management, innovation management process, factors, startups, venture business, innovative activity


The purpose of the article is to analyze the role of venture business and structure in the process of innovation management and to identify factors that hinder the process of innovation management in startups. The main types and features of the functioning of venture business have been singled out. Startups are one of the important structural elements of venture business. To identify factors that have an impact on the innovation management process in startups, an expert study was conducted using the Delphi method, which was carried out in the fall of 2022 in Ukraine. This made it possible to determine the influence of individual factors on the innovation management process in startups. It was established that the lack of own financial resources, low innovative intensity, activity in the process of implementing innovative activities, and lack of market opportunities to implement innovations are the most significant internal obstacles to the innovation management process for startups. Underdevelopment of the marketing system, weak support from management team members, and obstacles of a structural nature (high level of formalization, centralization) are the less significant internal obstacles to the innovation management process for startups. The most significant external obstacles to the innovative activity of enterprises were found to be a high level of bank interest on loans, a complex and inefficient taxation system, which is connected with the lack of interest of state bodies in stimulating innovative activity, a decrease in the purchasing power of the population. Unexpected changes of leadership and raiding, insufficient stimulation of entrepreneurship to use innovative technologies, and lack of the necessary base and structures for the transfer of technologies and relevant information are the external factors that had less impact on the innovation management process in startups


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Author Biographies

Mykola Denysenko, Volodymyr Vynnychenko Central Ukrainian State University

Doctor of Science (Economics), Professor, Professor of Department of Mathematics and Methods of its Teaching, Volodymyr Vynnychenko Central Ukrainian State University, Kropyvnytskyi, Ukraine

Zoryna Yurynets, Ivan Franko National University of Lviv

Doctor of Science (Economics), Professor of Management Department, Ivan Franko Lviv National University, Lviv, Ukraine

Rostyslav Yurynets, Lviv Polytechnic National University

Candidate of Physical and Mathematical Sciences, Associate Professor, Department of Information Systems and Networks, Lviv Polytechnic National University, Lviv, Ukraine


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How to Cite

Denysenko, M., Yurynets, Z., & Yurynets, R. (2023). THE ROLE OF VENTURE BUSINESS AND ITS STRUCTURE IN THE INNOVATION MANAGEMENT PROCESS. Economics, Finance and Management Review, (1), 74–79.



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