Knowledge-based engineering as a driver of economic development of the regions of Russia

The main purpose of this paper is the study of the characteristics and the evaluation of the impact of knowledge-based engineering enterprises on the regional economy, where they act as a main driver, a catalyst for the development of a number of sectors of the economy, by enhancing and strengthening the competitive advantages of other industrial enterprises. The fundamental provisions and papers of the reputable scientists in the field of management of regional innovation systems and knowledge-based enterprises, as well as the authoring constitute the theoretical and methodological basis of this study. The methods of empirical knowledge, the inductive and deductive methods are the basic methods used in this study. The reinterpretation of the importance of the knowledge-based engineering for the development of the regional economies is proposed, the principles of spatial distribution and the factors constraining the development of the enterprises in the industry are identified as a result of the work performed. The characteristics of the knowledge-based engineering in the context of increasing and intensifying crisis states of the economy are defined. The necessity of improvement of the state support instruments aimed at addressing the challenges of sustainable development is substantiated. The guidelines related to the requirement to strengthen the innovation and investment sector and development of the export potential of the knowledge-based engineering enterprises and regions are given. The instruments for the development of the knowledge-based engineering enterprises, allowing to bring the regions on the path of sustainable economic growth, are given.peer-reviewe

Business Angel Investment in Russia: Problems and Prospects

Russian state policy is aimed at the formation of the national innovation system. Stimulation of the innovation activities of entrepreneurs is crucial in terms of innovative development of the country. In many ways, it is determined by the availability of financial resources in the early stages of the innovation project. At the same time, a high level of risk determines the reluctance of traditional investors to make investments at this stage of development of the company. Funding for the seed stage of the innovative project can be often provided by private investors only. In this regard, the role of business angel investments, which are a powerful financial resource for the seed stage of the project, increases. Business angels can provide financial assistance when traditional investors, such as banks and even venture capital funds, refuse. The analysis of statistical information on the development of business angel investing in Russia was carried out to achieve the goal. The article deals with current trends and prospects of development of business angel investing in Russia, defines their role and importance for the development of the Russian economy. Special attention is paid to the problems faced by private investors who wish to finance the early stages of innovative projects. Keywords: business angel investment, venture funding, innovation activity JEL Classifications: O12; O16; O3