Abstract
The purpose of this study was to develop an optimised strategy for state support of small and medium-sized enterprises at the regional level of Ukraine through the implementation of innovation and investment measures aimed at increasing their competitiveness and sustainability in the face of current economic challenges. The study was based on the analysis of key challenges faced by small and medium-sized enterprises, such as limited access to financial resources, low level of innovation, difficulties in integrating into international markets, and insufficient cooperation with research institutions and government agencies. The analysis covered three regions of Ukraine: Kyiv, Lviv, and Dnipro regions. The key findings of this study included the development of recommendations to improve the effectiveness of state support for small and medium-sized enterprises, which should account for regional characteristics and needs. It was proposed to introduce innovation clusters to strengthen cooperation between businesses, research institutions, and government agencies to create innovative products and services. The study also emphasised the significance of business digitalisation, which would increase the efficiency of small and medium-sized enterprises, reduce costs, and facilitate access to new markets. Particular attention was paid to the need to attract private investment through public-private partnership mechanisms to finance innovative projects, which would help modernise enterprises and increase their competitiveness both nationally and internationally. Specifically, the introduction of innovation clusters will not only stimulate the development of advanced technologies but will also facilitate the exchange of knowledge between enterprises and research institutions, which will increase the overall level of innovation in the regions. For this, it is necessary to create a favourable environment for the development of such clusters, including financial support, tax incentives, and training programmes for entrepreneurs. Another significant aspect is the development of digital technologies that can transform business processes in small and medium-sized enterprises
Keywords
economic modernisation; entrepreneurship; financial instruments; competitive advantages; investment
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