Scientific basis of innovative development of the agro-industrial complex: the mechanism of public-private partnership in venture capital investment

Federal Research Center of Agrarian Economy and Social Development of Rural Areas – All Russian Research Institute of Agricultural Economics, 123007, Khoroshevskoye shosse, 35k2, Moscow, Russia

^* Corresponding author: aleksei.bogoviz@gmail.com

Abstract

Relevance of the research: The article justifies the expediency of clarifying the scientific basis of innovative development of the agricultural sector in modern conditions. The purpose of this paper is to formulate proposals for using the principles of venture investment as the main tool for successful innovation development. Research methods: the major approach to the study of this problem is the use of the main provisions of the theory of development of innovation processes in the agro-industrial complex. Results of the research: the article clarifies the conceptual apparatus of “public-private partnership”. In particular, the role and importance of the Russian Venture Company created for the formation of venture investment institutions in Russia is examined. In this connection, an algorithm for creating a model venture fund in the Moscow region is proposed, and the objectives and tasks of its activities, the functioning mechanism, including the financial block in terms of the distribution of investment along the stages of the innovation process are defined. Importance of the research: innovative development is currently the main driver of economic growth, which contributes to the emergence of new industries, increasing investment activity of economic entities and the growth of incomes and consumption. In turn, economic growth expands, firstly, the opportunities for the emergence of new products and technologies, secondly, increases investment in the development of human capital (primarily in education and basic science), and thirdly, supports innovations, which will have a multiplier effect on the pace of innovative development of the agricultural sector of the national economy.