The role of the government support of the small and medium businesses innovation activities and the problems of the Japanese venture sector

Nowadays venture business is an important aspect of small and medium business and one of the developed countries innovation strategy elements. This research is devoted to the government role in the innovation entrepreneurship support and to the risk business problems in Japan. The main aim of the research is to determine the key peculiarities of the venture business government regulation in Japan and the problems, which appear during the implementation of the innovation business support measures, on the basis of the governmental documents and the statistic data analysis. The next sources have been examined to achieve the goal: "Japan vision 2050. Principles of strategic science and technology policy toward 2020", "Innovation 25. Creating the Future, Challenging Unlimited Possibilities", "JETRO global trade and investment report 2016". Also, the articles of the international (R. Eberhart) and the Russian (N. Bondarenko) scientists and the OECD and JETRO statistic data have been used in the research. The place of the venture sector in the innovation policy, according to the Japanese government position, is determined in the paper, the main tendencies in the venture business development in the modern Japanese economy are marked. Also the main forms of the risk capital as a part of the small and medium business are provided. The spheres, which are the most popular for venture projects investment nowadays, are indicated, and the example of a successful cluster Kawasaki, which exists in the conditions of venture entrepreneurship support, is observed. But the venture business faces the problems during the start-up and development, and these problems are described in the research conclusion. It should be noted that the Japanese venture capital is an important dynamically developing element of the small and medium business in Japan, according to the official government position and the statistical data. In spite of the fact that the government position is marked just in the documents about innovative and technological state development, the venture sector is emphasized as a perspective development direction. There are some changes in the venture sector of modern Japan: the change of emphasis in the venture funds development from center to regions, the appearance of new governmental risk business support instruments, the stimulation of burgeoning entrepreneurs and angel investors and so on. This brings us to the conclusion that there are perspectives for further venture sector business development and coping with the existing barriers in the Japanese venture entrepreneurship.

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