Thursday 17 February 2022

Features of the innovation and investment project

The term "investment project" means essentially any project in the course of which investment is expected. For example, an investment project is a plan or program for long-term capital investment in order to make a profit in the future.

Recently, the term "innovative project" has been introduced into circulation, which is considered in three aspects.

Form of targeted management of innovation activity. In this case, an innovative project is a complex system of activities, interdependent and interrelated in terms of resources, deadlines and implementers and aimed at achieving specific goals (objectives) in priority areas of science and technology development.

The process of implementation of innovations, i.e. a set of scientific, technological, industrial, organizational, financial and commercial measures performed in a certain sequence, leading to innovations.

A set of technical, organizational-planning and calculation-financial documentation necessary for the implementation of the project goals.

An innovative project is a system of interrelated goals and programs for their achievement, which are a complex of research, development, production, financial, commercial and other activities, appropriately organized (linked by resources, deadlines and executors), formalized by a set of project documentation and ensuring the effective solution of a specific scientific and technical task, expressed in quantitative indicators and leading to innovation.

The vast majority of investment projects contain an innovative component to one degree or another, so the division of projects into investment and innovative is rather arbitrary. Projects where there are investments in fixed assets, including those that provide innovation (production of new products) primarily, are investment projects. Projects that provide for the development of new products or technologies and involve investments in intangible assets, to a greater extent, claim to classify them as innovative.

Despite the certain difficulty of classifying projects as a particular type, an increase in the share of works aimed at creating innovations in them changes the characteristics of projects.

Thus, an innovative project differs from an investment project by a number of specific characteristics:

the investment project has as its goal the commercialization of the created innovation, and the goal of the innovation project is to create an innovation, the introduction of which can bring a commercial effect in the future;

a higher degree of uncertainty (technical, commercial) of the project parameters (timing of achievement of the intended goals, upcoming costs, future revenues), which reduces the reliability of the preliminary financial and economic assessment and involves the use in practice of additional procedures for evaluating and selecting projects;

orientation of innovative projects to long-term, time-distant results associated with the duration of the solution of many scientific and technical problems, due to their complexity and high uncertainty of the final results;

involvement in the implementation of projects of unique resources (highly qualified specialists, persons of creative work, materials, devices, etc.), which requires careful preparation of individual stages and stages of implementation of the entire innovative project;

less inertia of the project at the R&D stage, allowing for prompt decisions on the continuation or termination of the project;

high probability of obtaining unexpected, but representing independent commercial value intermediate or final results within the framework of the project, which imposes additional requirements on the flexibility of managing the innovation process, on the ability to quickly enter new areas of business, industries, technologies, commodity markets, etc.

Unlike an investment project, which can be defined as a system of documents and organizational measures provided with the necessary resources, where the main goal is the creation or renovation of fixed assets, an innovative project has the novelty of the idea being implemented and a certain degree of uniqueness of the project goals. 


Therefore, the main goal of the innovation project is the development and application of innovations: new technologies, know-how and other innovations that ensure the development of various systems (economic, industrial, social, etc.).

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