Science, Technology and Innovation Financing

Technology development and commercialization process is a capital intensive activity. So, science, technology and innovation financing, by an appropriate method, in appropriate time and by the appropriate resources is a very important issue. Innovative firms’ financing methods vary in different stages of the company life cycle; from personal resources to banking resources, venture capital, crowdfunding, and stock markets. Different actors use different financing methods and together shape the Innovation Financing System (IFS). In this paper we first introduce financing sources for innovative companies at different stages of their life cycle and then explore the players of innovation financing system. Then, while reviewing the global trends of innovation financing and financing trends in developing countries, an institutional map of Iran's innovation financing system is presented.