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DOI: 10.15862/28ECOR125 (https://doi.org/10.15862/28ECOR125)

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Pyatyzhkin A.S. The role of venture capital in the development of technological startups: a comparative analysis. Russian journal of resources, conservation and recycling. 2025; 12(1). Available at: https://resources.today/PDF/28ECOR125.pdf (in Russian). DOI: 10.15862/28ECOR125

The role of venture capital in the development of technological startups: a comparative analysis

Pyatyzhkin Andrey Sergeevich
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: andreywar100@yandex.ru

Abstract. The development of the innovative ecosystem of the modern economy is inextricably linked with the efficiency of venture capital as a specialized mechanism for financing high-risk technological projects in the early stages of development. This study is aimed at a comparative analysis of the role of venture capital in the development of technological startups in various national ecosystems in order to identify methodological principles for optimizing investment processes. The methodological base of the study includes an analysis of panel data on venture investments in the period 2020–2024, covering more than 26 000 transactions globally with a total volume of over 337 billion US dollars. Methodological approaches of comparative institutional analysis are applied, which allow identifying the specifics of the development of venture ecosystems in various geographical and economic contexts. The results of the study demonstrate significant variability in the effectiveness of venture financing between developed and developing economies, with the United States maintaining a leading position with an investment volume of 50 % of the global figure, while the Chinese market shrank by 33 % in 2024. It was found that the Russian venture ecosystem is characterized by an increase in funding by 31 % in the first half of 2024 to 46 million US dollars, which indicates a recovery in investment activity after a period of stagnation. Scientific novelty lies in the development of a comprehensive methodological model for assessing the effectiveness of venture ecosystems, taking into account institutional, technological and macroeconomic factors influencing the development of start-ups. The practical significance of the study lies in the formation of recommendations for improving the methodological principles of venture investment in order to increase the effectiveness of financing innovative projects.

Keywords: venture capital; technology startups; innovation ecosystem; methodological principles; comparative analysis; institutional environment; investment activity; economic development; startup ecosystem

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