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Specific patterns and trends in the development of corporate venture funds in Russia

Vol. 29, Iss. 6, JUNE 2023

Received: 29 December 2022

Received in revised form: 3 April 2023

Accepted: 17 April 2023

Available online: 29 June 2023

Subject Heading: INVESTING

JEL Classification: O25, O31

Pages: 1212–1239

https://doi.org/10.24891/fc.29.6.1212

Lelya G. PASHTOVA Financial University under Government of Russian Federation, Moscow, Russian Federation
palelya@yandex.ru

https://orcid.org/0000-0002-5618-5978

Subject. This article analyzes the activities of corporate venture funds in the Russian Federation.
Objectives. The article aims to develop a scientifically based model that takes into account the peculiarities of the development of corporate venture funds in Russia to justify the trends and advantages of using venture capital in financing innovative activities.
Methods. For the study, I used general scientific and special methods of scientific knowledge.
Results. The article describes the peculiarities and conditions for the creation of corporate venture funds in Russia and identifies the main factors influencing their creation. The article also presents a model of the dependence of the performance indicators of funds on changes in determinant factors.
Conclusions. Based on the study and the construction of a regression model, the hypothesis of a strong relationship between the volume of investments of corporations and corporate venture funds and the growth rate of the market was confirmed. The regression model can help venture fund experts, the government and investors make better decisions regarding the use of venture capital in financing innovation activities to achieve technological sovereignty and innovative development of the Russian economy.

Keywords: corporate venture fund, investment, venture capital, innovative development, technological sovereignty

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