Ways to adapt foreign experience in using financial and credit tools for innovative development of small businesses within the national economy
Importance Currently, ensuring the economic growth, many developed countries draw on innovation and new knowledge. Scientific achievements are seamlessly incorporated into economic processes involving separate entities, including small businesses. In Ukraine, intentions to form the innovative environment for small businesses are of declarative and alleged nature. That is why it is important for the national practices to evaluate foreign experience and expertise in setting up and developing small business. Objectives The research examines and analyzes the principle financial and credit tools used to support small innovative businesses in some foreign countries in order to study their expertise and implement it nationwide. Methods Having determined the specificity of the governmental regulatory policy the leading economies adhere to in innovative development of small businesses, and using financial and credit tools, I formulate my conclusions concerning the support to the above sector in Ukraine. I also identify possible ways to ensure effective and innovative operations of the sector as part of the national economy. Results There is a gap between the declared political goals and real steps and measures undertaken in Ukraine. It appears the key problem and challenge for innovative development of the Ukrainian small businesses. Official statements are not corroborated with thoroughly elaborated activities (efficient mechanisms, instruments, programs and frame conditions). That is why I scrutinize potential opportunities of adapting advanced foreign practices to encourage and stimulate innovative development of small businesses in Ukraine. Conclusions and Relevance The higher innovative development of small businesses, the more successful Ukraine will be in the global economy. Implementing top priority measures of the innovative policy today, it will be possible to contribute to the future of Ukraine, create national competitive advantages and build a solid and robust platform for improving the country and its accession to the European and global development process.