The role of venture business in a sustainable development of innovative system is considered. The conclusion is drawn on discrepancy of tendencies of development of the venture industry and its contribution to growth of investment activity and efficiency of economic processes. The role of the state in development of venture business, including at the regional level is analysed. The offers directed on the solution of the problematic issues arising in the course of creation of effective models of venture business in sectors of industrial technologies and biotechnologies are formulated.

Keywords: venture funds, venture business; venture investments, innovations, state support of investments, state support of innovations, business simulation, diversification of risks