AUDIT OF INNOVATIVE IDEAS AS THE PREVIOUS STAGE OF THE BUSINESS-PLAN OF START-UP PROJECTS
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2014, Vol 8, Issue 161
Abstract
The paper is dedicated to the procedure of evaluation of innovative ideas and start-up projects – the methodology of feasibility study. The methodology of feasibility study is considered as the substantiation of the rationality of venture capital investments attraction in the process of transformation from the innovative idea to the innovation product. According to the feasibility study, the life cycle of the business project is illustrated as a multi-step decision-making process. This multi-step decisionmaking process is based on such techniques and instruments that provide venture capitalists with comprehensive information about the cost estimation of innovative ideas. Feasibility study of innovative idea is determined as a preliminary stage of the business plan. It is characterized that business plan and feasibility study are equally necessary and important in the transformation process from the innovative development into the finished product. It is proved that the methodology of feasibility study is the first and necessary step in the creation and implementation process of the start-up ideas. Feasibility study is demonstrated as a reliable tool in the process of profitable business project identification that helps venture investors to detect potentially successful business projects at their initial stage of innovative ideas' nucleation. As a result of the examination process of feasibility study components', that are "product-market-startup-company", was designated that an alternative innovative projects are investigated for the life cycles' compatibility of each component of feasibility study. It is specified, that feasibility study should be carried out periodically during the process of transformation from the innovative ideas into innovative products. As the conclusion of the research, the methodology of feasibility study is identified as an analytical tool that provides project managers and venture investors with the necessary information for the decision-making process, as well as allows them to predict the probability of achieving cost indicators of business project.
Authors and Affiliations
Oksana Zhylinska, Mariia Chuiko
Keywords
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- EP ID EP404113
- DOI 10.17721/1728-2667.2014/161-8/3
- Views 76
- Downloads 0
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