INSTITUTIONAL MECHANISMS OF STATE GOVERNANCE OF VENTURE ECOSYSTEM FORMATION: A CONCEPTUAL FRAMEWORK AND APPROACHES TO EFFECTIVENESS EVALUATION

Abstract

The purpose of the study is to develop a conceptual framework for evaluating the effectiveness of institutional mechanisms of state governance of venture ecosystem formation. The methodological basis combines comparative, systems, and institutional analysis together with venture market statistics for Russia over 2023–2026; the framework is tested on the venture ecosystem of Moscow and on the register of small technology companies. The institutional mechanism is treated as an integral management cycle: regulatory framework, implementing operator, procedures, monitoring, evaluation, and adjustment, rather than as a set of isolated incentives and funds. On this basis, a four-level evaluation framework is built across the normative, organizational, procedural, and performance levels; it measures both the results achieved and whether the cycle is closed, that is, whether the state revises the conditions of support in light of those results. The study finds that, while the normative, organizational, and procedural levels are strong, the performance level is the most vulnerable: a systematic assessment of the net fiscal effect of incentives and a mechanism for a planned state exit from capital remain underdeveloped, and adjustment based on results stays weak. Four directions for development are proposed: end-to-end monitoring, closing the management cycle, a state capital exit mechanism, and a shift toward reproducing private venture capital.