Evaluation of the effectiveness of government support for technology entrepreneurship

Aizhan Ibyzhаnova, Elvira Rustenova, Султанова Замзагуль Хамитовна, Gulnar Talapbayeva, Zhanat Yerniyazova

2023

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DOI 10.15587/1729-4061.2023.286390
Data confidence 70 medium
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Abstract

This article explores the role of state support in stimulating technological entrepreneurship and its impact on the innovation process. Through analyzing existing research and using empirical evidence, the article develops a theoretical framework that explains the mechanisms of the impact of government measures on technological entrepreneurship. The article provides an overview of the main measures and tools implemented in the Republic of Kazakhstan over the past 10 years. In particular, the effectiveness of measures of JSC "Entrepreneurship Development Fund "Damu", which realizes the functions of an agent for accounting and monitoring the use of funds from the state budget, is assessed. The draw a conclusion about the stable growth of the sector, despite the negative factors of the impact of non-stability of the external environment. A quantitative assessment of the macroeconomic impact of financial measures of state support on technological entrepreneurship using the methods of correlation and regression analysis is given. The results of the assessment showed that there are weak and strong influence of state support measures: interest rate subsidies do not show macroeconomic effect, loan guarantees have a weak effect on the opening of new business entities; conditional placement of funds in banks and interest rate guarantees show good influence. In conclusion, our article presents concrete practical implications and policy recommendations to enhance state support strategies for technology entrepreneurship, aimed at promoting innovation and reinforcing economic competitiveness. The research has revealed a noteworthy surge in innovation activity and growth in economic competitiveness. In particular, comparative assessments indicate that in 2021, the SME sector accounted for 33.3 % of the economy, signifying a substantial increase from the 32.8 % of GDP it constituted in 2020. These numbers underline the success of the current policies and provide a strong rationale for the continued enhancement of state support for technology entrepreneurship. The findings not only reaffirm the significance of continuing this policy but also establish the groundwork for more ambitious targets, such as achieving a 35 % share of SMEs in the economy by 2025.