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METHODOLOGIES OF THE DEVELOPMENT AND FINANCE OF
INNOVATION
Bahriddinov Nodirbek Zamirdinovich
Phd In Economics, Associate Professor
NamSTU, department of Economics, Namangan, Uzbekistan
Phone: (0890) 5547147, Email: nbahriddinov@lincolnucasf.edu
https://doi.org/10.5281/zenodo.14988268
Abstract:
The scientific article describes methodologies of innovative
activities of the country economy and development and finance of innovation in
the Republic Uzbekistan. Moreover, the ways of development of innovation are
presented as well.
Key words:
innovation, investments, finance, industries, development,
integration, medium and large enterprises, economy, modernization,
manufacture and production.
In ensuring the sustainable growth of the economy of our country, the
importance of innovation is steadily increasing. At present, it is impossible to
ensure the dynamic development of industrial quarries in various sectors of the
economy without the influence of innovative activities.
Ensuring the innovative development of the national economy is a difficult
task. Its development will primarily be based on the achievements of science.
The phrase "Innovation" in science means the introduction of innovations,
as well as funds spent on the economy in order to introduce new types of
equipment and technologies, as well as innovations in the field of advanced
equipment and technologies, management and other areas and their use in
various fields
1
. At the heart of this is a new order, new views and ideas. Our
country has scientific, economic and legal foundations for the development of
innovative activities.
The development of production in the country in the context of global
financial distress is primarily due to innovative changes in industry, as a result
of which important strategic changes will be implemented throughout the
economy. At the same time, it is necessary to pay attention to the issues of
modernizing production, expanding ties with states, establishing a sustainable
partnership, stimulating domestic demand for products produced in the country.
Continuation of deep reforms with broad and comprehensive promotion of
economic modernization; introduction of modern technologies in our country,
renewal of production and acceleration of these processes. Modernization and
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technical renewal of the main sectors of the economy are associated with the
implementation of targeted projects for the introduction of modern innovative
technologies, which give a powerful impetus to achieve new frontiers and
ensure competitiveness in the world market.
In modern trends in the development of science and technology, attention is
increasing to the issue of developing and stimulating innovation as one of the
most acceptable and effective factors of economic growth.
The increase and development of the country's innovative potential opens
up ample opportunities to ensure the competitiveness of real sectors of the
economy, the continuous renewal of the technical and technological level of
production while creating new types of products, and the introduction of
modern growing methods.
The effective organization of the regulatory framework aimed at increasing
innovation in the country contributed to the introduction of a qualitatively new
level of state policy in the field of science, which meets new historical events. In
recent years, sufficient experience and potential have been accumulated to
stimulate new scientific developments and further improve activities in this
area. The increase in the country's innovative potential testifies to the material
stimulation of the work of scientists, reaching a new level of development of
innovative activities in the republic. This contributes to the formation and
development of innovative potential at the industrial enterprises of our country,
increasing the competitiveness of the economy, and will have a positive effect on
the development of the economy.
Accelerated development of all sectors of the economy and ensuring the
release of high-quality and competitive products for the domestic and foreign
markets is not possible without innovative activities. The solution to this
problem is chosen by the enterprise itself: - if the enterprise does not produce
new products, it may sooner or later collapse, and the production of products
will be associated with great needs, which will provide sufficient financing for
the quarry.
Creation of a well-founded system of financing innovation activities at
industrial enterprises will allow accumulating funds and spending them on
innovative actions
2
The effectiveness of the innovative activity of any enterprise depends on
the definition of sources and methods of its financing.
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Sources of financing for innovation activities are the state, various
enterprises, financial industrial groups, small businesses, investment and
innovation funds, local governments, individuals and others. All of them to a
certain extent participate in the business process and influence the development
of innovative activities
3
.
Financing of innovation activities is carried out at the expense of private
funds on an equal basis with state funds. In particular, financial resources
allocated for research and development in many countries of Western Europe
and the CIS countries are distributed in almost equal quantities in public and
private capital.
The principles of organizing financing of innovation activities are based
primarily on the large volume and variety of sources of their financing, financing
innovations that can ensure the growth of their financial profits.
Sources of financing the innovative activities of industrial enterprises,
depending on the form of ownership, are divided into two groups: state financial
resources, non-state financial resources.
State financial resources include state budget funds, extra-budgetary funds,
state loans, state blocks of shares and other state property, non-state financial
resources - financial resources of business entities, public organizations and
individuals. Funds from other sources will also be directed. They consist of
attracting budget funds, creating tax incentives, allocating credit funds,
providing preferential guarantees, using own and other funds.
In most cases, in the fall, it is planned to finance effective innovative
projects based on modern technologies that ensure the production of high-
quality and competitive products. It is also important to finance innovative
projects with the involvement of funds, grants and funds from foreign
companies and firms.
Therefore, in order to solve these problems in the future, it is necessary to
develop a perfect system of financing innovation activities, define clear strategic
goals, collect and analyze information.
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