The article provides a mechanism for the application of venture financing of innovation projects in accordance with the phases of the innovation process. The indicators of the effectiveness of combined investment with venture capital were uncovered. It should be noted that there is a need to organize the work of participants in venture investing in a single system with specific performers in priority research projects. Also, this article describes the institutional mechanism of interaction of venture investors with innovative enterprises that have involved venture capital at various stages of development. The directions of attracted investment to create long-term competitive advantages have been identified. A detailed analysis of the key points of the post-investment phase was carried out. There were examined and identified the need and the possibilities for infrastructure-building and macroeconomic conditions for attracting venture capital investment from the Republic of Moldova at the national and regional levels.