Financing Instruments for the Development of Technoparks (Journal of Economic Theory and Business Management)

Summary

• Technoparks foster innovative regional growth, improve entrepreneurial infrastructure, and help lower economic inequality among regions.p.1
• In 2024, tax benefits granted to scientific and technological parks and their residents reached 24,867.0 thousand rubles, representing a 1.2 times increase compared to the previous year.p.2
• The state program for innovative development for 2026–2030 in Belarus plans to introduce a venture financing mechanism using new deal structuring instruments.p.3
• Innovation funds formed from resident company revenues aim to provide off-budget financing for technopark projects.p.3
• Banks are encouraged to utilize project finance and investment-oriented credit mechanisms to support capital-intensive high-tech projects.p.4

Key insights

1. Diversification of funding sources and state-supported innovation ecosystems are key to the sustainable development of technoparks under budgetary constraints.p.1
2. Allowing non-state pension funds to invest in venture funds is recommended to boost the venture capital environment.p.1
3. Tax incentives for technoparks include a 10% profit tax, 0% property tax, 0% land tax, and a rental rate reduction coefficient of 0.1.p.2
4. The 2024 growth in released funds from tax incentives was primarily driven by higher benefits in property tax, land tax, and local budget taxes.p.2
5. Technopark residents receive profit tax and simplified taxation system tax benefits corresponding to their contributions to innovation development funds.p.3
6. To strengthen venture ecosystems, external experts should act as permanent participants to mentor teams and embed practical know-how.p.3
7. The State Committee on Science and Technology (SCST) is tasked with coordinating efforts to develop the material and technical base of innovation infrastructure using extra-budgetary sources.p.3
8. Project finance is identified as an established international tool for funding long-payback and capital-intensive innovative initiatives.p.4
9. A comprehensive regulatory and legal framework is necessary to legitimize and stimulate the growth of crowdinvesting and crowdfunding.p.4