ВЕНЧУРНИЙ КАПІТАЛ ЯК КАТАЛІЗАТОР ІННОВАЦІЙНОГО РОЗВИТКУ В УКРАЇНІ

The article examines the role of venture capital as a key catalyst for the innovative development of Ukraine’s national economy under conditions of global economic transformation, rapid digitalization, and the challenges caused by war. It is substantiated that in the modern knowledge-based economy venture capital functions not only as a source of financial resources for high-risk innovative projects, but also as an effective mechanism for transferring managerial expertise, fostering entrepreneurial skills, accelerating commercialization of innovations, and integrating startups into global value chains and international innovation networks.The current state of the Ukrainian venture capital market is analyzed, with particular attention paid to its sectoral structure and dominant focus on information technologies, digital services, fintech, and other high-tech industries. The study summarizes the experience of key elements of the innovation infrastructure, including business incubators, accelerators, and innovation clusters, and assesses their role in supporting startup growth and scaling.An expanded model of Ukraine’s innovation ecosystem is proposed, reflecting the multilevel interaction between the state, business and startups, the research and higher education sector, venture capital, corporate investors, and international donors. The article identifies strategic directions for the further development of venture capital in Ukraine, including the establishment of public–private venture funds, the expansion of corporate venture capital, the promotion of impact investing with measurable social and environmental effects, the use of digital platforms for crowd-venture financing, and the integration of venture financing into post-war recovery and reconstruction programs. It is argued that the implementation of these approaches will strengthen the resilience of the national innovation ecosystem, stimulate technological modernization, enhance investment attractiveness, and support sustainable, long-term economic growth of Ukraine in the post-war period.