Financial vectors of spatial development of an enterprise (Economics Entrepreneurship Management)

Summary

• Ukrainian venture investment initially developed through foreign direct investment from highly developed countries during the period 1992-2001.p.3
• The Western NIS Enterprise Fund was established as an investment fund with an initial capital of USD 50 million provided by the US government.p.4
• Trading on all stock exchanges in Ukraine accounted for only 6.26% of total stock trading, while secondary market transactions dominated with a share of 96.88%.p.6
• Digital development initiatives could potentially create prerequisites for annual national economic growth of 10-12%.p.8
• Crowdfunding and crowdinvesting platforms started emerging in Ukraine around 2020 as alternative financial instruments.p.11

Key insights

1. Venture capital investment in Ukraine remains insufficient to support the spatial development of medium and large enterprises.p.4
2. Ukrainian venture funds operate differently from Western standards, having been created mostly by international organisations or through intergovernmental agreements.p.4
3. The demand for rapid technological responses in military affairs has forced venture funds to intensify their activities during full-scale conflicts.p.4
4. Ukrainian stock market transactions are dominated by over-the-counter securities trading and government bond operations rather than corporate equity issues.p.1
5. Corporate entry into the public stock market is restrained by business risks related to losing grey tax minimisation and regulatory advantages.p.7
6. Crowdfunding in Ukraine is predominantly utilised to finance social, military, and charitable projects rather than commercial enterprise expansion.p.9
7. A key obstacle to crowdinvesting adoption is the complete absence of clear legislative frameworks and tax administration procedures.p.10