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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
International Practice of Fast-Growing Innovative Companies
Author(s)
Marina Yudenko, Nadezhda Polovnikova
Natalya Chikisheva, Natalia Meller
Irina Kuzovleva
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DOI:10.17265/1537-1506/2017.10.003
Affiliation(s)
Petersburg State Transport University Emperor Alexander I, St. Petersburg, Russia
Tyumen Industrial University, Tyumen, Russia
Bryansk State Engineering-Technological University, Bryansk, Russia
ABSTRACT
The
purpose of the article is to compare the conditions of development and support
of fast-growing companies in European countries, Asian countries, and Russia. The
comparative analysis performed is of interest as certain countries, including
Russia, face the problem of economic slowdown. However, the fast-growing
companies are powerful catalysts for the growth of the gross domestic product
and the employment of the population. The conclusion of the study is that there are common patterns in ongoing support programs for fast-growing companies: long term, state support, innovative
company orientation, and concessional financing. At the same time, there
are fundamental differences in approaches to the state support for innovative
companies. The first approach relates to the natural development of the
fast-growing innovation companies and their support programs (Germany,
Denmark); the second approach is aimed at artificially stimulating the growth of such companies (South
Korea). In Russia there are institutional features of supporting fast-growing
companies: small businesses are the most vulnerable part of the economic system
and they require state support in crisis situations. Therefore, the experience
of European and Asian countries in terms of supporting innovative and
fast-growing companies can have a positive impact on the development of
innovative companies in Russia. And definitely it is
important to try to understand the nature of Russian innovative fast-growing companies: do we
see them as entrepreneurial business as we do in the Western companies?
KEYWORDS
fast-growing companies, support program, small businesses, administrative barriers, Russia, gazelle
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