2024/2025
Финансирование инноваций
Статус:
Маго-лего
Кто читает:
Департамент образовательных программ
Когда читается:
4 модуль
Охват аудитории:
для всех кампусов НИУ ВШЭ
Преподаватели:
Очирова Елена Сергеевна
Язык:
английский
Кредиты:
3
Контактные часы:
32
Course Syllabus
Abstract
This course examines how innovation is financed, valued, and managed under conditions of high uncertainty. It contrasts innovation finance with traditional project finance, reviews major funding sources for innovative projects, and introduces market sizing, unit economics, and financial forecasting. Core valuation methods for innovation, such as discounted cash flow (DCF), stage-gate approaches, scenario-based valuation, real options, and portfolio analysis, are presented and applied to early-stage ventures and corporate innovation initiatives. Furthermore, financial analysis is linked to strategic decision-making, including the design of financing strategies, the management of innovation portfolios, and go/kill/scale decisions. Through cases, assignments, and a group project, students develop the ability to construct and interpret financial models for innovation, select appropriate valuation tools, and critically assess innovation finance decisions from multiple stakeholder perspectives.
Learning Objectives
- Explain how financing innovation differs from traditional project finance
- Identify and compare main funding sources for innovative projects at different stages
- Build and interpret basic financial models for innovation projects
- Design financing strategies that link funding instruments, valuation outcomes, and strategic priorities
Expected Learning Outcomes
- Know how to analyse the industry trends, forecast industry trends, estimate projected relative market share. Adoption curves
- Know how to estimate the cost of capital and NPV of a project
- Knowledge of Stages of innovations. Uncertainties in financial assessment at different stages. Knowledge of the most promising innovative products and markets for investors
- Knowledge of the investment process, active and passive investors. Know how to assess the investment in innovation. Equity financing and debt financing
- Knowledge of the role of innovations in the modern economy. Knowledge of creating value through technology innovation
- Understanding how to model revenue and cost structure
- Understanding of comparables analysis and other approaches of valuation of innovative projects
- Understanding of venture capital and government support of innovation
Course Contents
- Topic 1. Requirements on innovation from financial point of view
- Topic 2. Financial issues of strategic and competitive analysis for innovative project
- Topic 3. Issues of investment in innovation
- Topic 4. Venture capital and Public support
- Topic 5. Market forecasting for innovative project
- Topic 6. Building a financial model for innovative project
- Topic 7. Estimation of return on investment in innovation projects
- Topic 8. Financial valuation of innovation projects
Bibliography
Recommended Core Bibliography
- Akhavein, J., Frame, W. S., & White, L. J. (2001). The diffusion of financial innovations: an examination of the adoption of small business credit scoring by large banking organizations. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.7D05AF00
- BROWN, J. R., FAZZARI, S. M., & PETERSEN, B. C. (2009). Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom. Journal of Finance (Wiley-Blackwell), 64(1), 151–185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
- Cumming, D. (2007). Government policy towards entrepreneurial finance: Innovation investment funds. Journal of Business Venturing, (2), 193. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.jbvent.v22y2007i2p193.235
- de la Torre, A., Gozzi, J. C., & Schmukler, S. L. (2007). Innovative experiences in access to finance : market friendly roles for the visible hand ? Policy Research Working Paper Series. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.wbk.wbrwps.4326
- Julian Atanassov, Vikram N, Amit Seru, Gautam Ahuja, Nike Bharucha, John Dinardo, … Er Koch. (2007). Finance and Innovation: The Case of Publicly Traded Firms. SSRN working paper. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.5346B5BA
Recommended Additional Bibliography
- Amer Alzaidi, & Shahzad Qamar. (2018). Factors affecting the adoption of internet banking: a systematic literature review. International Journal of Business Information Systems, (1), 95. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.ids.ijbisy.v28y2018i1p95.124