Financing of Innovative Businesses

The goal of studying this subject is that students master the basics of the process of commercialization of innovative solutions, from invention to innovation diffusion, and to be able to find adequate internal and external sources of financing entrepreneurial ventures. Students will be able to analyze financial instruments by groups, namely: debt, equity, mortgage and derivative.

Upon successful completion of this subject the students will be able to classify and sort sources of financing of innovative entrepreneurial ventures on internal and external, and to analyze the optimal solutions for the use of the available funding sources. The students will be able to specify criteria for the use of certain sources of funding and predict how these funding sources will contribute to the achievement of short-term and long-term goals of the company's business operations.

Entrepreneurship and innovation; Characteristics of entrepreneurial organizations; Innovation as a source of prosperity in conditions of uncertainty and risk; Sources of innovation; Mission, goals and tasks of innovative group and entrepreneurial teams; Types of innovation; From invention to innovation diffusion; Commercialization of innovations; Transfer of innovation in the real sector; University spin-off; Internal sources of financing innovative enterprises; Loans; Leasing; Microloans; Factoring; Angel investors; Venture capital funds; Mezzanine financing; Financing on the Stock Exchange; Private-public partnership; Joint venture.

Lectures, discussions, case studies and consultations. Independent research and analysis of the experiences of developed countries in the transfer of technologies and financing investment projects.

Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points)

Vukmirović, N. (2012). Entrepreneurship in economic theory and practice. Innovative systems of creating and more efficient use of resources. Banja Luka: Faculty of Economics, University of Banja Luka; Petković, S.; Berberović, Š. (2013). Economics and management of small and medium-sized enterprises. The principles and policies. Banja Luka: Faculty of Economics, University of Banja Luka; Vukmirović, N. (2006). Modern entrepreneurship. Banja Luka: Faculty of Economics, University of Banja Luka; Barringer, B. R.; Ireland, R. D. (2006). Entrepreneurship. University of Central Florida: A &M.