Master
2022/2023
Finance of Innovation
Type:
Elective course (Science, Technology and Innovation Management and Policy)
Area of studies:
Management
Delivered by:
Department of Educational Programmes
When:
1 year, 4 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Master’s programme:
Governance of Science, Technology and Innovation
Language:
English
ECTS credits:
3
Contact hours:
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.