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International Journal Of Management And Economics Fundamental
(ISSN
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ISSUE
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OCLC
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1121105677
Publisher:
Oscar Publishing Services
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ABSTRACT
The article examines the advantages of cluster approaches in the fruit and vegetable sector. Foreign experiences
related to the development and financing of fruit and vegetable clusters have been analyzed. Additional financial
resources are needed for the development of high-tech industries and innovative projects related to the cultivation,
harvesting, storage, processing, delivery and sale of fruit and vegetable products. Traditional and modern sources of
financing investment projects in the field of fruit and vegetable growing are considered in this article. The purpose of
the study is to evaluate the possibilities of alternative means of venture financing based on crowdfunding. In order to
form and develop the innovative sector in Uzbekistan, conclusions are given on supporting small businesses in
agribusiness. As a result of the observations, crowdfunding is considered one of the most common sources of
alternative financing in developed countries due to the possibility of attracting resources to new promising projects
based on high risk. The development of the crowdfunding system and directions aimed at supporting advanced
investment projects were analyzed. A comparison with Jakhan's experience was described, legal aspects of the
problem were considered. According to the results of the research, the problems hindering the introduction of new
models of venture financing into the activities of fruit and vegetable clusters were studied, and the prospects for the
development of the industry were considered.
KEYWORDS
Competitiveness, producers, consumers, market, cluster, agrarian sector, agriculture, products, competition, region,
innovation, venture capital, venture fund, crowdfunding.
Research Article
NEW MODEL OF SUSTAINABLE FINANCING OF AGRO CLUSTER
Submission Date:
June 20, 2024,
Accepted Date:
June 25, 2024,
Published Date:
June 30, 2024
Crossref doi:
https://doi.org/10.37547/ijmef/Volume04Issue06-08
Botirov Erkin Khayitovich
Independent researcher, Tashkent State University of Economic, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 04 Issue 06-2024
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International Journal Of Management And Economics Fundamental
(ISSN
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VOLUME
04
ISSUE
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50-61
OCLC
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1121105677
Publisher:
Oscar Publishing Services
Servi
INTRODUCTION
At the time when the world's population is rapidly
increasing under the conditions of globalization and
their needs for food and agricultural products are
increasing, the main sector that provides them, that is,
deepening agrarian reforms in agriculture, providing
food, and measures aimed at social protection of the
population. requires the creation of an effective
system. And this puts responsible tasks in front of all
economic entities supplying products to the food
products market.
The presence of food problems in our country's
agriculture and internal and external trends in
agriculture, as well as the increase in the strategic
importance of agricultural development, further
expansion of the activities of clusters in the field of fruit
and vegetables and financial stability, using the
positive experiences gathered in this sector and the
achievements of the latest scientific and technical
progress achieved in the world economy. provision is
necessary.
LITERATURE REVIEW
Organization and financing of innovative activities in
the field of fruit and vegetable production,
improvement of innovative management methods are
studied by economists of our country, the
Commonwealth of Independent States and foreign
countries from a theoretical and scientific point of
view.
First,
we
will
touch
on
some
theoretical,
methodological and practical approaches to the
development and efficiency of agriculture based on
the innovative-cluster approach. One of the most
important issues in the development of the modern
economy is the problem of creating clusters. The
development of clusters occurs in Western Europe, the
United States and England in the middle of the 20th
century. The cluster approach became the basis of the
economies of countries such as Finland, South Korea
and Brazil in the 1990s. In economic sciences, the term
"cluster" is also used together with the expression
"clustering". Clustering (cluster analysis) means
dividing a set of objects into groups called clusters.
Here, it is assumed that there are "similar" objects
within each group, and that the objects of different
groups are as different as possible.
Foreign scientists L.Tsfu, Ts.Fan, L.Zhou, A.Zeldner,
D.Keynes, K.McConnell, A.Smith, V.Nordhaus, P.
Samuelson, V. Oreshin, V. Varga, A. Gordeev, V. Ivanov,
A. Nesterova, A. Zakirov, A. Shishkin, V. Boev, I.
Buzdalov, L. Abalkin, A. Petrikov, E. Serova, I.
Ushachev, A. Paptsov, O. Ovchinnikov, R. Gaysin, R.
Gaysina, V. Scientists like Kushlin can be found in his
scientific works.
According to Michael Porter, a leading specialist in
economic competitiveness research, who introduced
the term "cluster" (chain, connection) into science [5]:
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"A cluster is a group of geographically related
companies and related organizations operating in a
certain field, it is characterized by common activities
and mutually complementary features”. Accor
ding to
the classification of the economist A.S. Khukhrin [4], a
cluster is a geographically concentrated network - a
system of various networks of market entities that
have unique competitive advantages due to their
location, apply scientific achievements, innovative
technologies, and complement each other. E.N.
Skvortsov in his scientific work on the concept of agro-
industrial cluster distinguishes three main criteria [1].
Some aspects of improving the scientific-theoretical
and methodological foundations of the innovative
development of the national economy are highlighted
in the scientific works of these economists. However,
there is currently no comprehensive research on
improving the financial support of innovative activities,
which is the main factor for increasing the volume of
innovative
products.
All
this
requires
the
implementation of in-depth studies on researching
ways of development of the national economy based
on innovative factors and improving the scientific-
theoretical and methodological foundations of their
financial support, applying these to the practice of our
country, and accelerating the processes of forming an
innovative economy.
Also, in connection with the modernization of the
country's economy, there is a need for additional
financial resources for the development of high-tech
industries and innovative projects. This article
examines traditional and contemporary sources of
venture capital investment and assesses the potential
for developing alternative means of venture financing.
METHODOLOGY
As a result of the conducted scientific research,
proposals and recommendations were made regarding
the issues of fruit and vegetable cluster development
and increasing their efficiency. Systematic approach,
abstract-logical thinking, comparison, factor analysis
and comparative analysis methods were used in the
research process.
RESULTS
There are many definitions of "venture financing".
Without dwelling on these definitions, we limit
ourselves to explaining that the feature of venture
financing is to offer money to the company instead of
its share in the charter capital. This, in turn, helps the
development of a business that is considered high risk
at the initial stage of its development.
The birthplace of venture business is the Silicon Valley
in the United States, where in 1957, the method of
raising money was used for the first time in the stage
of organization or formation and for the risk
investment of small and medium-sized firms aimed at
creating new promising technologies. Thanks to the
mechanism of venture financing, famous firms such as
Kleiner Perkins Caufield & Wuers, Sequoia, MayField,
GreyLock appeared in Silicon Valley .
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To date, the venture capital market in the United
States is the largest in terms of size. Also, thanks to
venture investments, companies such as Microsoft,
Intel, Apple Computers, Compaq were created in the
early stages and became world leaders in the computer
industry .
In Western Europe, venture capital appeared in the
1970s, but began to develop actively only in the
following decades. Prior to the advent of venture
capital, private entrepreneurs in Western Europe were
deprived of a simple source of equity capital financing.
Since the mid-1980s, Western European investors have
been investing less and less in their traditional fixed-
income assets and increasingly using equity
investment opportunities. The leader in venture capital
investment in Western Europe is Great Britain, the
oldest and most powerful financial center in the world
.
The rapid development of venture capital in the last 20-
30 years around the world has led to the rapid growth
of venture capital markets .
Venture business is almost the only source of finance
for small innovative enterprises in the early stages due
to the high risk of investment.
It is known that small companies to themselves
necessary funds under favorable conditions difficult to
get, because investors prefer to work with large
companies that have found their place in the market.
Private investors are also reluctant to finance young
high-tech companies because of the high risk involved.
The
government
can
help
eliminate
these
"bottlenecks" of the private investment market
through direct and indirect intervention measures.
Table 1
Various forms of government instruments to encourage venture capital investment
Forms
The purpose
Developed countries
1.
Direct investment
Direct state investment
Provide direct investment to
venture funds and small
business enterprises
Belgium-Investment
Company for Flanders (GIMV)
State loans
Providing long-term loans to
venture funds and small
businesses at low interest
rates and without interest
Denmark-VaekstFonden
9Business
Development
Finance) Loan Programme
2.
Financial benefits
Tax benefits
Providing
tax
incentives,
particularly tax credits, to
those who invest in venture
capital
funds
or
small
businesses
Great Britain - Enterprist
Investment
Scheme
and
Venture Capital Trusts
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Securing debts
Guaranteeing part of the
bank loan granted to small
enterprises that meet certain
requirements
France-Societe Francaise de
Garante des Financements
des Petites et Moyennes
Enterprises (SOFARIS)
Securing Equity Investment
Guaranteeing a portion of
losses from high-risk venture
investments
Finland-Finnish
Guarantee
Board
3.
Defining the range of
investors
Allowing institutions such as
pension funds or insurance
companies to invest in
venture capital
USA-Amendments to the Law
on Guaranteed Pension
Source:
“
Government venture capital for tehnology-based firms
”.
OECD.
To encourage venture capital investment of the state
tools used its various forms can be divided into three
main groups: 1) direct investment to venture funds or
small enterprises (investment is given to venture funds
or small companies in the form of direct investments or
low-interest loans); 2) financial incentives for investing
in venture funds or small enterprises (state guarantees
for loans to venture funds or small companies; tax
credits or tax exemptions reach); 3) funds to venture
funds rules defining the range of investors allowed to
invest (e.g.certain amount to pension funds and to
insurance companies) (Table 1).
In connection with the modernization of the
production processes of fruit and vegetable products
in our country, there is a need for additional financial
resources for the development of innovative projects
and areas of activity based on high technologies. In this
article, the traditional and modern sources of risk-
based investments were considered, and the
possibilities of developing alternative means of
venture financing based on crowdfunding in the
agricultural market of our country were evaluated.
It is known that, in order to develop the activities of
agroclusters in our country, work is being carried out
on several programs to support the activities of small
businesses and private enterprises. One of them is
crowdfunding-based investment activities.
Crowdfunding is an opportunity to attract the funds of
a large number of investors to new promising projects
based on high risk, which is based on one of the most
common alternative forms of financing in developed
countries. Research is being conducted on the
development of the crowdfunding system and its
orientation to support advanced investment projects.
In his reports and decrees, the President of our country
sets before us the task of modernizing the national
economy and moving it to the path of new reform and
innovative development. Today, in Uzbekistan, as in
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the whole world, the problems of transitioning to a
new model of economic development, which will help
our country to get rid of dependence on raw material
exports and overcome accumulated technological
backwardness, remain urgent. Among the promising
directions for the formation of a national financial and
investment system capable of ensuring the attraction
of investments to the development of new
productions are production technological complexes
of a new technological order, as well as their crowd
funding (visual - funds from the majority) collection of
very small amounts of money from many people (legal
entities). through (usually via the Internet) the practice
of project or enterprise financing (Editor) is
distinguished by the creation of areas of consumption
of products and the formation of institutions for
financing development projects.
One such measure is the venture business and the
financing model through it. However, the state as a
general manager plays a key role in creating the
attractiveness of venture financing, especially in the
field of innovation.
Due to the high risk of investment, venture business is
almost the only source of finance for small innovation
enterprises in the early stages.
The following are the traditional sources of financing
of risky investments: private investors (business
angels), investment institutions (corporate investors),
pension funds (pension funds), insurance companies
(insurance companies), various government agencies
and international organizations. In the 70s and 80s of
the 20th century, funds for direct investment in the
share capital (private equity fund) aimed at buying a
package of shares of such companies; repurchase
funds, which carry out the purchase (financing) of a
package of shares by gaining full control over the use
of the company's assets; mezzanine funds specializing
in investment financing of companies before they go
directly to the stock markets. Currently, the total
capital of direct investment funds in the United States
exceeds the capital of venture funds by 4-5 times. As a
result, a two-stage venture investment scheme works:
venture capital is used in the initial stages of the
project's market entry, and then direct investment
funds are attracted. In the development of venture
business, the situation of small and medium
enterprises is important due to the achievement of the
highest results and initiative. A small business spends a
large proportion of its funds on improving its products
and technologies. In most countries with modern
market
economies,
small
and
medium-sized
enterprises generate between half and three-quarters
of national income and are the most important engine
of economic growth.
The effectiveness of modern business, like the
effectiveness of the country's economy, depends
primarily on innovation. Until now, there were only
two ways to finance innovation. First: companies
invest funds (private or borrowed) in ongoing research
and development (R&D). Second: investments in R&D
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are made not by the companies themselves, but by
venture investors; they would invest their venture
(risk) capital in venture projects of companies, and in
return they would have a corresponding share in the
capital of these companies.
Agrocluster is one of the intersectoral and regional
integrated structures that are of particular importance
in ensuring the stability of the agricultural sector in
world practice. Our country has all the opportunities
for further development and formation of this sector.
Today, the development of clusters is one of the
important tools that contribute to sustainable
innovative development and the competitiveness of
agriculture in the region and the development of the
agro-industrial complex as a whole. For the rapid and
innovative development of fruit and vegetable
growing in our country, the formation of fruit and
vegetable clusters is introduced in two directions: the
first direction is the organization of the production of
fruit and vegetable products within the framework of
a single or interrelated group of enterprises that
independently carry out the specified process from the
production of fruit and vegetable products to their
sale. cluster; the second direction is "seed-seedling" on
the basis of guaranteed contracts between agricultural
producers,
processing
enterprises,
processors,
exporters who provide planting material, advance
payments to agricultural producers for the
organization of agricultural work, and purchase the
products produced from them at agreed prices. cluster
of organization of production of fruit and vegetable
products forming a continuous chain according to the
principle of "growing - preparation - storage -
processing - transportation - delivery to the market".
Targeted non-repayable sources are distinguished by
the fact that funds are given indiscriminately, for
specific purposes and without the condition of
repayment. They include state budget funds,
international and local grants, customers, sponsors,
and the company's own funds. Sources based on debt
relationships are based on the principles of maturity,
repayment, repayment. Equity investment is involved
in cases where the previous two sources cannot be
used, and the innovative project is implemented in
cooperation with its creators and external investors
(venture funds, shareholders, foreign investors, etc.).
In the venture financing system, two groups of
investors are distinguished: corporate (collective) and
individual venture investors.
One of the newest means of financing in the field of
personal venture investment is crowdfunding, which
comes from the English words crowd-public and
funding-funding and means public financing. In other
words, it is a collective interaction of people who
voluntarily pool their money and other resources,
usually over the Internet, to support the initiatives of
other people and organizations. It is emphasized that
these projects have a broad purpose: donations (aid to
victims of natural disasters, support from enthusiasts),
political campaigns, financing of start-up companies
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and small businesses, support of IT technologies and
free software, etc.
The operating model of all services is approximately
the same. The authors of the project publish their
initiative for free, indicate the amount of money
needed to be collected and the deadline. Donors
(sponsors)
contribute
any
funds
for
the
implementation of the project and may not receive any
benefit at all, except for the fact that for the future
contribution, a product sample, a sample of a model
that is not available for sale to everyone, an
appropriate percentage of profits, profit in the form of
shares, or the name of the sponsor will be remembered
as a participant in the project. If the appropriate funds
are not collected within the specified period, the funds
will be returned to their owners and the project will be
closed. Currently, the amount of funds collected
through crowdfunding has increased significantly. In
2012, the video games Double Fine Adventure and
Wasteland 2 raised $3.3 million and $3.1 million
respectively through the Kickstarter crowdfunding
site. More than 87 thousand people contributed to this
project. In 2011, nearly $1.2 billion was raised worldwide
through crowdfunding, and in 2012, this figure was
predicted to double. Funds raised have been used to
support more than one million projects. Almost half of
the investments (49%) were used for non-profit
projects, while only 11% were for borrowing and
projects whose investors received shares or a share of
the profits. Only 27% of crowdfunding sites use a
donation scheme, the majority of the rest use a
"rewards" model (47%)1.
At first, crowdfunding was used for non-profit projects
as a means of collecting funds from a small number of
netizens trying to raise money for treatment or
education. Currently, crowdfunding has shown itself as
a full-fledged financial weapon - a source of venture
investments and a method of microcredit. For the first
time, the crowdfunding model of venture financing
was used by software developers. The most successful
projects of the crowdfunding model of venture
financing include the popular Mozilla Firefox browser
and the AbiWord word processor. Such a model is
justified and successful at the very initial stage of
financial support of a new idea, and then, when the
project reaches a high profit indicator, when the risk is
much less, large companies join the financing. In
particular, the main investments made by major
investors in the above-mentioned Mozilla Firefox
project in ten years amounted to 317 million dollars,
while only 0.01% of this amount was invested by private
individuals (just at the stage of implementing the idea
into life). The most successful crowdfunding project in
the West is the Cambrian House project, which raised
nearly $8 million. Its participants will present their ideas
to the public, and those who wish will be able to
directly become a participant or bet on it.
There are various crowdfunding projects in the world:
Crowdrise (collecting funds for donations), Kickstarter,
IndieGoGo (supporting creative projects), OpenIDEO
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(creating ideas and concepts), 33 needs (seeking
investments for social entrepreneurship), ioby (U.S.
environmental creating, financing and participating in
projects), Start Some Good (social orientation),
Microplace (fundraising to fight global poverty),
Sparked (social network of volunteers), Ushahidi
(creating free open data software for information
retrieval and data display) , Causes (using Facebook
integration to help NTTs implement their projects),
Advert Activist (creating advertising and media
companies for NTTs). Mosaic stratapi has raised the
next round of financing for the coatings being created
for solar cell roofs. The investment of $300,000 needed
for the company was collected in one day - people
bought "shares" of the company (the cost of one share
is $25). The exact name of crowdfunding is Equity
Crowdfunding. Its main features are as follows: the
form of introduction of financial funds - investment;
form of return of funds (not all crowdfunding
companies provide for return)
–
full return of
investments in case of success of the company's
business (additional benefits - financial and non-
financial); motivation for giving money (motivational
reason) is a combination of personal motivation (likes
the company), social motivation (the company's
business is necessary and useful for society) and
financial motivation.
The first crowdfunding projects in Russia from CIS
countries began to appear in 2008, but developed very
slowly and with difficulty. The most successful and
interesting among them are the shareholder.ru and
capitaller.ru websites, which founded the WebMoney
payment system. If the first resource can collect the
necessary funds for the project, the second site can
spend the funds collected under the control of
investors and on the basis of strict reporting. The main
reason for the success of the platform for this activity
is that investors can practically and effectively control
the spending of funds, which attracts additional
investors (shareholder.ru collects hundreds of
thousands of dollars from each investor from 5-10
dollars). Besides, it will not be technically possible to
build a financial pyramid based on such a service.
A relatively new project in Russia is the "Venture
Factory" created by the interactive creative system E-
generator.ru under the control of the investment
holding "FINAM". "Venture factory" is a Russian
service for the implementation of IT projects with
venture investment, which provides a high level of
income. In this case, crowdfunding has a public IPO
format. A model of collective investment in the project
was created as part of the service, in which several
people can contribute their money (the minimum
amount invested by one investor is 300-500 rubles).
After collecting the necessary investment funds, the
implementation of the project will begin.
The project implementation algorithm includes five
stages:
- the author offers "Venture Factory" an idea and a
business plan for its implementation;
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- the proposed idea is evaluated by experts of E-
generator.ru company;
- the approved project is placed on the website of
"Venture Factory" to attract investments;
- after the project amount is collected, its
implementation begins;
- after the completion of the project, the participants
will receive their share either in the form of stock or in
the form of profit from the sale of the project.
During the study, the following trends and factors of
the development of crowdfunding, including as a
means of venture financing, were highlighted:
technological advances in mass media and social
media. The modern level of technology development
allows Internet users to join online groups of their
interests to exchange ideas and solve current
problems;
waiver of mediation. Direct connection of buyers with
sellers, creators with investors and projects with
groups (communities) is ensured. Traditional business
models are very complex, require a lot of time and
large financial costs;
small business has difficulties in attracting initial
capital (up to one million dollars);
entrepreneurs begin to master the method of
crowdfunding and with its help not only collect the
required initial investment, but also get additional
advertising through social networks and learn valuable
opinions of consumers. Many investors realize that
they can control projects from the beginning to the
end, monitor the development of the project and help
as much as possible.
The development of the crowdfunding model of
venture financing in Uzbekistan is largely hindered by
the macroeconomic and organizational problems of
investment entrepreneurship:
- low quality of existing infrastructure for the
development of small and medium-sized innovative
organizations in the innovative field as possible objects
of venture financing;
- underdevelopment of the infrastructure that can
ensure the effective cooperation of venture industry
entities and small innovative organizations, the
emergence of new small and medium-sized innovative
enterprises and the development of existing ones;
- very little participation of local investment in venture
business, while mainly foreign investments are used;
- low liquidity of venture investments, which is largely
determined by the underdevelopment of the stock
market, which is a very important means of free exit of
venture funds from invested enterprises;
- lack of economic prospects that provide acceptable
risk to venture investors to attract direct investments
in high-tech sector enterprises;
- insufficient information support in the venture
business environment;
- lack of qualified managers and executives in venture
funds, low level of investment culture of
entrepreneurs;
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- lack of incentives for the establishment of venture
funds: there is almost no regulatory and legal
documents that ensure venture financing of small
innovative businesses;
- lack of economic incentives for venture business and
a convenient and appropriate taxation system for
attracting investments in the organization of the high-
tech sector with an acceptable level of risk for venture
investors. The corporate and tax legislation of
Uzbekistan does not have specific incentives for the
participation of banking, pension, insurance or
corporate investments, but there are direct
prohibitions or obstacles.
CONCLUSIONS
Currently, one of the main problems of growing
innovative products in fruit and vegetable clusters is
the modern financing of the system, therefore it is
important to introduce a mechanism of subsidization
in the system of financing the processes of production,
storage, processing and delivery of fruit and vegetable
products in clusters operating in the network;
In our opinion, forming centers (laboratories) of
"Innovative developments and introduction of new
business ideas" within the clusters being formed in our
republic, attaching leading universities and research
institutes based on cluster specialization to them,
establishing strong cooperation with scientific and
innovative centers, venture funds and companies it is
appropriate to put. Fruit and vegetable cluster and
cluster members are invited to use alternative sources
of financing ("crowdfinancing") to finance their
operational and investment activities.
In order to increase the effectiveness of the financing
mechanism for innovations and technological
development in fruit and vegetable clusters in
Uzbekistan, it is recommended to develop an effective
mechanism for financing innovative structures - the
venture capital market, taking into account regional
and local sources.
Thus, the prospective task of developing the economy
of Uzbekistan is to create a venture infrastructure to
attract investment and activate venture business in
order to ensure the development of small businesses
and the innovative development of the local economy
in general.
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