Финансирование инноваций

2026/2027

Статус: Маго-лего

Кто читает: Департамент образовательных программ

Где читается: Институт статистических исследований и экономики знаний

Охват аудитории: для всех кампусов НИУ ВШЭ

Преподаватели: Очирова Елена Сергеевна

Язык: русский

Кредиты: 3

Контактные часы: 32

Дополнительные материалы в LMS Задать вопрос

Аннотация

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.

Цель освоения дисциплины

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

Планируемые результаты обучения

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

Содержание учебной дисциплины

Block I. Foundations of Innovation Finance
Block II. Valuation Approaches for Innovation
Block III. Strategic Financing and Decision-Making

Элементы контроля

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

Промежуточная аттестация

2026/2027 4th module
0.2 * Homework 3 (HW 3) + 0.2 * Homework 2 (HW 2) + 0.4 * Final Project + 0.2 * Homework 1 (HW 1)

Список литературы

Авторы

Очирова Елена Сергеевна

Программа дисциплины