The Role of Venture Capital in the National Innovative System

  • Larisa AntoniukEmail author
  • Anastasiia Zaprovodiuk
Part of the Cultural Psychology of Education book series (CPED, volume 7)


We examine the theoretical and practical aspects of venture capital, mechanisms, and trends of venture financing in a globalized world. There have been found the dynamics and character of the venture capital business and the factors that affect it in the leading innovators’ countries, particularly in the high-tech economy. Corporate strategies of venture investments and their effectiveness have been defined. The criteria for the proper functioning of national innovation systems have been studied. Correlation and regression analysis of the level of efficiency of national innovation systems have been conducted, and the indicator of venture capital in the world has been defined. Cluster analysis has been carried out, and six clusters of the countries have been singled out according to the degree of venture capital development, based on the following criteria: economic activity, development of capital markets, taxation, investors’ protection and corporate governance, human development and social environment, entrepreneurial culture and opportunities. The measures that will facilitate the development of venture business in Ukraine in compliance with international experience have been suggested.


Venture capital Corporate strategies National innovation systems Ukraine 


  1. Cabinet of Ministers of Ukraine. (2008). On approval of the concept of national innovation systems. In Resolution of 17 June 2009, No 680-p. Retrieved from
  2. Freeman, C. (1987). Technology policy and economic performance: Lessons from Japan (p. 155). London: Pinter.Google Scholar
  3. Lundvall, B. Å. (2007). National innovation systems—Analytical concept and development tool. Industry and Innovation, 14(1), 95–119.CrossRefGoogle Scholar
  4. Nelson, R. (1993). National innovation systems: A comparative analysis. New York/Oxford: Oxford University Press.Google Scholar
  5. OECD. (1992). Proposed guidelines for collecting and interpreting technological innovation data: Oslo manual. Paris: OECD.Google Scholar
  6. The Global Venture Capital and Private Equity Country Attractiveness Index. (2013). IESE Business School, University of Navarra, p. 312. Google Scholar
  7. Ukrainian Association of Investment Business. (2014). Retrieved from:
  8. Venture Capital Report. (2014). Wilmer Cutler Pickering Hale and Dorr, p. 22.Google Scholar

Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  1. 1.International Economics DepartmentKNEUKievUkraine

Personalised recommendations