FEATURES OF LEGAL SUPPORT FOR FINANCING INNOVATIVE DEVELOPMENT

Abstract

The article examines the legal aspects of financing innovative development. It defines the role of innovative development in the current economic conditions of the international economy. The importance of technical and technological changes as driving factors for the development of entrepreneurial structures in the global economy is substantiated. It is determined that in Ukraine, as a result of the full-scale invasion of the Russian Federation, negative crisis phenomena are observed, associated with the destruction of industrial and infrastructure facilities, the transfer of entrepreneurial activity abroad, etc. It is proven that an important direction for the reconstruction and restoration of the domestic economy is the focus on modern innovative technologies in all areas of activity: ensuring scientific and technical changes in basic areas of activity; introducing modern automated management systems in business structures; promoting the technical and technological re-equipment of production processes; ensuring the improvement of product promotion and sales processes in sales markets, etc. It has been determined that the activation of innovative approaches is also important in promising areas of development of the domestic economy, including the military-industrial sphere.  The main legislative acts of Ukraine regulating the financing of innovative development in Ukraine have been considered. The areas of regulation in these acts of financing innovative activities have been studied. An analysis of the volume of financing for innovative activities of industrial enterprises in Ukraine in recent years has been carried out. It has been determined that despite the positive trend towards an increase in funding, only a small proportion of industrial enterprises in Ukraine participate in the implementation of innovative projects. Therefore, it has been concluded that it is advisable to improve the legal framework for innovative development based on international experience, focusing on strengthening credit and tax preferences, subsidies for innovators, etc.