TRANSFORMATION OF THE FINANCING MODEL OF UKRAINE’S INNOVATION ECOSYSTEM UNDER MARTIAL LAW
Abstract
A comprehensive assessment of the institutional configuration of the resource provision of the innovation ecosystem of Ukraine under conditions of prolonged exogenous shocks and martial law has been carried out. It is substantiated that the stability and ability of the innovation ecosystem to reproduce its potential directly depend on the reliability of its financial and institutional contour. It has been established that the domestic R&D financing model traditionally retains a pronounced business-oriented character, where the key source of resource generation is the internal funds of business entities, which confirms their adaptability and preservation of innovative activity in conditions of limited access to external resources. The calculated coefficient of institutional integration of the business sector confirms the absence of fundamental inter-sectoral shifts in the structure of R&D implementation. It is proven that excessive concentration of the financial burden on business provides high autonomy of innovation processes, but at the same time determines their critical vulnerability and cyclical dependence on the deterioration of current financial results of enterprises under the influence of military risks. It is determined that the increase in budget financing in the conditions of a full-scale war and the corresponding narrowing of the ratio of state financing to the business sector have a clear adaptive and compensatory nature. The strengthening of the role of the state is currently aimed at supporting critically important areas of scientific and technological development and reorienting the potential to the needs of the security and defense sector. The evolution of state support instruments from direct budgeting to the deployment of a comprehensive system combining subsidized loans and non-repayable grants is analyzed. The situational nature of attracting funds from foreign investors and international donor programs is proven. It is revealed that the existing fragmentation between various financial instruments disrupts the continuity of the innovation cycle at the stages of scaling and commercialization.
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