State regulation of sustainable innovation project funding in the EU countries and Ukraine

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The effective implementation of innovations is broadly determined by the ways of their financing, among which project funding is particularly important today. This paper examines the impact of project funding on the innovative growth of the state in the EU countries and Ukraine in the context of sustainable development. Using theoretical and empirical methods, this study identifies and systematizes traditional and innovative forms of sustainable innovation project funding, which are practically used by the EU member states and Ukraine. Based on statistical methods, data analysis for the period from 2014 to 2020 and indicators characterizing the participation of countries in the largest European project funding program Horizon 2020 and other similar programs, the study revealed a close relationship between the conditions created by the state for participation in project funding programs and indicators of innovation activity and the climate of the state. The study allowed determining that funding from international sources, including funds from leading European institutions, which support the dissemination of sustainable innovations, can be a good alternative for innovation project funding under limited domestic resources. The study concluded that diversification of sources and forms of project funding, use and support from the state influences and accelerates the development of innovation infrastructure in a country (clusters, business incubators etc.), as well as the interaction between various participants in a sustainable innovation process (state, regions, large enterprises, small and medium-sized businesses, communities).

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    • Figure 1. Comprehensive description of the project approach in the literature and regulatory framework, and the place of project funding in project management
    • Figure 2. Traditional forms of project funding
    • Figure 3. Horizon 2020 project funding program budget
    • Figure 4. Funding for projects under the Horizon 2020 program, 2014–2020 (million euro)
    • Figure 5. Strategic innovation clusters based on the cooperation within the partnership under the COSME program in 2018–2019
    • Figure 6. Distribution of clusters in Ukraine by type of economic activity
    • Figure 7. Funding of regional development projects by the State Fund for Regional Development
    • Figure 8. Innovative forms of project funding
    • Figure 9. Correlation between the stage of the project life cycle and innovative forms of funding
    • Table 1. Quantitative indicators of project funding in EU countries under the Horizon – 2020 program
    • Table 2. Innovation climate indicators of the EU countries based on the rating of participation in the Horizon – 2020 program
    • Table 3. Quantitative indicators of project funding in Ukraine under the Horizon – 2020 program
    • Conceptualization
      Viktor Oharenko, Anzhela Merzlyak, Viktoriia Tomareva-Patlakhova
    • Investigation
      Viktor Oharenko, Anzhela Merzlyak, Viktoriia Tomareva-Patlakhova, Iuliia Vikhort, Daria Skriabina
    • Methodology
      Viktor Oharenko, Anzhela Merzlyak, Viktoriia Tomareva-Patlakhova
    • Supervision
      Viktor Oharenko, Anzhela Merzlyak
    • Writing – original draft
      Viktor Oharenko, Anzhela Merzlyak, Viktoriia Tomareva-Patlakhova, Iuliia Vikhort, Daria Skriabina
    • Writing – review & editing
      Viktor Oharenko, Anzhela Merzlyak
    • Formal Analysis
      Viktoriia Tomareva-Patlakhova, Daria Skriabina
    • Project administration
      Viktoriia Tomareva-Patlakhova
    • Data curation
      Iuliia Vikhort, Daria Skriabina
    • Resources
      Iuliia Vikhort, Daria Skriabina
    • Validation
      Iuliia Vikhort
    • Visualization
      Iuliia Vikhort, Daria Skriabina