The foundation of a country’s economic development is the innovation-oriented activity of enterprises, as well as their ability and readiness to implement achievements of scientific and technological progress. Currently, the main obstacle to innovative development is the imperfection of existing methods of enterprise resource management. To address this issue, it is necessary to develop a system for managing the financing of enterprises’ innovation activities based on modern methods of monitoring and managing financial flows, reducing risks, and focusing on expanding the connections of the national economy.
Since the process of managing the financing of innovations has not been thoroughly analyzed and has been considered only superficially since its emergence, this phenomenon should be viewed not as a separate component, but as a comprehensive analysis of the process of organizing and monitoring the enterprise’s innovation activity and its sources of financing, taking into account their specific features.
The main goal of the financing management system is to create long-term competitive advantages through innovation and, as a result, to increase the value of the enterprise. It is important that it includes timely financing of various stages of innovation activity to ensure its continuity.
The main objects of financing management directly at the enterprise are: innovation activity, an innovation development program, the innovation development budget, and an innovation project.
An innovation development program is a set of measures implemented in a certain sequence and planned within specific time frames. This program also includes a forecast of the expected results of its implementation.
An innovation project is a development plan that contains scientific, technical, and economic justification for decision-making regarding its implementation. The result of such a plan is a detailed description of the innovative product and the step-by-step process of its production and introduction to the market. A well-designed and implemented project reveals the full potential and hidden capabilities of the enterprise. Innovation projects can be classified according to several criteria (table).
The budget of innovative (investment) development includes funds allocated for the enterprise’s innovation activities, revenues from the sale of innovative products, and costs associated with servicing this innovation process. The investment budget can be prepared either for each innovation development process separately or for the entire program.
The basis for developing the ideology of innovation financing can be considered the development of a financing strategy. This financing ideology is presented as a set of measures that includes both the strategy and tactics of financing the enterprise’s innovation activities.
The financing strategy can be implemented through tactical innovation measures aimed at influencing the innovation process itself. Investment and innovation activities are focused on implementing the prospects for enterprise development. They are directly related to strategic planning, as its purpose is to ensure the alignment of long-term goals of the business unit and to increase the efficiency of resource utilization. The enterprise’s investment and innovation programs should not contradict these goals. The development of flexible, dynamically evolving innovation systems is one of the main ways to achieve financial and economic stability of enterprises. The interaction between investment and innovation concerns the most important strategic and tactical objectives of innovation activity, which should be prioritized in the use of existing investment resources and the attraction of additional ones. Depending on the enterprise’s field of activity and management goals, it is necessary to choose an appropriate development tactic and strategy from two main groups.
When choosing a management strategy, an enterprise must periodically introduce new products to the market and allocate a significant part of its budget to research and development. This strategy requires the enterprise to: develop new original ideas; conduct research and development and invest most of its resources in them; analyze the market and consumer perception of a new product by releasing a trial batch; conduct market testing; take measures to start mass production after the product is accepted; promote the product and monitor the dynamics of supply and demand in the market and, if necessary, improve and update the product.
Choosing this strategy allows the organization to temporarily monopolize the market and obtain additional profit. At the same time, innovators face significant uncertainty and risk, which is a disadvantage of this strategy. Uncertainty is mainly associated with the most problematic areas, such as technology, market, and business. The main risk lies in the inability to implement and commercialize the results of research and development. Another threat is the difficulty of forecasting and the variability of consumer preferences. To reduce this risk, marketing research is conducted. However, the problem is that such research can only be carried out after reaching a certain level of production.
Depending on the chosen development strategy and the definition of key investment objectives, a set of main financial management goals is determined, which includes innovation and investment activities as well as the development budget. Management of innovation processes and their financing is carried out at three levels: strategic, tactical, and operational.
Strategic management involves the development of a comprehensive plan for implementing the enterprise’s innovation activities in a particular field, defining the direction, goals, and long-term objectives of innovation activity.
Tactical management of innovation financing is designed for the medium term and is aimed at achieving specific indicators. Achieving these indicators leads to managerial decisions that ensure the formation of budgets for individual areas of innovation processes.
Operational management is aimed at solving short-term financial management problems. The result of operational management of innovation financing is an actual report on the financial condition of the enterprise in the context of the implementation of innovation processes. To obtain this report, cash flows are analyzed and their actual volume and purpose are determined.
The indicators established for managing the financial security of the innovation development program support the formation of the main goals and objectives of managing the enterprise’s innovation activities across all key management objects. The established goals can be implemented in managing the financing of innovation activities at any enterprise.
References
1. Voloshchuk, V. (2019). Sources of financing innovation activities of enterprises. Sustainable Economic Development, 4(45), 112–119. https://www.economdevelopment.in.ua/index.php/journal/article/view/96
2. Kotvytska, N. M., & Mazur, S. O. (2026). Strategy of financing innovation activities of enterprises: Theoretical foundations and applied aspects. Academic Visions, (52). https://academy-vision.org/index.php/av/article/view/2787
3. Prokopenko, N. S., Tymoshenko, A. O., Shcherbatykh, D. V., & Remyha, Yu. S. (2025). Financial support of innovation activities of enterprises: Modern approaches and models. Topical Issues of Economic Sciences, (17). https://doi.org/10.5281/zenodo.17834729
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