Introduction Creating fundamentally new types of equipment and technologies requires a significant amount of experimental, research and design work, which, in turn, requires scarce materials, special equipment, testing ranges and the work of highly qualified scientists and specialists [1-2]. As noted in previous studies, the implementation of projects using the results of fundamental and applied research is associated with the so-called innovative risks [3-6], which can be implemented, at all stages of the project life cycle [7-8]. Various types of accidents that occurred during experiments, during the manufacturing process, during transportation, storage, etc., can cause substantial material damage to the investor. In addition to direct damage to the enterprise’s infrastructure, losses associated with delaying the project’s implementation deadline, contract disruption, and reputational costs, which may lead to a market loss, are of particular danger.
Methods of economic protection Insurance, as the most common method of protection, as a rule, does not take into account these risks, which leads to severe consequences for the investor if they are implemented . It should be noted that commercial insurance companies, the purpose of which is to maximize profits, are trying, as a rule, by all possible means to delay payments on insured events, which causes serious damage to the project indicators . An enterprise that does not receive timely compensation cannot sustain the terms of the project and incurs losses.
An alternative method of economic protection is redundancy. here, an enterprise creates its own funds from its own funds, from which all damage from an accident or other negative event is instantly compensated. Funds are immediately directed to compensation for damage, while the insurance organization needs time to collect documents, examinations, conduct an investigation, raise funds, etc. As a rule, large payments are delayed for several months, accompanied by lawsuits and litigation, which greatly complicates the distribution of insurance as a method of protection. In conditions of dynamically developing markets, the loss of time spent in such proceedings may lead to the failure of previously concluded contracts with all the ensuing negative consequences.
Making decisions To make a decision when choosing methods of economic protection, a dynamic model was developed that takes into account all the time spent on the innovation process.
The model is based on a comparison of the NPV project , protected by insurance and reservation.
References1. Bissette S. Systems for Stimulating the Development of Fundamental Research / National Research Council (U.S.). Committee for Joint U.S./U.S.S.R. Academy Study of Fundamental Science Policy, National Science Foundation (U.S.). Division of International Program. 1978. 803 p.
2. Anderson G., Arsenault N. Fundamentals of Educational Research. Routledge, 2005, 280 p.
3. Taylor, James (2004). Managing Information Technology Projects. p. 39.
4. Ruth T., Risk Management and Innovation in Japan, Britain and the USA, Routledge, 2005, 184 p.
5. OECD Reviews of Risk Management Policies Boosting Disaster Prevention through Innovative Risk Governance Insights from Austria, France and Switzerland: Insights from Austria, France and Switzerland. OECD Publishing, 2017, 252 p.
6. Martin Loosemore Innovation, Strategy and Risk in Construction: Turning Serendipity Into Capability, Routledge, 2013, 280p.
7. Nelson R.R. The Simple Economics of Basic Scientific Research // The Journal of Political Economy, 1959, V 67, p. 297.
8. Saxenian A.L. The origins and dynamics of production networks in Silicon Valley // Research policy. 1991. Т. 20. №. 5, p.p. 423–437
9. Batkovskiy A. M. Comparative Efficiency of Economic Security Tools for Innovative Projects [Batkovskiy A. M., Balashov V. M., Semenova E. G., Slavianov A. S., Fomina A. V., Khrustalev E. Yu.] // WSEAS Transactions on Business and Economics, 2019 .- Vol. 16 .- С. 360 - 367 .- Art.no 41.
10. Roger ter Haar, Marshall Levine Construction Insurance, CRC Press, 2013, 645 p.
11. Lin, Grier C. I.; Nagalingam, Sev V. (2000). CIM justification and optimisation. London: Taylor & Francis. p. 36
12. Khan, M.Y. (1993). Theory & Problems in Financial Management. Boston: McGraw Hill Higher Education.
13. Steven Buser: La Place Transforms as Present Value Rules: A Note, The Journal of Finance, Vol. 41, No. 1, March, 1986, pp. 243–247.
14. Bichler, Shimshon; Nitzan, Jonathan (July 2010), Systemic Fear, Modern Finance and the Future of Capitalism (PDF), Jerusalem and Montreal, pp. 8–11.