Finance: theory and practice  Vol. 26, No. 2’2022  financetp. Fa. Ru

Characteristics of directions as the basis for creating a model of financial incentives for innovation 
activities in the industrial sector
Direction
Definition
Types of direction
Financial
A method, reflecting the process of 
financial support and use of capital 
aimed at creating a new idea or 
participating in an innovation project
1. Commercial: own financing of an innovation project by 
a company or attracted financing from innovative facilities 
infrastructure, financial and credit organizations, and 
institutional investors.
2. Budgetary: financing of an innovation project from the 
state budget
Integration
A method of bringing together the 
efforts of several entities to achieve a 
common long-term goal
1. Partnership: efforts are combined between 
technologically related business units.
2. Competitively oriented: efforts are combined between 
entities whose activities are homogeneous in terms of 
industry
Industry
A method reflecting industry and 
market differences between companies 
operating in industrial sectors, 
considered in state regulation policy
1. Regulatory: involves the introduction of target-oriented 
documents that take into account industry and market 
differences between companies operating in industrial 
sectors.
2. Cooperative: involves joining forces between companies 
operating in industrial sectors and development funds, and 
research centers in order to implement joint innovation 
projects.
Source: 
developed by the authors.
INVEsTMENT POlICY

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FINANCE: THEORY AND PRACTICE 

Vol. 26, No. 2’2022 

 FINANCETP.FA.RU
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Financial mechanism for 
stimulating innovation activity