Analysis of the Factors Contributing to the Success of Venture Projects

Innovative economy provides stable rates of economic growth and eventually world economical superiority. One of the mechanisms contributing to the development and implementation of innovative technologies that have proven their high efficiency in practice, is venture investment. The main problem analyzed in the current paper is the identification of the most significant positive factors (success factors) while implementing venture projects in Russia. The current scientific and research work is aimed to identify and analyze the factors contributing to the effective implementation of venture projects and to develop practical recommendations for beginning entrepreneurs based on it For achieving this goal, the analysis of the role of the venture business in ensuring the innovative economy development of the industrial state as well as an overview of the scientific literature devoted to the study of factors that affect the venture projects effectiveness is presented in the first chapter of the paper. The method of the study (questionnaire) in which 76 entrepreneurs participated is described in the second chapter. The results of questionnaire were supplemented by in-depth interviews with experts from venture and grant funds. The study revealed that the most important factors influencing the successful implementation of Russian venture projects are the following ones: 1) knowledge of the consumer (TA); 2) the team; 3) idea. The practical recommendations on project management in the early stages of their implementation developed on the basis of the obtained results are presented in the third chapter.