On February 15, within the framework of the Russian investment forum in Sochi, a session "Competitive venture investment market in Russia" organized by RVC together with the fund "Roscongress". Representatives of the development institutions, authorities, corporations and venture funds discussed development perspectives of the venture industry, increase of the number of players and attraction of the additional funds to the market.
The key discussion issues are possible measures of institutional and infrastructure support of the players on the venture investment market, reduction of the limitations for new participants and tax incentives mechanism.
According to the General Director of RVC Aleksandr Povalko, the Venture Market Development Strategy now states a number of support mechanisms by 2030. It was developed by RVC last year with participation of the venture community. Now the critical task is to ensure implementation of the suggested initiative in practice.
According to the deputy minister of economic development of the Russian Federation Sergey Gorkov in order to increase market volumes it is necessary in the first turn to stimulate attraction of "inactive" private money and develop angel financing.
A venture investor, founder of Universa Blockchain Platform Aleksandr Borodich considers that business-angels also need support:
Konstantin Shabalin, General Director of StartTrack told of how to attract the funds to the venture market through the investment venues:
Deputy General Director — Investment Director at RVC Aleksey Basov paid attention to the fact it is possible to strengthen motivation of the private investors with the changes in the taxation system. Thus, it is possible to consider financial loss for the other investment projects when calculating income tax.
He also reminded that this initiative is one of fifty that are included in the long-term Venture Market Development Strategy. Aleksey Basov also named work of the public investment venues, crowdfunding liberalization and launch of electronic notary system to simplify transactions mechanism as a part of the necessary instruments used to attract private investments.
Evgeny Yakushev, Public and State Relations Executive Director at NPF “SAFMAR" told about perspectives of the pension funds participating in the venture market. According to him, the problem is in the regulatory policy related to NPFs when the funds may face the requirement to compensate losses related to unsuccessful and risky investments.
Evgeny Yakushev noted that in perspective NPF's could invest in projects on the investment stages following the venture stage. He also emphasized that today the pension funds are not the investors, but users of the new technologies. For example, NPF's were the first and the biggest players on the market of digital signatures — gave rise to development of this technology.
Sergey Kerber, the Head of the Investment Projects and Programs Administration at MC "Leader" agreed that because of the severe regulatory policy and focus on the low-risk investments, NPFs don't consider active participation in the venture market.
Alexandr Povalko summarizing the session noted that venture investments play extremely important role of a catalyst element:
He specified two main factors: at first, dummy copying will not lead to positive results — it is necessary to adjust the instruments; secondly, in Russia, business angels, funds and pension funds do not like risk. It is necessary to lower risks for managers including those in the state corporations in order to allow them to think outside the box — in this way it is possible to improve situation on the venture market.