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Kuznetsova E.G., Penkin A.V.
The impact of tax incentives and regional infrastructure on venture financing using the example of individual regions of Russia
Keywords: venture financing, tax incentives, innovative infrastructure, regional development, startups, investors, investment activity
The development of venture capital financing in Russia is a key prerequisite for the transition to an innovation-driven economy; however, this process is accompanied by a persistent trend towards extreme geographical concentration of investment capital, which raises questions about the effectiveness of state support measures, including tax incentives and the development of regional innovation infrastructure. The purpose of the study is to identify the mechanisms of synergistic interaction between tax incentives and regional innovation infrastructure, as well as to conduct a comparative analysis of regional strategies that ensure the inflow of venture capital. Materials and methods. The empirical basis of the study was provided by open statistical data from Rosstat, the Bank of Russia, the National Research University "Higher School of Economics", the Venture Investment Association and the National Association of Business Angels for 2020–2024 and the first half of 2025, as well as materials from relevant ministries and business navigators on innovation infrastructure. Comparative structural analysis of regional strategies, qualitative analysis of the regulatory framework and comparative case analysis were used in the work. Results. The venture capital financing market in Russia underwent a structural transformation between 2020 and 2025. The peak in investment activity in 2021 was followed by a sharp downturn. The recovery in 2023–2024 was characterized not by a return to the pre-crisis model, but by a shift towards capital concentration: the total volume of investments increased, while the number of deals decreased, indicating a trend towards larger funding rounds. The key trend was the shift in funding towards later stages (Series B and C+), which accounted for three-quarters of total investment in the first half of 2025. The geographical distribution of the market was characterized by an extremely high concentration of capital in the two main centers – Moscow and St. Petersburg, which together accumulated up to 95% of all venture capital investments. Government support for venture financing and innovation activities was implemented through various regional strategies, notably ecosystem-based (Moscow, Saint Petersburg), aggressive fiscal (Tatarstan) and science-subsidised (Novosibirsk Oblast) approaches. Fiscal measures produced the expected result only as part of a comprehensive policy. Only by being integrated into a vibrant ecosystem with a robust infrastructure, specialised development institutions and mechanisms for science commercialising were they able to attract significant capital inflows. The experience of the Republic of Tatarstan demonstrated success of such an integrated approach. At the same time, the situation in Arkhangelsk and Voronezh regions showed that isolated fiscal measures, not supported by an integrated ecosystem, did not give significant results. Conclusions. The impact of tax incentives on venture capital financing in Russia is indirect and is only fully realized when combined with a well-developed regional innovation infrastructure. Isolated fiscal measures do not provide significant capital inflows, which is confirmed by the cases of regions with low investment activity. The key success factor is the territory's ability to form an integrated ecosystem that combines specialized institutions, dense infrastructure, mechanisms for the commercialization of science, and non-fiscal support. The results of the study substantiate the need for a differentiated approach in regional policy: an ecosystem model with moderate benefits is effective for metropolitan agglomerations and a model for creating compact growth poles with maximum fiscal incentives and advanced infrastructure development is effective for regions with scientific potential.
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About authors
- Kuznetsova Elvira G.
- Candidate of Economics Sciences, Associate Professor, Department of Economic Theory and International Economic Relations, Chuvash State University, Russia, Cheboksary (elvira.kuz.70@mail.ru; ORCID: https://orcid.org/0000-0002-6804-8655)
- Penkin Artem V.
- 1st year Student, Faculty of Economics, Chuvash State University, Russia, Cheboksary (artem.penkin.2019@mail.ru; )
Article link
Kuznetsova E.G., Penkin A.V. The impact of tax incentives and regional infrastructure on venture financing using the example of individual regions of Russia [Electronic resource] // Oeconomia et Jus. – 2026. – №1. P. 19-38. – URL: https://oecomia-et-jus.ru/en/single/2026/1/3/. DOI: 10.47026/2499-9636-2026-1-19-38.
