Methodological approaches to evaluating the effectiveness of venture financing in corporate sector development

Abstract

Venture financing is considered one of the key instruments for supporting innovation and strengthening the competitiveness of the corporate sector. At the same time, evaluating its effectiveness remains methodologically difficult because corporate venture investments are expected to generate not only financial returns but also strategic benefits for the parent company. This study aims to systematize existing approaches to venture financing evaluation and identify their applicability in corporate environments. The methodological basis combines a qualitative literature review, comparative analysis, and classification of evaluation methods. The study examines income-based and market-based approaches, discounted cash flow, the venture capital method, real options, market multiples, and scoring and expert-based methods. The analysis shows that traditional financial indicators, including NPV and IRR, are useful for measuring economic performance but do not sufficiently capture the strategic value of venture projects. Strategic outcomes may include technology transfer, acquisition of new knowledge, development of partner ecosystems, enhancement of internal capabilities, and access to emerging markets. The findings indicate that overall evaluation requires combining financial and non-financial criteria while considering industry characteristics, the maturity of the venture program, and corporate priorities. The results can support the development of integrated assessment systems and improve resource allocation decisions in venture portfolios.