INVESTMENT DESIGN FROM THE POSITION OF AN INNOVATION INFLUENCE FACTOR: ECONOMIC AND LEGAL CHALLENGES

Abstract

The article examines the economic and legal nature of the creation of an intellectual product as a result of the transformation of intellectual property rights into an innovative product. It identifies investment project design as the core element of this transformation process, viewed through the prism of the innovation impact factor. This process encompasses three interrelated components: assessment of the actual level and effectiveness of investment project design; selection of qualified experts; and determination of competent subjects of innovation activity capable of implementing the designated objectives.

A refined approach to the legal definition of innovation in the contemporary environment is proposed, conceptualizing innovation as the outcome of transforming intellectual property rights into an innovative product. The principal objective of investment project design, considered from the standpoint of innovation-driven development, is substantiated.

Particular emphasis is placed on the leading role of scientific and scientific and technical expertise. In accordance with the Law of Ukraine, such expertise establishes the legal, organizational, and financial foundations of the relevant activities and regulates the associated social relations. It ensures a scientifically grounded assessment of the structure and substance of the proposed project and provides an objective evaluation of the intellectual property objects involved.

The pivotal role of the business entity within the system of investment project design is defined in light of innovation-oriented development. The effectiveness of such activity depends on the existence of an innovation management system understood as a rational integration of organizational elements consistent with the nature and quality of the innovation project. The implementation of quality management and innovation management standards within the operational framework of the business entity is recommended.

Special attention is devoted to financing as a decisive factor in implementing investment project design as a strategy of innovation-oriented development. The article analyzes the challenges associated with financing innovation activities and identifies potential sources of funding, including budgetary resources, state-initiated or state-established investment funds, foreign investment, national and international grant programs, and bill-based financing instruments.

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