Digital transformation of the Russian venture ecosystem under the impact of the COVID-19

ABSTRACT

The article analyzes current trends in the digital transformation of the Russian venture ecosystem and the impact of the Covid-19 pandemic on the venture ecosystem in the context of innovative development of Russian regions. The purpose of the study is to identify key areas of development of the domestic venture ecosystem in the pre-pandemic period and under the influence of the Covid-19 pandemic. The problem of the functioning of mechanisms for the development of the innovation process has recently become of increasing interest to specialists in various scientific fields. As in the global venture capital market, the domestic venture ecosystem has faced typical challenges in the context of the Covid-19. In the context of the pandemic and in the post-pandemic period, the most startups have been canceled or postponed at least until the end of 2020 or 2021. The forced pause in the work of innovative enterprises during the pandemic had a very negative impact on their financial condition - even large, stable enterprises operating in the market found it difficult to bear constant expenses without an influx of income. As a result of the research, the main directions of transformation of the domestic venture ecosystem and prospects for innovative development of Russian regions are identified. Firstly, the trend to optimize investment portfolios inspires a reduction in the number of venture transactions. Secondly, there has been a significant transformation in the structure of the venture capital market. Finally, there is a rush of interest in startups in both healthcare and biotechnology. © 2021 Nova Science Publishers, Inc.