Abstract
<jats:p>The relevance of the study is обусловлена the growing role of innovative entrepreneurship and venture financing in the context of economic transformation and increased uncertainty, which intensifies the need for forming a well-grounded valuation of startups. At the same time, the lack of a systematic approach to determining the price of innovative business, especially under unstable investment conditions, complicates effective decision-making for both investors and founders. The aim of the study is to generalize theoretical approaches and substantiate the factors influencing the formation of the price of innovative business within the venture financing system, taking into account market dynamics, sectoral characteristics, and startup features. The research employs methods of generalization and systematization to define the essence of the price of innovative business; structural analysis to identify influencing factors; statistical analysis to assess the dynamics of venture investments; comparative analysis to examine the sectoral structure of financing; as well as logical generalization to develop a mechanism for improving the process of startup valuation. The results of the study demonstrate that the price of innovative business is formed under the influence of a multi-level system of factors, including macroeconomic conditions, sectoral specifics, and internal characteristics of startups. It is revealed that the dynamics of venture financing determine the overall level of market valuations, while the sectoral structure of investments leads to differentiation in value depending on the technological domain. It is also shown that key determinants of investment attractiveness at the micro level include the stage of business development, team composition, technical capabilities, and founders’ experience. A mechanism for improving the formation of the price of innovative business is proposed, aimed at reducing risks, increasing transparency of valuation, and developing the institutional infrastructure of the venture market.</jats:p>