Financing technology projects in the context of changing macroeconomic environment
https://doi.org/10.18184/2079-4665.2026.17.2.250-269
Abstract
Purpose: to develop recommendations for actions in the sphere of public and private financial support for technology projects under changing macroeconomic conditions.
Methods: the main tool used was a comparative analysis of statistical data for 2020–2024, obtained from the Spark-Interfax accounting aggregator, on the activities of 337 companies receiving financial support.
Results: the study found that the performance of the Fund’s project portfolio is comparable to that of venture capital firms. However, amidst the changing macroeconomic environment, companies backed by venture capital firms are more prone to high volatility in their financial performance, as evidenced by a significant decline in net profit in 2022–2023 and its dynamic growth in 2024. Meanwhile, projects supported by the Fund demonstrate stable growth in both revenue and net profit. A shift in the financial rationale for end investor participation in projects was also identified: the portfolio of companies supported by the Fund demonstrated reduced tax payments while net profit increased, and the opposite was true for venture capital funds.
Conclusions and Relevance: the financial stability of the Fund’s project portfolio during periods of the macroeconomic changes confirms the Keynesian school's conclusion about the stabilizing role of government support measures. The high volatility and resilience of the venture capital institutions' portfolio are consistent with classical theory on the role of private capital in driving dynamic growth. The data obtained demonstrate the complementary function of two institutions supporting technology projects. It is recommended to monitor crisis indicators to determine the economic cycle, with an intensification of state support measures upon detecting a decline in investment activity in the venture market. This is aimed at financially securing innovative projects and maintaining human capital. During periods of recovery and active growth, it is proposed to focus on market-based instruments for supporting innovative activity.
About the Author
D. S. Lobov
MGIMO MFA of the Russian Federation
Russian Federation
Competing Interests:
Russian Federation
Daniil S. Lobov, Candidate of Economic Sciences, Innovation Management Department
Scopus ID: 57353047600
Moscow
Competing Interests:
The authors declare that there is no Conflict of Interest.
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For citations:
Lobov D.S. Financing technology projects in the context of changing macroeconomic environment. MIR (Modernization. Innovation. Research). 2026;17(2):250-269. (In Russ.) https://doi.org/10.18184/2079-4665.2026.17.2.250-269
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