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Funding sources for early-stage innovation companies

Kosov M.E. head of a chair «Tax trial and control», Russian State University of Trade and Economics, candidate of economics, docent ( kosovme@mail.ru )

Sigarev A.V. student of magister program «State policy and regulation», Lomonosov Moscow State University ( alexsigarev@yandex.ru )

Journal: Finance and credit, #25, 2010

It is generally accepted that the driving force of innovation development is small-scale business, since the considerable part of innovations is created in this sector of economy. Experience shows that the major obstacles to small firms’ development, especially with advanced technologies, are lack of financing as a result of high riskiness. This article provides detailed analyses of main funding sources for early-stage innovation companies, such as own funds, government programs, business incubators, science parks, venture funds, angel investors. Special attention is paid to competitions that give innovators the possibility to start up their business.


State support of venture industry

Kosov M.E. head of a chair «Tax trial and control», Russian State University of Trade and Economics, candidate of economics, docent ( kosovme@mail.ru )

Sigarev A.V. student of magister program «State policy and regulation», Lomonosov Moscow State University ( alexsigarev@yandex.ru )

Journal: Finance and credit, #20, 2010

The purpose of Russian economy transition to innovative way needs an improvement of working institutions as well as creation of additional ones including institute of venture financing. In this work a question of the state support of venture financing is taken up. The following ways of influence are being analyzed:
     - stimulation of innovation sphere through tax policy,
     - the mechanism of public-private partnership,
     - creation of special economic zones.
     As conclusion the state activity concerning the venture industry development should be aimed at improvement of legal mechanisms to provide efficiency of budgetary and private-state financing of innovations also to establish system of tax privileges and preferences for high-risk business.


The angel investor financing of innovation projects

Kosov M.E. head of a chair «Tax trial and control», Russian State University of Trade and Economics, candidate of economics, docent ( kosovme@mail.ru )

Sigarev A.V. student of magister program «State policy and regulation», Lomonosov Moscow State University ( alexsigarev@yandex.ru )

Journal: Finance and credit, #22, 2010

Innovation companies are sorely in need of financing in the early stages of their development. The high level risks don't allow traditional ways for raising funds. This article is devoted to angel investors study as a funding source for innovation projects. The basic features, networks and syndicates of angel investors are examined. The situation in Russian Federation is analyzed, where angel investors' movement is only developing. It is concluded that the world financial crisis can influence the angel investors sector in two different ways. On the one hand the crises slows down the withdrawal from invested projects, reducing the amount of money, available for investment. On the other hand the venture capital development history shows that investment made in period of economic crisis can yield high dividends in the future.


Competitiveness of retail networks in the Russian market of food retail during the economic downturn

Sigarev A.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( alexsigarev@mail.ru )

Kosov M.E. Plekhanov Russian University of Economics, Moscow, Russian Federation ( kosovme@mail.ru )

Journal: Financial Analytics: Science and Experience, #48, 2016

Importance The research constitutes an attempt to evaluate the concentration degree in the Russian retail market during the economic downturn, and concludes on the competitiveness of retail networks.
Objectives The research verifies the hypothesis assuming that the downturn of the Russian economy makes some market agents leave the food retail market, thus increasing the market concentration and invigorating the power of those retail networks that are more competitive.
Methods To verify the hypothesis, we analyzed statistical data.
Results We analyzed a number of retailing indicators of the Russian Federation, estimated concentration indices, emphasized the role of M&A in the food retail market as a concentration trigger, and mentioned some market actors, which left the market.
Conclusions and Relevance Following the research, we pointed out two trends. The market share of retail networks increases in the food retail market, with concentration growing in the part of the market that is dominated by retail networks. We conclude that the hypothesis has been verified.


A dynamic pricing model in the network goods market in terms of a monopoly supplier

Evsyukov S.G. Central Economics and Mathematics Institute, RAS, Moscow, Russian Federation ( sg-7777@yandex.ru )

Sigarev A.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( alexsigarev@mail.ru )

Ustyuzhanina E.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( dba-guu@yandex.ru )

Journal: Financial Analytics: Science and Experience, #30, 2016

Subject The article studies the processes of pricing in network benefits markets.
Objectives The paper aims to develop mathematical tools to describe and evaluate the various pricing strategies of the company in the market of network benefits.
Methods For the study, we used a combination of the methodology of neoclassical theory, investment analysis and mathematical modeling.
Results We present a model of dynamic pricing in network benefits markets in terms of a monopoly provider and comparative characteristics of different pricing strategies.
Conclusions and Relevance The proposed model provides an opportunity to assess the various pricing strategies in the market of network benefits. The computer-based experiment results suggest that two significant quality indicators of the investment project in development, manufacturing and after-sales service of network benefits, i.e. Net Present Value (NPV) and Discounted Payback Period (DPB) behave differently. NPV maximization is achieved when using the subscription fee; reduced DPB makes a choice in favor of the purchase and service fees combination.


Specifics of price discrimination in sale of information products through e-commerce

Sigarev A.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( alexsigarev@mail.ru )

Kosov M.E. Financial University under Government of Russian Federation, Moscow, Russian Federation ( kosovme@mail.ru )

Journal: Financial Analytics: Science and Experience, #10, 2016

Importance As e-commerce has been actively developing since the early 21st century, it significantly influences conventional views of economic processes, including pricing methods and principles.
     Objectives The research identifies the specifics of price discrimination when selling information products through e-commerce, thus influencing the behavior of buyers and sellers.
     Methods We analyzed whether it would be possible to use conventional price discrimination strategies when selling information products through e-commerce.
     Results The article presents possibilities of using strategies of price discrimination, customization, self-selection and versioning when selling information products via electronic commerce channels.
     Conclusions and Relevance When selling information production via e-commerce channels, sellers get broader opportunities for differential pricing and extracting consumer surplus more completely. It becomes feasible because the ICT development allows studying preferences of buyers, predicting their behavior, personalize the offered goods. In the mean time, consumers also derive benefit from online-shopping as it reduces the asymmetry of information on prices and quality of goods, and helps better compare market supply options.


Digital economy as a new paradigm of economic development

Ustyuzhanina E.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( dba-guu@yandex.ru )

Sigarev A.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( alexsigarev@mail.ru )

Shein R.A. Plekhanov Russian University of Economics, Moscow, Russian Federation ( shein-r-a@yandex.ru )

Journal: National interests: priorities and security, #10, 2017

Importance The article reviews how the digital economy influences socio-economic processes.
Objectives We substantiate that transition to the digital economy (digital revolution) is not a change in a technological mode and/or another technological revolution, but rather a change in the economic development paradigm.
Methods The research combines historical, evolutionary and institutional methods.
Results Any modifications of the economic development paradigm entail a change in the division of labor, principal way economic agents interact and the basis of economic power. Economic power ceases to rest upon the ownership in its classical understanding. It gives way to the status within the interaction hierarchy, thus allowing to set up rules for interaction and distribution of value added.
Conclusions and Relevance In addition to grand opportunities, the digital revolution inevitably results in multiple issues, which can be divided in two classes, i.e. issues of the digital economy origination and the issues of the digital economy. The second class has not been sufficiently studied so far. It implies the degradation of labor, knowledge and content of human life, disruptive selections, and subsequent segregation of people into castes that would have very fragile social links.


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