Theoretical Foundations of Innovative Regional Development Based on Venture Financing under Conditions of Digitalization and Risk Management

Abstract

The article examines the theoretical foundations of innovative regional development in the context of digital transformation, increasing uncertainty and changing mechanisms for financing innovation. It is substantiated that traditional approaches to regional development management are mainly focused on budgetary, institutional and investment instruments, while the role of venture financing as a system-forming mechanism for innovative regional development remains insufficiently explored. The study analyses Russian and international approaches to regional development, innovation ecosystems, digital transformation and venture capital. It is shown that these areas are predominantly studied separately, which limits the development of an integrated model of innovative regional development. The purpose of the research is to develop a theoretical concept of innovative regional development based on the integration of venture financing, digital transformation and risk-oriented management. Scientific novelty lies in substantiating the author's approach to considering venture financing as a system-forming element of regional innovation development that integrates innovation activity, digital transformation, investment attractiveness and regional economic sustainability. The proposed approach may be applied in designing regional innovation strategies and improving public policies supporting venture investment.