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Thomas Gstraunthaler- Leading Research Fellow, Laboratory for Economics of Innovation, Institute for Statistical Studies and Economics of Knowledge, National Research University - Higher School of Economics, E-mail: tgstraunthaler@hse.ru Address: 20 Myasnitskaya str., Moscow, 101000, Russian Federation.Galina Sagieva- Head, Division for Intellectual Property and Technology Transfer Studies, Institute for Statistical Studies and Economics of Knowledge, National Research University - Higher School of Economics, E-mail: sagieva@hse.ru Address: 20 Myasnitskaya Str., Moscow, 101000, Russian Federation.This paper attempts to summarize and systematize the landscape of the global venture capital industry. It presents major basic business models and investment strategies, assesses the contribution of venture capital (VC) to economic growth, and the incentives and constraints for VC’s development, and it identifies research gaps in this area.Venture capital is often regarded as the only source of support for start-ups, particularly for those in high-tech innovative sectors. The authors explore the reasons for this. In contrast to more traditional investors, VCs provide targeted investment, and they maintain a long-term strategic focus. Financial capital is only one benefit they provide for entrepreneurs. They provide industry knowledge and social capital, often vital for success. Also, venture capital serves as an intermediation device in finding further finance. These benefits focus the attention of public administration in venture capital and pro-investment policies to build strength and assure future competitiveness. The authors conclude that governments can only do so much to spur creative thinking and entrepreneurial activities. Their support is best placed in education, oriented toward a culture which rewards competitive and entrepreneurial thinking. Results of such policy mature slowly but they can be vital.In conclusion, the authors point to the need to introduce new and refined research strategies promoting VC. One key focus to study venture capital is to understand how the industry itself is developing through its own drive. It would help to examine comparatively a country’s initiatives, which would allow policy makers to understand where the industry is going and how best to support or participate in growth. It would also allow distinguishing among segments of the venture capital market. Finally, further analysis of the VC industry should be conducted through the prism of its internationalization.

The development of Russian science in the last decade is characterized by very contradictory trends. Their understanding deserves special attention in the justification of the measures of state science and technology policies and their implementation. It is sufficient to say that despite the significant increase in domestic expenditure on research and development, the volume of which in terms of fixed prices for the period 1995-2005 increased by 83.3%, while the employment in this sector decreased by 23.4%. and the effectiveness of scientific activity is also steadily decreasing, that is expressed by a wide range of indicators of publication and patent activity, the creation and commercialization of technologies, etc. This article presents an analysis of bibliometric indicators allowing to assess progress and quality of activities, primarily in the basic sciences, by study size, structure and dynamics of the created scientific knowledge. Note: Downloadable document is in Russian.