A methodological approach to the evaluation of the effectiveness of innovative projects

Ivano-Frankivsk National Technical University of Oil and Gas, Department of Management and Administration, Ivano-Frankivsk, 76000, Ukraine

^* Corresponding author: petrynamy@gmail.com

Abstract

Ensuring the sustainable development of the economy depends to a large extent on the implementation of the innovative model, in which the innovation infrastructure plays a key role. The growing number of technoparks in Ukraine has increased the requirements for economic substantiations for decision-making regarding the expediency of implementing their innovative projects. The search for appropriate methods and approaches to project evaluation has determined the actuality of the research topic. The article summarizes the methods of evaluating innovative projects, identifies their advantages and disadvantages. Besides, it reveals the features of the evaluation of innovative projects of technoparks. The novelty of the work is the proposed methodological approach to the evaluation of the efficiency of innovative technopark projects, which takes into account the specifics of the Ukrainian legislation. The methodological approach is based on the generally accepted performance indicators in the world: Net Present Value, Profitability Index, Internal Rate of Return, and Payback Period. Special accounts of technology parks, their participants, and joint ventures are a separate element in the calculation formulas. The application of the proposed methodological approach will accelerate the process of selection of innovative projects and their implementation, activation of innovative activities, and the sustainable development of the state. The proposed methodological approach is tested in the evaluation of the innovative project of the technopark of the E. O. Paton Electric Welding Institute and confirmed the effectiveness of its implementation.