METHODOLOGICAL APPROACHES TO THE FINANCING HIGH-TECH ENTERPRISES IN UKRAINE

Abstract

The modern development of Ukraine’s economy largely depends on the ability of the state and business to ensure adequate financing for high-tech enterprises. Such enterprises act not only as drivers of innovation but also as sources of new employment, modernization of traditional industries, and integration into global innovation systems. This paper presents a comprehensive analysis of methodological approaches to financing high-tech enterprises and proposes a classification that includes five main groups: self-financing, debt financing, investment-innovation financing, state and institutional financing, and hybrid (mixed) approaches. Special attention is given to the challenges faced in wartime, when state financing priorities shift and investors adopt a cautious position due to high risks and the long-term nature of projects. Despite these constraints, support for high-tech enterprises is highlighted as a strategic tool for economic recovery and strengthening Ukraine’s competitiveness in international markets.

The research is based on Ukrainian and international regulatory documents (laws, state programs, grant and credit initiatives), scholarly works of domestic and foreign authors, as well as statistical and analytical data from institutions such as UVCA, EBRD, and IFC. Methodologically, the study employs system analysis, comparison of international practices, generalization, and synthesis, leading to practical recommendations for Ukraine.

The results reveal that the most effective approaches for Ukrainian high-tech enterprises are the investment-innovation and state/institutional financing models. Within these, mechanisms such as venture capital, business angels, corporate venture funds, grants, concessional loans, and international investment instruments play a crucial role. The investment-innovation approach facilitates private resource mobilization at early and medium stages of risky but high-potential projects, while state and institutional financing helps mitigate risks through stable support mechanisms, including subsidies and international programs.

The study concludes that sustainable growth of high-tech enterprises in Ukraine is possible through the selective and well-balanced application of financing methods. The combination of private innovation-oriented investments with state-backed instruments creates favorable conditions for startups and innovative companies even under unstable economic and political circumstances. Based on comparative analysis of Ukrainian practice and international experience, the paper develops recommendations aimed at optimizing Ukraine’s financing system. Key directions include the creation of public-private partnerships, hybrid schemes that share risks between state and private investors, mechanisms to guarantee investments during wartime and post-war recovery, and improved evaluation systems for financial tools such as venture capital, grants, crowdfunding, and concessional loans.

The implementation of these recommendations will contribute to building an adaptive financing model capable of ensuring resilience, fostering innovation, and enhancing Ukraine’s competitiveness in the global high-tech sector.