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Risks of an innovative project.

Innovation risks(risks of innovation projects) are associated with innovation activities, main goal which is the implementation of innovation, are the result of the combined action of all factors (risks: currency, political, business, financial, etc.). Since innovation and entrepreneurial activity is an area of intersection of interests of various parties pursuing conflicting goals, it is impossible to develop a unified risk classification system.

Business risk(risk entrepreneurial activity) arises in entrepreneurial activity and is associated with the likelihood of revenue decreasing to a level that does not cover business costs.

Market risk appears as a result of an unfavorable change in market conditions or erroneous market policies (marketing risks), which is associated with the need to reduce prices under the influence of competition or with the impossibility of selling goods (products, services) in the planned volume.

The risks of innovative projects include:

1. Scientific and technical risks:

· negative research results;

· deviations of OCD parameters;

· discrepancy between the technical level of production and the technical level of innovation;

· inconsistency of personnel with the professional requirements of the project;

· deviations in the timing of implementation of design stages;

· occurrence of unforeseen scientific and technical problems.

2. Project legal risks:

· erroneous choice of territorial markets for patent protection;

· insufficient patent protection;

· non-receipt or delay of patent protection;

· limitation in the terms of patent protection;

· no expired licenses for individual species activities;

· “leakage” of individual technical solutions;

· emergence of patent-protected competitors.

3. Risks of a commercial offer:

· inconsistency market strategy firms;

· lack of suppliers of necessary resources and components;

· failure of suppliers to fulfill their obligations regarding the timing and quality of deliveries.

Innovation risk arises in the following situations:

· when introducing a cheaper method of producing a product or providing a service compared to those already in use. Such investments will bring temporary excess profits to the organization as long as the organization is the sole owner of this technology. In this situation, the organization faces one type of risk - a possible incorrect assessment of demand for the product being produced;

· when creating a new product or providing a service using old equipment. In this case, the risk of incorrect assessment of demand for a new product or service is added to the risk of inconsistency in the level of quality of the product or service due to the use of equipment that does not provide the required quality;

· when producing a new product or providing a service using new equipment and technology. In this situation, innovation risk includes the risk that a new product or service may not find a buyer, the risk that new equipment and technology do not meet the requirements necessary for the production of a new product or service, the risk that it is impossible to sell the created equipment, since it does not meet the technical level required for the production of new products.

In general, the risk arising in innovation activities includes the following main types of risks:

1. Risks of making the wrong choice of an innovative project. One of the reasons for this risk is the unreasonable determination of the priorities of the organization’s economic and market strategies, as well as the corresponding priorities various types innovations that can contribute to achieving the organization's goals. This may occur due to an erroneous assessment of the role of short-term and long-term interests of the organization's owners. If the project is not developed for a specific customer, but is proactive based on the research work of the author of the innovation, which, as a rule, overestimates practical significance existing research reserve and proceeds from a deliberately optimistic view of the significance of his inventions for future consumers, there may be a risk of non-use or limited use of the development results.

2. The risks of not providing an innovative project with a sufficient level of financing include:

· the risk of not receiving the funds necessary to develop an innovative project (the organization cannot attract investors due to the inability to convince them of the sufficient effectiveness of the innovative project);

· risk when using self-financing of a project (the project may find itself without sufficient financial resources due to the organization’s failure to fulfill the financial plan for profit and non-operating income, as well as a decrease in allocations to the budget of the innovative project);

· risk when using external sources of financing (the project budget may turn out to be in deficit due to liquidation, bankruptcy, or seizure of creditors’ property, closure of a credit line or suspension of payments on it as a result of deterioration in the solvency of creditors);

· risk when using a combined method of project financing (there may not be enough sources of financing at certain stages of the project due to the complexity of combining these sources).

3. Marketing risks of the current supply of resources necessary for the implementation of an innovative project, and the marketing of the results of an innovative project. Marketing risks are primarily due to technical features innovative project. In some cases, its implementation requires unique equipment or high-quality components or materials, which also require development and development. Therefore, in some cases, an organization faces the problem of finding suppliers capable of developing such unique resources for an innovative project. In addition, it may turn out that the suppliers on whom the organization relied when developing an innovative project will refuse their obligations, and the organization will not be able to obtain (purchase) equipment, raw materials, components at the prices included in the project. In this case, the organization’s costs when developing an innovative project can increase significantly, and the expected economic effect can significantly decrease. This will also happen if suppliers fail to fulfill their obligations in terms of deadlines, quality of services provided, etc. Marketing risks of selling a developed innovative project include the following types:

· the risk of insufficient market segmentation, which most often arises when developing and introducing new products and services High Quality and high cost, as a result of which intended consumers will not be able to buy them, and this, in turn, affects the sales volumes of new products;

· the risk of an erroneous choice of the target market segment, which arises when the demand for innovation in the selected segment turns out to be unstable or in a given market segment the need for innovation is not sufficiently formed, if a market segment is selected where the need for innovation is assessed incorrectly or the need for innovation is limited, etc.;

· the risk of an erroneous choice of innovation sales strategy due to unsuccessful organization of the sales network and system for promoting the innovation to the consumer;

4. Risks of non-fulfillment of business agreements (contracts) are:

· the risk of a partner refusing to conclude a contract after negotiations (if it is necessary to change the preliminary conditions of the contract and in case of bad faith of the partner)

· the risk of the organization concluding contracts on terms that are either different from the most acceptable or usual for organizations in this industry (if it is necessary to carry out a project with unique raw materials, materials or components, the number of suppliers of which is limited, and in the case where the organization does not have sufficient experience, permanent and proven partners and sufficient flexibility allowing it to enter into more complex contracts on favorable terms);

· the risk of concluding agreements (contracts) with incapacitated or insolvent partners (counterparties);

· the risk of failure by partners to fulfill contractual obligations on time, resulting in losses to the organization associated with violation of delivery schedules, failure of partners to complete work necessary for the implementation of an innovative project;

risk of damage to third parties, which includes the risk of contamination environment and the risk of causing moral and material damage to citizens during the implementation of an innovative project.

5. Risks of unexpected costs and decreased income.

6. Risks of increased competition. The reasons may be the following:

· leakage of confidential information either through the fault of the organization’s employees or as a result of industrial espionage undertaken by competitors;

· imperfection of marketing policy, i.e. incorrect choice of markets and incomplete information about competitors or lack of reliable information about competitors;

· slow implementation of innovations compared to competitors due to the lack of necessary funds for research, introduction of new technologies, mastering the production of new high-quality and competitive goods;

· unfairness of competitors (use of unfair competition methods);

· the appearance on the market of manufacturers from other industries offering similar, interchangeable goods that can satisfy consumer demand;

· identification of unforeseen functionally homogeneous substitutes for manufactured goods in the industry in which the organization operates;

· emergence of new local competing organizations;

· expansion of the manufactured product or its analogues into the local market by foreign exporters.

7. Risks associated with insufficient staffing levels.

8. Risks associated with ensuring ownership rights to an innovative project arise from various reasons:

· the risk of not ensuring the conditions for patenting technical, design and marketing solutions arises as a result of insufficiently “dense” patent protection of inventions and technologies;

· the risk of challenging patents that protect fundamental technical and other similar solutions - this is the likelihood of losses in the event of invalidation of patent rights on the basis of which the organization is already implementing an innovative project and expects to receive a monopoly profit. During the entire period of validity, a patent may be challenged and declared invalid in whole or in part if the protected object of industrial property does not comply with the conditions of patentability established by law, the presence in the claims of an invention, a utility model or in a combination of essential features of an industrial design features that are absent in the original application materials, incorrect indication of the author (authors) or patent holder (patent holders) in the patent;

· the risks of legal and illegal imitation by competitors of innovations patented by the organization usually arise, in the first case, with the so-called “parallel developments”, when, based on information obtained in open press about patented technical and design solutions, competitors carry out the same developments, but with minor differences, which allow them to also patent their innovations, in the second case, because it is very difficult for the patent holder organization to control the illegal use of some patented technical solutions.

It is impossible to completely avoid risk in innovation activities, since innovation and risk are two interrelated categories.

Innovation risk assessment is carried out according to rules similar to commercial risk assessment , the only difference is that innovation risks are associated with the commercialization of new types of goods and services.

Risk of a real investment project(IP) – the probability of adverse financial consequences in the form of loss of investment income and associated with the uncertainty of the conditions for its implementation.

Classification of project risks:

1. By type of risk:

1.1. The risk of a decrease in financial stability and insolvency is associated with the imperfection of the structure of invested capital, a decrease in the liquidity of the enterprise’s assets, which can lead to an imbalance in time of positive and negative cash flows and cause the threat of bankruptcy.

1.2. The design risk is associated with poor-quality preparation of the business plan, design work, incorrect assessment of the individual entrepreneur’s performance indicators, due to the lack of information about the state of the external investment environment and incorrect assessment of the internal investment potential.

1.3. Construction risk is associated with the selection of unqualified contractors, the use of outdated technologies and materials, which can lead to delays in construction and delay the prospect of making a profit.

1.4. The financing risk is associated with a lack of funds to finance an individual entrepreneur, untimely receipt of funds from various sources, and retention of the price of the source of capital.

1.5. Marketing risk is associated with an incorrect assessment of product market conditions, incorrect forecasts of prices for materials and raw materials and other costs, which can lead to failure to receive unplanned income and profit.

1.6. Interest rate risk is associated with the possibility of changes in the interest rate in the financial market, which will affect the values of all performance indicators, since it is accepted as the discount rate.

1.7. Inflation risk is associated with the excess of inflation rates over forecast values, which ensures the invested capital and the NPV of the project.

1.8. Tax risk is associated with the possibility of changes in current tax rates, the introduction of additional taxes, and the abolition of tax benefits in the field of real investment.

1.9. Crime risk is associated with the possibility of partners declaring false bankruptcy, falsification of financial documents, and theft of property.

1.10. Other types of risk – risks natural Disasters, and other force majeure circumstances.

2. By stages of the investment process:

2.1. The risks of the pre-investment stage are associated with the development of a business plan, a qualified assessment of the economic partners of the project;

2.2. The risks of the investment stage are associated with the financing of individual entrepreneurs and the implementation of construction and installation works;

2.3. Risks of the post-investment stage arise at the stage of operation of the investment object and are determined by the objectivity of the assessment of the external investment environment and internal investment potential, as well as the reliability of the enterprise’s suppliers and partners.

3. By sources of occurrence:

3.1. Internal (systematic).

3.2. External (climate state, best conditions– it is easy to manage).

4. As possible financial indicators:

4.1. A risk that entails only economic losses;

4.2. Risk of non-receipt economic profit or the risk of missing investment opportunities;

4.3. A risk that involves both economic loss and the possibility of higher income.

5. According to the level of possible losses:

5.1. Acceptable risk – possible financial losses do not exceed the estimated profit for the project;

5.2. Critical risk – possible financial losses do not exceed the estimated amount of expected income from the project;

5.3. Catastrophic risk – there is a possibility of loss of invested equity and borrowed capital.

6. If forecasting is possible:

6.1. Forecasted risk (inflation percentage);

6.2. Unpredictable (tax, crime, force majeure circumstances).

7. If insurance is possible:

7.1. Insured risk (for which there is a cost of insurance services);

7.2. Uninsurable risk (there is no cost of insurance services).

Sources of risk:

uncertainty of the future;
lack of information;
unpredictability of partners' behavior.

Sequence of risk analysis stages:

1) identification of risks associated with the implementation of this IP (the most significant risks);

2) the breadth and reliability of the information that is necessary for the analysis is assessed;

3) selection and use of quantitative risk assessment methods;

4) the amount of possible financial losses in the event of a risk event is determined ( absolute value risk);

5) in the case of a comparative assessment of various individual entrepreneurs by risk level, the amount of possible losses is determined per ruble of investment income received.

Risk and chance of innovation

The risk of innovation is defined as the possibility of unfavorable implementation of the process and/or result of the introduction of innovation.

Goals and objectives of risk management

Risk management in innovation is understood as a set of practical measures that reduce the uncertainty of the results of innovation, increase the usefulness of implementing an innovation, and reduce the cost of achieving an innovation goal.

The innovation risk management cycle includes the following stages:

1.. Identification and classification of risks

2. Analysis and quantitative assessment of risks

3. Development of a risk management strategy

4. Monitoring the innovation process and making tactical decisions on risk management.

The main goals of risk management in innovation activities include:

Forecasting the manifestation of negative factors affecting the dynamics of the innovation process;

Assessing the impact of negative factors on innovation activities and on the results of innovation implementation;

Development of methods for reducing the risks of innovative projects;

Creation of a risk management system in innovation activities.

System-wide classification of risks.

Risk identification

The risks of innovative projects include:

Scientific and technical risks:

Negative research results,

Deviations of OKR parameters,

Discrepancy between the technical level of production and the technical level of innovation,

Inconsistency of personnel with the professional requirements of the project,

Deviation in the timing of implementation of design stages,

The emergence of unforeseen scientific and technical problems.

Project legal risks:

Wrong choice of territorial markets for patent protection,

Insufficient patent protection

Failure to obtain or delay patent protection,

Limitations on the duration of patent protection,

No expired licenses for certain types of activities,

“leakage” of individual technical solutions,

The emergence of patent-protected competitors.

Risks of a commercial offer:

Inconsistency with the company's market strategy

Lack of suppliers of necessary resources and components,

Failure of suppliers to fulfill obligations regarding the timing and quality of deliveries -

Basic risk assessment methods

Qualitative risk assessment

Quantitative risk assessment

When assessing the risk, the use of the device is quite justified mathematical statistics and probability theory in the following cases:

a) if we are talking about innovations that have analogues. Then it becomes fair to use methods of mathematical statistics to assess the most likely parameters of the innovation process and its results;

b) if the innovation has no analogues, or the innovating organization does not have sufficient experience to implement the innovation, or the innovation process is implemented under conditions of uncertainty, the theory of probability is used.

Degree and price of risk

Risk as an economic category combines an assessment of the likelihood of an unfavorable development of events and a measure of this unfavorability. Therefore, to describe risk, a two-dimensional characteristic is used - the degree and price of risk. The degree of risk quantitatively characterizes the likelihood of unfavorable dynamics of the innovation process and negative results of innovation activity. The risk price indicator reflects a quantitatively different assessment of the likely result of innovative activity, that is, it shows the economic result for which the investor or innovator took the risk.

Risk measure

Carried out in the process of making management decisions economic assessment risk measures show possible losses either as a result of any production, economic or financial activities, or due to an unfavorable change in the state of the external environment.

Risk zones are a qualitative characteristic of the degree of risk depending on the probability of its occurrence. The following risk zones are identified:

Acceptable risk zone: the occurrence of a risk situation does not lead to a significant deterioration in the financial position of the company;

Moderate risk zone: losses from the occurrence of a risk event are covered by profits from other areas of activity;

High-risk zone: as a result of a risk situation, the financial position of the company worsens;

Unacceptable risk zone: a risk event leads to insolvency or bankruptcy of the enterprise.

Overall project risk assessment

Risk sharing method

The distribution of risks is usually carried out between project participants in order to make the participant responsible for the risk who is best able to calculate and control the risks and the most financially stable, able to overcome the consequences of the risks.

Diversification method

Diversification reduces portfolio risks due to the diversity of investments. It has been proven that portfolios consisting of risky financial assets can be formed in such a way that the total level of risk of the portfolio will be less than the risk of any individual financial asset included in it. The simplest example is a portfolio formed from 2 securities with coefficients that are the same in magnitude, but differ in sign. As a result, the decline in the market value of some securities is almost completely compensated by the growth of others, that is, regardless of the market situation, the value of the portfolio remains stable, and investments are subject only to systematic risk. A portfolio formed in this way has an overall risk lower than each of the financial assets that comprise it. Diversification will have little effect if there is a high correlation between financial assets.

Limiting method

Limitation ensures the establishment of maximum amounts of expenses, sales, and credit. This method is used by banks to reduce the degree of risk when issuing loans to business entities, selling goods on credit, providing loans, determining the amount of capital investment, etc.

Hedging method

Hedging - effective method reducing the risk of unfavorable changes in market conditions by concluding derivatives contracts (futures and options). The method allows you to fix the purchase or sale price at a certain level and thus compensate for losses in the spot market (spot market) with profits in the futures contracts market. By buying and selling fixed-term contracts, an entrepreneur protects himself against price fluctuations in the market and thereby increases the certainty of the results of his production and economic activities.

Insurance method

Insurance as a system of economic relations includes the formation of a special fund (insurance fund) and its use (distribution and redistribution) to overcome by paying insurance compensation various kinds losses, damage caused by unfavorable events (insured events). For insurance, there must be two parties; a special organization in charge of the relevant fund (insurer), and legal entities or individuals making established payments to the fund (policyholders). Their mutual obligations are regulated by the contract in accordance with the terms of insurance.

The following types of insurance are distinguished: coinsurance, double insurance, reinsurance, self-insurance.

With co-insurance, two or more insurers participate in certain shares in insuring the same risk, issuing joint or separate contracts each for insurance amount in your share.

Double insurance implies the presence of several insurers of the same interest against the same dangers, when the total insured amount exceeds the insured amount for each insurance contract.

During reinsurance, the risk of payment of insurance compensation or insurance amount assumed by the insurer under an insurance agreement can be insured by it in full or in part from another insurer (insurers) under a reinsurance agreement concluded with the latter. Upon the occurrence of an insured event, the insurance company-reinsurer bears liability to the extent of its assumed obligations for reinsurance.

Self-insurance is the creation of cash and in-kind insurance funds directly in business entities. The main task of self-insurance is to quickly overcome temporary difficulties in financial and commercial activities.

The innovative project is a complex system actions aimed at achieving certain goals in the development of science and technology. They are interconnected by event performers, deadlines and resources. An innovation program is a set of interconnected innovative projects, as well as projects that are aimed at supporting activities in this area. At the moment, innovative projects in preschool educational institutions are gaining popularity, examples of which inspire the creation of new educational programs.

Level of scientific and technical significance

Innovative projects, as well as technical solutions and ideas that they implement, may have the following levels of scientific and technical significance:

modernization ( basic technology does not undergo fundamental changes);
innovative (the design of the new product is significantly different from the previous one);
advanced (the design was created thanks to advanced technical solutions);
pioneer level (new technologies and materials appear that did not previously exist).

The level of significance of an innovative project determines the complexity, scale, features of promoting the results of the process and the composition of the performers. This will affect the content of project management.

Classification of innovative projects

Innovative projects can be classified as follows:

1. By the nature of the goals:

final;
intermediate.

2. By implementation period:

short-term;
mid-term;
long-term.

3. According to the needs that the project satisfies. They can focus on creating new or satisfying existing needs.

4. By type of innovation (creation of a new or improvement of a product, reorganization of the management structure, etc.).

5. According to the degree of decisions made, they can be of the following nature:

branded;
regional;
industry;
international federal

6. According to the scale of the tasks performed:

mono-projects - projects that are carried out by one company within strict financial and time limits, and have a clear innovative goal;
multiprojects - complex programs aimed at achieving complex goals;
megaprojects are multi-purpose programs that combine a number of multi-projects that are connected by one difficult to achieve goal.

Each project goes through certain stages of its development from its inception to its completion. Their totality forms its life cycle. It is customary to divide it into phases, then into stages, and then into stages. They vary depending on the work organization system and field of activity.

Development of an innovative project

When created, innovative projects undergo implementation and completion. It is worth paying attention to the main stages:

idea formation;
opportunity research;
preparation of documentation for concluding a contract;
preparation of documentation for the design of the project;
work to implement the program;
monitoring of economic indicators.

At the development stage, attention is paid to the success and effectiveness of the project. Moreover, the details of his existence at this moment are not too important. For them, novelty, competitiveness, licensing protection and the presence of a patent are especially important. In addition, innovative projects require investment of funds aimed at improving the business.

Implementation of innovative projects

Most organizations use internal and external sources of financing simultaneously. Internal sources are their own funds, which are mainly formed from the sale of assets or are insurance amounts and depreciation charges. External sources of financing include those attracted and also financing from the regional or federal budget.

Risks

Innovative projects are the programs with the highest risk for investment. For this reason, their creators should realistically assess their capabilities. The most attractive for investment will be programs aimed at promoting ready-made ones. Projects related to the promotion of new technologies are characterized by increased risk, since it is much more difficult to create a marketing concept for them.

Problems with financing arise if the project has an unfinished exploratory research stage. When they are carried out, there is a high probability of obtaining a negative result.

Risk classification

The risks of an innovation project are uncertainty that depends on decisions made, and their implementation takes place after some time. Part of business decisions is risk assessment. To classify them, it is advisable to apply the block principle, which provides for the distribution of risks by categories, groups, types, etc. The risks of innovative projects can be classified as follows:

As predictable as possible: foreseen and unforeseen.
By the presence of intentional creation.
By detection time.
At the place of discovery.
By detection method.
For reasons of appearance.
According to the culprits of the appearance.
By duration of action.
If possible, insurance.
By methods of eliminating consequences.
By stages of the technological process.
According to production conditions.
At set prices.

To assess the risk of an innovation project, it is necessary to determine the degree of research and development, the program's compliance with the company's market strategy, and marketing. Classification, assessment and study of risks will be required to manage them.

Assessing the effectiveness of an innovation project

The effectiveness of a project of this type from the point of view of its participants can be determined by the corresponding indicators of their participation. It is worth considering its assessment by the innovative university, which is responsible for the implementation of the project and also attracts outside participants and additional funding. Assessing the effectiveness of an innovation project is based on the following principles:

prices for services, resources, goods that are provided for by the project or established on the market are applied;
cash flows must be calculated in the same currencies as provided by the program for paying for products and purchasing resources, after which they will be converted into rubles at the current rate;
in the calculations it is necessary to take into account the profit from financial and investment activities, as well as apply the project financing scheme;
it is necessary to take into account contributions to additional funds and the income received from them.

In the process of calculating the performance indicators of a company's participation, it is worth taking into account funds, regardless of whether they are own or borrowed. Loan payments will be called outflows, and borrowed funds will be called inflows.

project taking into account efficiency risks

It is worth considering the development of an innovative project taking into account the assessment of its effectiveness. As an example, you can take the example of the EcoZdrav LLC project. The company operates in Krasnoyarsk. The project is aimed at the production and sale of reagent-free and cartridge-free units, which are intended for the purification of drinking and waste water. At the moment they have no analogues.

Preliminary market research has shown that the need for these installations is quite high. According to estimates, it is 25,000 pieces, which is only a tenth of possible buyers. Based on this information, the company plans to produce 10 thousand units per year, which will be quite reasonable.

To evaluate performance, you need to find the net present value (NPV) using prices and the sum of the weighted average cost of capital (WACC). The following formula applies:

WACC=(E/K)*y+(D/K)*b*(1-t),

where E is equity capital, D is the amount of borrowed capital, K is the amount of invested capital, y is the expected profitability equity, b - expected return on borrowed capital, t - income tax rate.

For this company the indicator will be:

WACC=(188/2000)*0.72+(1812/2000)*0.28*(1-0.2)=0.270624

If we take the inflation rate of 7%, which was set at the time the project was developed, we can get a discount factor of 0.340624.

According to the plan, the profit volume will be 448,060 rubles. in the first year, 3,229,925 rubles. - in the second, and 3,919,425 rubles. - in the third. Taking them into account, it is necessary to calculate indicators on the basis of which the effectiveness of the innovation project will be assessed.

Net present value calculated for the next three years (NPV):

NPV1 = 448060/1.340624- 2000000 = - 1665782.5

NPV2 = 448060/1.340624+ 3229925/(1.340624)^2 - 2000000= 131343.21

Return on Investment Index (PI):

PI = (448060/1.340624+ 3229925/〖(1.340624)〗^2)/2000000 = 2131343.21/2000000 = 1.0656

Internal rate of return (IRR):

IRR = r_1+NPV(r_1)/(NPV(r_1)- NPV(r_2)) (r_2-r_1)

The cost of capital r1 is taken to be 20%.

Then IRR = 0.3+255859.8/(255859.8- 131343.21) (0.340624-0.3)=0.383475

We can conclude that the calculated rate of return exceeds the cost of capital. Thus, the implementation of this innovative project will be appropriate.

Innovative projects in business

Today, innovative business projects are successfully conquering the world market. This is explained by the fact that the modern consumer is not so easy to please. If a company repeats its competitors, it will lose its popularity over time. For this reason, any business needs innovation. It is best if these are truly innovative projects, and not an update of old technologies, goods or services.

It is actively changing due to the development of the scientific and technical sphere. From this point of view, business requires attention. In addition, innovations must be recognized by society. If they do not accept the developed innovative project, an example of which was demonstrated to consumers, it will not bring any benefit.

The benefits of innovation in business

It is worth noting that innovation in business requires significant intellectual, financial and labor costs. In addition, you will have to invest not only in the project, but also in the company’s employees. Innovations in business activities can be technical, managerial, administrative, economic and organizational.

Among the main innovative projects of this kind can be called computerization. They help create databases of bathhouses, carry out calculations using the Internet, use computer programs for work and sending emails. In addition, an entrepreneur will be able to create a commercial website or online store.

Thus, projects of this kind in business make it possible to improve the procedure for development, provision of services, sales, etc. In addition, the process will be significantly simplified and take less time. This means that the business will have greater profitability.

Innovative projects at school

Parents often face the question of where to send their child, regular school, gymnasium and lyceum. Most of them are identified quickly, but the concept of “innovative school” is rarely familiar to them. Despite this, all modern educational institutions can be called such. This is because most curricula are designed with innovation in mind.

It is not at all necessary to send your child to an innovative school, because in a traditional institution innovative pedagogical project. But they will still focus on developing children’s ability to independently acquire knowledge.

The use of innovative technologies in school allows us to individually select a training program for each child, which has a positive effect on his capabilities. In addition, children will be more eager to study, since they can be interested. What is an innovative project at school? An example is the use of various programs in the educational process. With their help, you can positively influence the acquisition and assimilation of knowledge.

Innovation project: example

In order to finally understand what an innovative project is, it is worth considering a specific example. Electrolux Design Lab held a student competition in China in 2013. There, a graduate of the Animation Institute, Qing Ji, presented his project, which was aimed at improving human sleep. He developed a cell cushion in the form of green mass. It can provide not only optimal rest, but also protection against harmful bacteria. In this case, the innovation project, an example of which is presented, involves the invention of a completely new and complex technology.

The pillow contains aloe cells that absorb carbon monoxide and release oxygen. For this reason, people who sleep on it do not have breathing problems. Aloe cells are able to eliminate any harmful bacteria around them. This innovative project, an example of which was described, became successful, but if you want to create something new, you can prepare a program that is not so complex. It may contain an update to existing technology.

innovative project innovation

Risk is an important element of the results of the execution of any economic decision, primarily due to the fact that uncertainty is an inevitable condition for the functioning of any economy. Any management activity, to one degree or another, has a risky nature, which is due to both the multifactorial dynamics of the management object and its external environment, and the role human factor in the process of influence. It is because of this that risk management determines the directions and possibilities for ensuring the sustainability of the functioning of innovative enterprises and the ability to withstand unfavorable situations. The significant level of risk in innovation is evidenced by the fact that, on average, out of every hundred venture capital firms, only a few achieve success.

Innovative activity is always associated with risk, which is due to the presence of a number of factors, the impact of which on the results of activities cannot be accurately determined in advance.

When choosing a project and assessing its effectiveness, it is imperative to take into account factors of uncertainty and risk. A full-scale study of this issue is beyond the scope of this work, so we will dwell on them only briefly.

Innovativeness is associated with the uncertainty of the economic environment, resulting from the variability of supply and demand for goods, money, factors of production, from the variety of areas for the application of capital and the variety of criteria for the preference of investing funds, from the limited knowledge about the areas of business and commerce and many other circumstances.

The economic behavior of an entrepreneur in market relations is based on what is chosen and implemented at one’s own risk. individual program entrepreneurial activity within the framework of opportunities. Each participant market relations initially deprived of pre-known, uniquely defined parameters, guarantees of success: a secured share of participation in the market, access to production resources at fixed prices, stability of the purchasing power of monetary units, immutability of norms and regulations and other instruments of entrepreneurial and other economic activity.

Innovation activities in to a greater extent than other areas of entrepreneurial activity, it is associated with risk, since there is practically no complete guarantee of a successful result in innovative entrepreneurship. IN large organizations this risk, however, is significantly less, since it is covered by the scale of normal business activities (well-functioning and, most often, diversified).

The level of risk of innovation activity is evidenced by the fact that on average, out of every ten venture capital firms, only one or two achieve success. High risk, however, is usually accompanied by high compensation: the possible rate of profit from the implementation of innovative projects is much higher than the usual one obtained from other types of business activities. This is what allows the innovation sphere to exist and develop. The more localized the innovation project, the higher the risk of innovation activity; if there are many such projects and they are dispersed in industry terms, according to the law large numbers the risk is minimized and the likelihood of success of innovative entrepreneurship increases. At the same time, the profit from the implementation of successful innovative projects is so great that it covers the costs of all other failed developments Afonin I.V. Innovation management. / I.V.Afonin? M.: Gardarika, 2005.-34S..

In general, the risk arising in innovative entrepreneurship includes the following main types of risks:

§ risks of wrong choice of an innovative project;
§ risks of failure to provide an innovative project with a sufficient level of financing;
§ marketing risks of the current supply of resources necessary for the implementation of an innovative project;
§ marketing risks of marketing the results of an innovative project;
§ risks of non-fulfillment of business agreements (contracts);
§ risks of unexpected costs and decreased income;
§ risks of increased competition;
§ risks associated with insufficient staffing levels;
§ risks associated with securing ownership rights to an innovative project, etc.

One of the reasons for the risk of erroneous choice of an innovative project is the unreasonable determination of the priorities of the economic and market strategy of an entrepreneurial company, as well as the corresponding priorities of various types of innovations that can contribute to achieving the goals of the enterprise.

The next reason for the risk of incorrect choice of the purpose of an innovation project may be an erroneous assessment of the consumption market. This reason characteristic of so-called “author’s” innovative projects developed by scientists.

The risks of not providing an innovation project with a sufficient level of financing include the following:

1. The risk of not receiving the funds necessary to develop an innovative project. This risk is typical for situations where an innovative project requires large financial resources, but the enterprise was unable to obtain them.
2. When choosing a source of financing for an innovation project from enterprises, there are three possible options financing. The first method is self-financing of the project, the second is reliance on external sources of financing, the third is a combination of the above. Accordingly, there is a risk of not receiving funds as a result of an incorrectly chosen financing method.

As a rule, tens and hundreds of firms operate in the innovation market, which causes risks due to increased competition among innovative enterprises and research organizations. The reasons for this type of risk may be the following:

§ leakage of confidential information either through the fault of company employees or as a result of industrial espionage;
§ imperfection of marketing policy, that is, incorrect choice of markets and incomplete information about competitors or lack of reliable information about competitors;
§ slow implementation of innovations compared to competitors due to the lack of necessary funds for research and development, introduction of new technologies, mastering the production of new high-quality and competitive goods;
§ unfairness of competitors, consisting in the use of unfair competition methods;
§ the appearance on the market of manufacturers from other industries offering similar, interchangeable goods;
§ identification of unforeseen substitutes for manufactured goods in the industry in which the company operates;
§ emergence of local new competing firms;
§ expansion into the local market of the manufactured product or its analogues by foreign exporters.

Risks associated with securing ownership rights to an innovative project arise for various reasons. Thus, the risk of not ensuring patent conditions arises as a result of insufficiently “dense” patent protection of an invention or technology. Omissions in the implementation of an enterprise's patent policy can negate all the market advantages of innovations in the sale of new and improved products and services, as well as as a result of failure to obtain or take a long time to obtain a patent, untimely receipt of a license, or failure to pay fees for maintaining the patent in force on time. The same risk arises if the Patent Office refuses to issue a patent or if it is received late.

The risk of challenging patents that protect fundamental technical, design and marketing solutions is the likelihood of losses in the event of invalidation of patent rights on the basis of which the enterprise is already implementing an innovative project and expects to receive a monopoly profit.

The next group of risks that arise in the process of innovation activity are marketing risks associated with supply and sales. These risks are primarily due to the technical and specific features of the innovative project. In some cases, its implementation requires unique equipment or high-quality components or materials, which also require development and development. Therefore, in some cases, an enterprise is faced with the problem of finding suppliers capable of developing such unique resources for an innovative project. Sometimes such suppliers are not available on the domestic market and a business firm has to offer proposals to the international market, which entails additional costs, as well as the emergence of risks associated with foreign economic activity. Brolio E. System for assessing the risks of an organization's innovative activities / E. Brolio. Problems of theory and practice of management, 2008.- 58C.. In this case, the costs of an enterprise when developing an innovative project can increase significantly, and the expected economic effect can significantly decrease. This will also happen if suppliers fail to fulfill their obligations in terms of deadlines, quality of services provided, etc.

Marketing risks of marketing a developed innovative project include the following:

§ the risk of insufficient market segmentation, which most often arises when developing and introducing new products and services of high quality and high cost, as a result of which intended consumers will not be able to buy them, and this in turn affects the sales volumes of new products;
§ the risk of erroneous selection of the target market segment, which arises in the following situations:
- - when the demand for innovation in the selected market segment is unstable;
- - when in a given market segment the need for innovation is not sufficiently formed;
- - if a market segment is selected in which the need for innovation is assessed incorrectly;
- - if a market segment is selected for sales in which the need for innovation is limited, etc.;
§ the risk of an erroneous choice of innovation sales strategy due to the choice of unsuccessful organization of the sales network and system for promoting the innovation to the consumer.

In addition to the types of risks discussed above, the activities of innovative enterprises are influenced by risks characteristic of all business organizations(political, credit, investment, etc.):

1. Risk associated with instability of economic legislation and the current economic situation, investment conditions and use of profits
2. Foreign economic risk (the possibility of introducing restrictions on trade and supplies, closing borders, etc.)
3. Uncertainty of the political situation, risk of unfavorable socio-political changes in the country or region
4. Incompleteness or inaccuracy of information about the dynamics of technical and economic indicators, parameters of new equipment and technology
5. Fluctuations in market conditions, prices, exchange rates, etc.
6. Uncertainty of natural and climatic conditions, the possibility of natural disasters
7. Production and technological risk (accidents and equipment failures, manufacturing defects, etc.)
8. Uncertainty of goals, interests and behavior of participants
9. Incompleteness or inaccuracy of information about the financial position and business situation of participating enterprises (the possibility of non-payments, bankruptcies, failures of contractual obligations).

Uncertainty refers to the incompleteness or inaccuracy of information about the conditions of the project, including associated costs and results. The uncertainty associated with the possibility of adverse situations and consequences arising during the implementation of the project is characterized by the concept of risk.

The most accurate method is a formalized description of uncertainty. In relation to the types of uncertainty most often encountered when assessing investment projects, this method includes the following steps:

a description of the entire set of possible conditions for the implementation of the project (either in the form of appropriate scenarios, or in the form of a system of restrictions on the values of the main technical, economic, and the like parameters of the project) and the costs that meet these conditions (including possible sanctions and costs associated with insurance and reservation), results and performance indicators;

transformation of initial information about uncertainty factors into information about the probabilities of individual implementation conditions and corresponding performance indicators or the intervals of their change;

determination of performance indicators for the project as a whole, taking into account the uncertainty of the conditions for its implementation - indicators of expected effectiveness.

As noted above, the risk of innovation activity is greater the more localized the innovation project is; if there are many such projects and they are dispersed in industry terms, the risk is minimized and the likelihood of success increases. At the same time, the profit from the implementation of successful innovative projects is so great that it covers the costs of all other failed developments.

Innovation risk also arises in the following situations:

§ when introducing a cheaper method of producing a product or providing a service compared to those already in use. Such investments will bring temporary excess profits to the organization as long as the organization is the sole owner of this technology. In this situation, the organization faces one type of risk - a possible incorrect assessment of demand for the product being produced;
§ when creating a new product or providing a service using old equipment. In this case, the risk of incorrect assessment of demand for a new product or service is added to the risk of inconsistency in the level of quality of the product or service due to the use of equipment that does not provide the required quality;
§ when producing a new product or providing a service using new equipment and technology. In this situation, innovation risk includes the risk that a new product or service may not find a buyer, the risk that new equipment and technology do not meet the requirements necessary for the production of a new product or service, the risk that it is impossible to sell the created equipment, since it does not meet the technical level required for the production of new goods.

Thus, in general view risk in innovation can be defined as the probability of losses arising when an organization invests funds in the production of new goods and services, in the development of new equipment and technologies that may not find the expected demand in the market, as well as when investing in the development of management innovations, which will not bring the expected effect. Consequently, the considered risks ultimately come down to the risk of possible losses, i.e. are commercial.

P. Drucker formulated the “rules of effective research” for innovative firms in order to reduce risks and increase the efficiency of innovation activities

§ Every new product, process, or service becomes obsolete the day it first reaches breakeven.
§ The fact that you deem your product, process or service obsolete is the only way to prevent your competitor from doing so.
§ It is better to forget the nineteenth-century distinction between “fundamental” and “applied” research. It may still hold true in pure science, but in industry it is meaningless.
§ In effective research, physics, chemistry, biology, mathematics, economics, etc. are not “disciplines”, but tools. Effective research requires that the leader of an innovation project knows how, when and what specialist needs to be involved in the implementation of the project.
§ Research is not one effort, but three: improvement, controlled evolution and innovation. They complement each other, but at the same time they differ significantly from each other. Improvement is about making what is already successful even better; it is a never-ending activity. The motto of controlled evolution is: “every successful new product is a stepping stone to the next product.”