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Abstract

The paper deals with possibilities of innovation projects financing in the Small and Medium Size Enterprises (SMEs) in the Czech Republic. It discusses, in the emphasis on SMEs, possible approaches to innovative company financing in dependence on company life cycle. Well established and functional models of innovative companies financing as FFF, Business angels, Private equity and Venture capital funding and mezzanine financing are discussed. Inasmuch SMEs are considered the key driving force of the Czech economy and the stabilizing feature of the regional development, the government places emphasis on the development of financial instruments which would ensure an ongoing financial support of innovation projects. But managements of SMEs insufficiently use all opportunities to obtain investment resources for the growth, future competitiveness and prosperity of their companies. According to researches performed in EU it was proven that financing constraints hinder innovation among SMEs. Maintaining regional balance through sustainable performance of SMEs is the common aim of municipalities as well. It is necessary for SMEs to form long-term relationships with their municipalities in the region. Programmes which arrange financial support for institutions are provided through private investors, grants, the EU funds and national budget. The paper evaluates pros and cons of various types of financial subsidies with respect to payback periods, risk exposure and availability. The paper includes the outputs of empirical research in SMEs carried out 2014 focused on steering innovation projects in SMEs. The aim of the research was to find out if SMEs can manage, evaluate and develop innovation projects. Moreover the authors examined the effectiveness of relationships established between SMEs and municipalities and problems which the SMEs are confronted by upon the ensurance of project innovation investments. The sources procurement is a very sophisticated topic and it is beneficial for the SMEs to establish a close cooperation not only with municipalities but also with universities.
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