency of investments in innovation infrastructure that have been recently developed by European scientists and those practiced in Russia. Objectives The aim is to reveal reserves for improving the Russian techniques to assess investment in innovation infrastructure. Methods The study rests on the methodology for the cost-benefit analysis of socially significant investment projects. Results I propose a technique to assess the benefits of beneficiary companies from creating the infrastructure to support innovation. This technique considers such factors as the quantity of created start-ups, the level of their profits and probability of their survival under scenarios that include and exclude the implementation of infrastructure projects. Conclusions and Relevance The analysis of techniques used in Russia to assess the efficiency of projects for building the science parks, the Skolkovo innovation center, and the national system of venture investments demonstrates that the Russian practice ignores the recent developments of the relevant European methodology. The simplified techniques that are commonly used in Russia do not enable to consider the costs and benefits of significant infrastructure projects. This results in the risk of inefficient expenditure of budget funds. To enhance the performance of Russian financial and nonfinancial institutions for development focused on infrastructure support, it is crucial to shift the emphasis to preliminary assessment and subsequent monitoring the results obtained by major beneficiaries, and to compare them with the funds allocated by the State.
Keywords: innovation, infrastructure, Science Park, development institutions, cost-benefit analysis, key performance indicators
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