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DOI: 10.52174/2579-2989 2023.3-67

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1 Why do so many startups fail? World Economic Forum, May 26, 2015 https://www.weforum.org/agenda/2015/05/why-do-so-ma-ny-startups-fail/?DAG=3&gclid=EAIaIQobChMIptnz15fU_wIVERkGAB1vgwD4EAMYASAAEgK5hfD_BwE

2 Sbqb|nLpjnLlQ Sbnf t pbp^bi ^np6wqhrnw|wl hwpgm^bph wpqjnLlpnLJ:

3 KPMG, Global venture capital annual investment shatters records following another healthy quarter https://kpmg.com/xx/en/ home/media/press-releases/2022/01/global-venture-capital-annual-investment-shatters-records-following-another-healthy-quar-ter.html

4 EY, Q1 VC investment rises, with headwinds increasing for 2023, https://www.ey.com/en_us/growth/venture-capital/ q1-2023-venture-capital-investment-trends

5 3bnlwp|nLpjnLllbph hl|nLpwrnnp hh^w^pwJ, https://www.eif.am/arm/projects/venture-capital-firm-granatus/

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7 UNDP Armenia, https://www.undp.org/armenia/press-releases/undp-supports-launch-granatus-ventures-new-fund-targeting-sdg-oriented-tech-ventures

8 Sbu Sm^nùhmjmJ <mjmurnmùh ^bu^mùmpjmù ^mjpt2, https://japan.mfa.am/hy/news/2021/09/07/%D5%A1%D5%A6%D5% A3%D5%A1%D5%B5%D5%AB%D5%B6-%D5%BE%D5%A5%D5%B6%D5%B9%D5%B8%D6%82%D6%80%D5%A1%D5%B5%D5% AB%D5%B6-%D6%86%D5%B8%D5%B6%D5%A4%D5%AB-%D5%AF%D5%A1%D5%BC%D5%A1%D5%BE%D5%A1%D6%80%D5% B9%D5%AB-%D5%A2%D5%A1%D6%81-%D5%B4%D6%80%D6%81%D5%B8%D6%82%D5%B5%D5%A9/9459

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18 The Venture Capital and Private Equity Country Attractiveness Index https://blog.iese.edu/vcpeindex/armenia/

'9 James A. Brander & Qianqian Du & Thomas F. Hellmann, 2010. "The Effects of Government-Sponsored Venture Capital: International Evidence," NBER Working Papers 16521, National Bureau of Economic Research, Inc., https://www.nber.org/system/ files/working_papers/w16521/w16521.pdf

2° The Venture Capital and Private Equity Country Attractiveness Index https://blog.iese.edu/vcpeindex/armenia/

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21 « https://www.armstat.am/file/article/sv_02_23a_141.pdf

22 The Venture Capital and Private Equity Country Attractiveness Index 2021, Tenth edition https://blog.iese.edu/vcpeindex/ files/2021/06/report2021.pdf

23 « hmplmjhl opbluqhpf, https://www.arlis.am/DocumentView.aspx?DocID=177027

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25 Scimago Journal and Country Rank https://www.scimagojr.com/countryrank.php?year=2022

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29 « opblfD «Sb^blwm^wlwl mb^lnLnqhwlbph nLnpmh i^bmwlwl wgwlgmpjwl Jwuhl», https://www.arlis.am/docu-mentview.aspx?docid=130329

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1. « ^wnw^wpmpjwh 2013 p. q.bl|mbdpbph 3-h N1083-U npn2^J, https://www.irtek.am/ views/act.aspx?aid=72728

2. « hwplwjhh opbhuqhpf, https://www.arNs. am/DocumentView.aspx?DocID=177027

3. « opbhfp «Lbp^pmJwjhh ^nh^bph Jwuhh», https://www.arlis.am/documentview. aspx?docid=64518

4. « opbhfp «Sbqblwm^wlwh mbNhn[n-qhwhbph n[npmh ^bmwlwh wgwlgmpjwh

Jwuhh», https://www.arlis.am/documentview. aspx?docid=130329

5. CC ^.H, https://www.armstat.am/file/article/ sv_02_23a_141.pdf

6. C. Un^uhujwh, Cwjwumwhh qhmmpjmhQ1 p^bpn^, «UJpbp^» mbqblwqhp, 2022 (1), https://asue.am/upload/files/amberd/6(1).pdf

7. Qbnhwplmpjmhhbph hhlnLpwmnp hhJ-

hw^pwJ, https://www.eif.am/arm/projects/ven-ture-capital-firm-granatus/

8. öwu|nhhwjni.J Cwjwumwhh ^bu^whm-pjmh, https://japan.mfa.am/hy/news/2021/09/07 /%D5%A1%D5%A6%D5%A3%D5%A1%D5%B5%D 5%AB%D5%B6-%D5%BE%D5%A5%D5%B6%D5% B9%D5%B8%D6%82%D6%80%D5%A1%D5%B5 %D5%AB%D5%B6-%D6%86%D5%B8%D5%B6%-D5%A4%D5%AB-%D5%AF%D5%A1%D5%BC%D5 %A1%D5%BE%D5%A1%D6%80%D5%B9%D5%AB-%D5%A2%D5%A1%D6%81-%D5%B4%D6%80%D6% 81%D5%B8%D6%82%D5%B5%D5%A9/9459

9. BigStory VC https://www.bigstory.vc/

10. Cumming D, Fleming G, Schwienbacher A. Legality and venture capital exits. Journal of Corporate Finance 2006; 12; 214-245.

11. EY, Q1 VC investment rises, with headwinds increasing for 2023, https://www.ey.com/en_us/ growth/venture-capital/q1-2023-venture-capital-in-vestment-trends

12. Formula VC https://formula.vc/

13. Granatus Ventures https://www.granatusven-

ю

tures.com/ https://www.scimagojr.com/countryrank.php?-

14. Himk Capital https://www.himkcapital.com/ year=2022

15. Hive Ventures https://hiveventures.co/ 21. Triple S ventures https://triples.vc/en

16. James A. Brander & Qianqian Du & Thomas 22. The Venture Capital and Private Equity Coun-F. Hellmann, 2010. "The Effects of Govern- try Attractiveness Index 2021, Tenth edition ment-Sponsored Venture Capital: Internation- https://blog.iese.edu/vcpeindex/files/2021/06/re-

al Evidence," NBER Working Papers 16521, port2021.pdf

National Bureau of Economic Research, Inc., 23. UNDP Armenia, https://www.undp.org/armenia/

https://www.nber.org/system/files/working_papers/ press-releases/undp-supports-launch-granatus-ven-

w16521/w16521.pdf tures-new-fund-targeting-sdg-oriented-tech-ven-

17. KPMG, Global venture capital annual in- tures

vestment shatters records following another 24. Why do so many startups fail? World Eco-

healthy quarter; https://kpmg.com/xx/en/home/ nomic Forum, May 26, 2015;

media/press-releases/2022/01/global-venture-cap- https://www.weforum.org/agenda/2015/05/

ital-annual-investment-shatters-records-follow- why-do-so-many-startups-fail/?DAG=3&gclid=EAIaI-

ing-another-healthy-quarter.html QobChMIptnz15fU_wIVERkGAB1vgwD4EAMYASA-

18. Shtigen VC https://shtigen.com/ AEgK5hfD_BwE

19. SmartGate VC https://www.smartgate.vc/ 25. https://www.crunchbase.com/

20. Scimago Journal and Country Rank

Рузанна ТАДЕВОСЯН

Младший исследователь исследовательского центра «Амберд», АГЭУ

ОБРАЗОВАНИЕ, ИННОВАЦИИ, ЗНАНИЯ

ВЕНЧУРНЫЙ КАПИТАЛ В АРМЕНИИ

Статья исследует показатели венчурных фондов, доступных в РА, и оценивает привлекательность РА с точки зрения привлечения венчурного капитала с использованием индекса привлекательности стран для венчурного капитала и частного эквити. Были проведены сравнения с другими странами региона, и проанализирована динамика. Кроме того, были проведены экспертные опросы с основателями фондов. Результаты исследования показывают, что общая среда в Армении благоприятна с точки зрения законодательства и налоговых льгот. Однако существуют области, требующие улучшения, такие как соблюдение законов, глубина рынка капитала и развитие человеческого капитала. Поэтому мы предлагаем политикам сместить свое внимание с прямого участия в венчурных фондах через равные инвестиции на улучшение этих показателей. Это может быть достигнуто путем создания общей инфраструктуры и развития конкурентной среды для этого сектора. Таким образом, рыночные механизмы сами приведут к созданию необходимого объема и количества фондов.

Ключевые слова: венчурный капитал, венчурный фонд, индекс, стартап, инвестиции

Ruzanna TADEVOSYAN

Junior Researcher at «Amberd» Research Center, ASUE

EDUCATION, INNOVATION, KNOWLEDGE

VENTURE CAPITAL IN ARMENIA

The paper examines the indicators of venture funds available in the RA and assesses the attractiveness of the country in terms of attracting venture capital by utilizing the Venture Capital and Private Equity Country Attractiveness index. In addition, we draw comparisons with other countries in the region and analyze the dynamics. Furthermore, we conducted expert surveys with fund founders. The results of the research indicate that the overall environment in Armenia is favorable in terms of legislation and tax benefits. However, several areas require improvement, including law enforcement, the depth of the capital market, and human capital development.

As a proposed solution, we recommend that policymakers shift their focus from direct participation in venture funds through equal investment to enhancing these indicators. This can be achieved by creating common infrastructures and fostering a more competitive environment for the sector. By doing so, market mechanisms will naturally lead to the establishment of the necessary volume and number of funds.

Keywords: venture capital, venture fund, index, start-up, investment

ՎԵՆՉՈՒՐԱՅԻՆ ԿԱՊԻՏԱԼԸ ՀԱՅԱՍՏԱՆՈՒՄ Текст научной статьи по специальности «Экономика и бизнес»

Аннотация научной статьи по экономике и бизнесу, автор научной работы — Ռուզաննա Թադեվոսյան

Похожие темы научных работ по экономике и бизнесу , автор научной работы — Ռուզաննա Թադեվոսյան

VENTURE CAPITAL IN ARMENIA

Текст научной работы на тему «ՎԵՆՉՈՒՐԱՅԻՆ ԿԱՊԻՏԱԼԸ ՀԱՅԱՍՏԱՆՈՒՄ»