Магистратура
2026/2027
Финансирование инноваций
Статус:
Курс по выбору (Управление в сфере науки, технологий и инноваций)
Кто читает:
Департамент образовательных программ
Где читается:
Институт статистических исследований и экономики знаний
Когда читается:
1-й курс, 4 модуль
Охват аудитории:
для всех кампусов НИУ ВШЭ
Язык:
английский
Кредиты:
3
Контактные часы:
32
Course Syllabus
Abstract
This course examines how innovation is financed, valued, and managed under conditions of high uncertainty. It contrasts innovation finance with traditional project finance, reviews major funding sources for innovative projects, and introduces market sizing, unit economics, and financial forecasting. Core valuation methods for innovation, such as discounted cash flow (DCF), stage-gate approaches, scenario-based valuation, real options, and portfolio analysis, are presented and applied to early-stage ventures and corporate innovation initiatives. Furthermore, financial analysis is linked to strategic decision-making, including the design of financing strategies, the management of innovation portfolios, and go/kill/scale decisions. Through cases, assignments, and a group project, students develop the ability to construct and interpret financial models for innovation, select appropriate valuation tools, and critically assess innovation finance decisions from multiple stakeholder perspectives.
Learning Objectives
- Explain how financing innovation differs from traditional project finance
- Identify and compare main funding sources for innovative projects at different stages
- Build and interpret basic financial models for innovation projects
- Design financing strategies that link funding instruments, valuation outcomes, and strategic priorities
Expected Learning Outcomes
- Knowledge of distinctive features of innovation finance compared to traditional project finance
- Knowledge of main sources of financing for innovative projects
- Knowledge of market sizing methods, unit economics, and financial forecasting in innovation projects
- Knowledge of valuation methods for innovative projects: DCF, stage-gate, scenario-based approaches, real options, and portfolio analysis
- Ability to construct basic financial models for innovation projects
- Ability to apply valuation methods to early-stage and corporate innovation projects under uncertainty
- Ability to evaluate corporate innovation portfolios
- Ability to design financing strategies for innovation projects, integrating funding sources, valuation, and strategic alignment
- Ability to critically assess innovation finance cases from the perspectives of entrepreneurs, investors, and policymakers
Course Contents
- Block I. Foundations of Innovation Finance
- Block II. Valuation Approaches for Innovation
- Block III. Strategic Financing and Decision-Making
Assessment Elements
- Homework 1 (HW 1)(Detailed instructions will be announced during the course) Across the course, students complete a sequence of individual homework assignments that build from fundamentals to full basic financial modeling of innovative project. The homework is structured and cumulative, designed to provide hands-on practice with the tools and techniques needed for the group assignment. Assignments must be submitted within the announced deadlines. Late submissions will be penalized according to the course policy.
- Homework 2 (HW 2)(Detailed instructions will be announced during the course) Across the course, students complete a sequence of individual homework assignments that build from fundamentals to full basic financial modeling of innovative project. The homework is structured and cumulative, designed to provide hands-on practice with the tools and techniques needed for the group assignment. Assignments must be submitted within the announced deadlines. Late submissions will be penalized according to the course policy.
- Homework 3 (HW 3)(Detailed instructions will be announced during the course) Across the course, students complete a sequence of individual homework assignments that build from fundamentals to full basic financial modeling of innovative project. The homework is structured and cumulative, designed to provide hands-on practice with the tools and techniques needed for the group assignment. Assignments must be submitted within the announced deadlines. Late submissions will be penalized according to the course policy.
- Final Project
Interim Assessment
- 2026/2027 4th module0.2 * Homework 3 (HW 3) + 0.2 * Homework 2 (HW 2) + 0.4 * Final Project + 0.2 * Homework 1 (HW 1)
Bibliography
Recommended Core Bibliography
- Hall, B. H. (2002). The Financing of Research and Development. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edssch&AN=edssch.oai%3aescholarship.org%2fark%3a%2f13030%2fqt34c1c643
- Handbook of the economics of innovation : Volume 1-2, Hall, B. H., 2010
- The financing of R&D and innovation. (2010). Netherlands, Europe: UNU-MERIT, Maastricht Economic and Social Research and Training Centre on Innovation and Technology. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.FD9E9AC6
Recommended Additional Bibliography
- 9781799810896 - Sinem Derindere Köseoğlu - Valuation Challenges and Solutions in Contemporary Businesses - 2019 - Business Science Reference - https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=2257542 - nlebk - 2257542