Importance Due to intensified process of the national economy modernization and transition to the innovation-based development under economic and political sanctions that hinder the growth of entrepreneurship in Russia, the problem of adapting the governmental support for innovative small and medium-sized businesses to the existing conditions requires a systems study of recent developments in the foreign models of financial support to innovation activity. Objectives The article aims to systematize the recent changes in government programs supporting innovation activities in foreign countries in order to identify trends in the modern models of financial support to small and medium-sized businesses and opportunities to adapt their perspective elements to Russian conditions. Methods Using the methods of scientific knowledge of economic phenomena, comparison and grouping, I analyzed various aspects of financing the innovation activities of small and medium-sized businesses in foreign countries. Results The study determined common trends and highlighted the reasons preventing the growth of innovation activities of small and medium-sized businesses in Russia at the present stage. Conclusions Best practices of some foreign countries with regard to arranging the programs and processes of public-private infrastructure, financial, information and consultancy support and accelerated commercialization of novel solutions of small and medium-sized enterprises are indicative of the need for formalization and implementation of the systems approach by the Russian government to all processes related to incentives for innovation activities of small and medium-sized businesses.
Keywords: innovation model, small business, medium-sized business, supporting institutions
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