Кто читает:: Департамент образовательных программ

Статус:: Курс по выбору

Когда читается:: 1-й курс, 4 модуль

Преподаватель

Очирова Елена Сергеевна

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Abstract

This course provides a background on how organizations make innovation project management decisions including financing and investing. A general introduction to finance issues in innovation projects is provided, followed by a discussion of specifics of innovation project management for companies and the meaning of expected return and cost of capital. This illustrates management of the financial structure and leverage for strategic development, shows how man-agers, shareholders and investors resolve possible conflicts of interests based on corporate governance best practices. Also capital budgeting issues in innovation project management are considered. This helps students to understand the principal factors determining companies’ incentives for whether to invest or not in a project in the long-term. Approaches towards assessing in-novation projects with regard to the financial investment are discussed and sources of finance for innovation projects introduced.

Learning Objectives

Different perspectives on the meaning of finance of innovation
Theoretical frameworks and international experiences of innovative financing
New approaches to understanding and further development of different facets of innovation thinking

Expected Learning Outcomes

Know how to analyse the industry trends, forecast industry trends, estimate projected relative market share. Adoption curves
Know how to estimate the cost of capital and NPV of a project
Knowledge of Stages of innovations. Uncertainties in financial assessment at different stages. Knowledge of the most promising innovative products and markets for investors
Knowledge of the investment process, active and passive investors. Know how to assess the investment in innovation. Equity financing and debt financing
Knowledge of the role of innovations in the modern economy. Knowledge of creating value through technology innovation
Understanding how to model revenue and cost structure

Course Contents

Topic 1. Requirements on innovation from financial point of view
Topic 2. Financial issues of strategic and competitive analysis for innovative project
Topic 3. Issues of investment in innovation
Topic 5. Market forecasting for innovative project
Topic 6. Building a financial model for innovative project
Topic 7. Estimation of return on investment in innovation projects

Assessment Elements

Homework 1 (HW 1)
Homework Assignments (Detailed instructions will be announced during the course) Homework assignments are designed to reinforce the concepts and analytical tools introduced in class. They will include individual tasks requiring student to apply financial models, interpret data, and formulate reasoned arguments on innovation finance-related topics. Assignments must be submitted within the announced deadlines. Late submissions will be penalized according to the course policy.
Homework 2 (HW 2)
Homework Assignments (Detailed instructions will be announced during the course) Homework assignments are designed to reinforce the concepts and analytical tools introduced in class. They will include individual tasks requiring student to apply financial models, interpret data, and formulate reasoned arguments on innovation finance-related topics. Assignments must be submitted within the announced deadlines. Late submissions will be penalized according to the course policy.
Homework 3 (HW 3)
Homework Assignments (Detailed instructions will be announced during the course) Homework assignments are designed to reinforce the concepts and analytical tools introduced in class. They will include individual tasks requiring student to apply financial models, interpret data, and formulate reasoned arguments on innovation finance-related topics. Assignments must be submitted within the announced deadlines. Late submissions will be penalized according to the course policy.
Final Project
Final Project (Group Assignment) (Note: the detailed project brief will be announced during the course) The final project serves as the group assignment, requiring students to integrate and apply the full range of concepts covered in the course. Working collaboratively, each team will select a new technology, product, or venture and evaluate its financial viability. The assignment typically involves: - Conducting a structured financial analysis using the models and tools introduced in class; - Developing scenarios and assessing associated risks, costs, and potential returns; - Converting complex financial insights into clear, actionable recommendations for decision-makers. The project emphasizes teamwork, practical application of analytical frameworks, and professional communication. Deliverables include a written report and an oral presentation prepared for an audience of entrepreneurs, corporate innovators, and investors.

Interim Assessment

2025/2026 4th module
0.4 * Final Project + 0.2 * Homework 1 (HW 1) + 0.2 * Homework 2 (HW 2) + 0.2 * Homework 3 (HW 3)

Bibliography

Recommended Core Bibliography

Akhavein, J., Frame, W. S., & White, L. J. (2001). The diffusion of financial innovations: an examination of the adoption of small business credit scoring by large banking organizations. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.7D05AF00
BROWN, J. R., FAZZARI, S. M., & PETERSEN, B. C. (2009). Financing Innovation and Growth: Cash Flow, External Equity, and the 1990s R&D Boom. Journal of Finance (Wiley-Blackwell), 64(1), 151–185. https://doi.org/10.1111/j.1540-6261.2008.01431.x
Cumming, D. (2007). Government policy towards entrepreneurial finance: Innovation investment funds. Journal of Business Venturing, (2), 193. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.jbvent.v22y2007i2p193.235
de la Torre, A., Gozzi, J. C., & Schmukler, S. L. (2007). Innovative experiences in access to finance : market friendly roles for the visible hand ? Policy Research Working Paper Series. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.wbk.wbrwps.4326
Julian Atanassov, Vikram N, Amit Seru, Gautam Ahuja, Nike Bharucha, John Dinardo, … Er Koch. (2007). Finance and Innovation: The Case of Publicly Traded Firms. SSRN working paper. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.5346B5BA

Recommended Additional Bibliography

Amer Alzaidi, & Shahzad Qamar. (2018). Factors affecting the adoption of internet banking: a systematic literature review. International Journal of Business Information Systems, (1), 95. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.ids.ijbisy.v28y2018i1p95.124

Authors

Зинченко Екатерина Андреевна
Ochirova Elena Sergeevna

Магистерская программа «Управление в сфере науки, технологий и инноваций»

Finance of Innovation