The Current State of Innovative Activity at Ukrainian Enterprises and Its Financing

Abstract

The article aims at studying the trends in the current state of the innovative activity at Ukrainian enterprises and its financing. The current state of the innovative activity at Ukrainian enterprises is analyzed; the financing of such an activity is explored. Trends in the innovation activities of Ukrainian enterprises during 2015–2019 indicate the presence of significant problems and a low level of innovation development, which, in turn, has a negative impact on product competitiveness and economic development, in general. So, according to the Global Innovation Index-2019, Ukraine ranks 47th among 129 surveyed countries. As for industrial enterprises, only 782 of them are innovatively active, making up 15.8% of their total number. It has been found out that the introduction of innovations in industrial enterprises in Ukraine is slowing down due to the lack of financial resources. The financial resources of enterprises remained the main source for funding innovation during 2015–2019. The role of the state in financing innovation is not significant, so almost the whole financial burden falls on business entities, which naturally hinders the increase in the innovative activity at enterprises. The problems of innovative development of enterprises in Ukraine have been identified and it has been established that the current state of innovation is a consequence of the lack of strategic vision and consistent state policy in transiting Ukraine to an innovative development path. The results of the research carried out shows the necessity of designing the Strategy for innovative activity development till 2030.