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RVC draws up the results for 2014

12.01.2015
RVC

RVC draws up the results for 2014

In 2014, the key activity of RVC was to ensure a balanced sectorial and industrial structure of Russian venture capital market in accordance with the earlier adopted "RVC OJSC Strategy" (2020) and "RVC OJSC Development Strategy 2014-2016".

RVC non-financial instruments for the development of Russian venture ecosystem were aimed at supporting regional infrastructure market, developing its participants' competencies and improving efficiency of their interaction, as well as globalization and promotion of innovation. A new part of RVC work in 2014 was creation of the Project Office for coordination of regional innovation clusters, technology platforms, engineering centers, as well as state companies with innovative development programs.

RVC investment activity was focused on creating offers for venture capital in high-tech industries. One Fund, four micro funds at seed and pre-seed stages have been created. An assistance have been provided in creation of one regional fund and RVC is currently involved in the launch of another two regional funds.

INVESTMENT ACTIVITY

According to the results of 2009-2014, RVC does not stop increasing the volume of the funds with its participation and the investments in innovative companies, despite the declining rate of economic growth. The total number of funds created with RVC participation, as of the end of autumn 2014, has reached 18, and their total size - 25.8 billion rubles. In 2014, the increase in volume of RVC solid investment commitments in three new approved and created funds amounted to 3.47 billion rubles at the stated amount of new created funds of up to 8.6 billion rubles.

New funds created with RVC participation and support

RVC together with R-Pharm Company has created a venture capital fund in the field of medical technology - RusBio Ventures. The Fund has become the first major investment partnership in Russia. At the first closing, the volume of assets under the fund's management was 2 billion 70 million rubles, RVC investments - 1 billion rubles. Initially, RusBio Ventures portfolio will include 8-10 companies. Thus, to date, RVC has become Russian largest investor in the biotechnology industry. The planned launch of another two funds was announced for the near future.
  • A venture capital fund was created with RVC support in Sverdlovsk region. The fund's volume amounted to 156 million rubles. The structure's distinctive feature in comparison to a previous venture fund operating in the region will be the possibility to invest in portfolio companies directly without a CEIF establishment. By the end of 2014, a venture fund will be created with RVC support in Perm region. In the first half of 2015, it is planned to launch a venture fund in Tomsk region.
  • Two micro funds at seed and pre-seed stages started their operation in the form of an investment partnership agreement - Softline Seed Fund (SSF) and High Technology Fund, created with participation of RVC Seed Fund. Funds volumes are of 34 and 33.4 million rubles respectively.
  • Two micro funds at seed and pre-seed stages were created in the form of an investment partnership agreement with venture partners and with participation of RVC Seed Fund - Venture Fund Accelerator (DI-Group, Tomsk) and the ACP Seed Fund (MSU Science Park, Moscow). The volume of each fund is of 33.4 million rubles.
  • The RVC expertise on the use of the investment partnership agreement form to create Russian venture funds recognized by the market participants was established.

    Activities of RVC subsidiaries funds

    In 2014, RVC Seed Fund, RVC Infrafond, RVC Biofond, MIC Civil Technology, Softline Seed Fund and High Technology Venture Fund approved investments in the capital of 37 portfolio companies (where 31 are new) for a total amount of 649 million rubles (where 573 million rubles for new companies).

    RVC Seed Fund is focused on the development in Russia of private and public funds investments in companies at the seed stage of business development with a high growth potential in the Russian and foreign innovation and technology markets. In 2014, the activities of RVC Seed Fund were aimed at supporting companies in the fields of information technology, biotechnology, clean technology, medicine and health, new materials. In 2014, several portfolio companies of RVC Seed Fund were bought by private investors.

    The key task of RVC Infrafond is the development of specialized services market necessary to technological companies for an effective operation and an accelerated development, products promotion on the domestic and foreign markets. In 2014, RVC Infrafond placed the priority on the support of engineering companies involved in implementation of import-substituting technologies.

    In 2014, RVC Biofond continued to create the portfolio of invested companies in the field of biomedical developments and services. That year, unique projects in the field of biobanking and bioprocessing as well as personalized diagnostics based on the analysis of one's genetic status were launched in Russia with participation of RVC Biofund. A number of companies focused on the creation of import-substituting products of laboratory segment got support from RVC Biofund.

    Joint investments of RVC subsidiary funds in the context of priority sectors of Russian economy modernization for 2014

    * Chemical materials, consumer market, construction, financial services, transport, consulting services and education, industrial equipment.

    RVC ACTIVITIES FOR INNOVATION ECOSYSTEM DEVELOPMENT

    GenerationS Competition Accelerator for technological startups

    In 2014, GenerationS project reached a new level of development and, in addition to its traditional role of "meeting point" for technological entrepreneurs and investors, successfully completed a number of other tasks: significantly improved the quality of projects offers, initiated creation of a network of regional infrastructure participants in raising companies. This year GenerationS feature was the industry-based principle of applications selection and acceleration - there were four areas: IT (information technology), Industrial (industrial solutions), BiotechMed (biotechnology and medicine) and CleanTech (resource-efficient technologies). This allowed to attract startups from the so-called heavy industries with a deficient supply of investment capital. It resulted in the enhancement of the projects that passed acceleration, as well as in the involvement into the project and development of the competencies of infrastructure participants - acceleration programs operators: Web Ready, Pulsar Venture, Tomsk State University, CleanTech Russia.

    GenerationS-2014 broke the record for the number of applications received: 1858 startups from 65 Russian regions and 13 countries presented their solutions. The number of participants has increased by 16% in comparison to the previous year, and the number of regions presented by their teams has increased by 11 %. More than 400 experts and mentors have been involved into work of acceleration programs. The number of investors at the final investment session has increased by more than 1,5 times against the previous year.

    Educational projects for start-ups in the regions

    In 2014, 32 cities of Russia hosted "Regional Practical Consulting Sessions" (RPCS). More than 1,800 people got acquainted with the practice of venture financing and technologies commercialisation, acquired skills on innovative projects preparation for investment.

    32 schools for startups got support. Four international acceleration programs conducted by RVC together with the partners involved companies from industrial, biotechnological and IT sectors. Winter and summer schools of the Science Park in Novosibirsk, SUMIT start-up schools in St .Petersburg, TAIGA in Irkutsk and StartupSamara in Samara continued their work. Thus, in 2014, more than 2,000 people were trained with RVC support, more than 1,000 innovative companies were advised, 100 potential investors willing to finance projects were identified.

    Overseas internships to study the experience of clusters and start-ups development

    RVC became co-organizator of several international educational programs aimed at introduction of the innovation ecosystems in other countries, practices exchange and establishment of horizontal connections. More than 60 representatives of regional authorities, Russian technological companies, clusters, universities, organizations of innovation infrastructure and institutions for development participated in educational trips to study the experience of creation and development of innovative clusters and ecosystems in France, Brazil and South Korea.

    Development of venture capital funds

    In order to reduce stage inequalities in the market and to increase the supply of smart money at early stages, RVC together with RVCA implemented an educational program for more than 50 leaders of seed and pre-seed investment funds from different Russian regions.

    RVC together with RVCA and other institutions for development established a "Venture Capitalist" National Award, the winners of which were selected in six categories: "Best venture transaction", "Best output", "Best venture investor in real technology", "Best regional venture fund", "Best syndicated venture transaction", "Smart money (Smartmoney)".

    Development of corporate venture investments

    Throughout 2014, the Directors Club for Science and Innovation held with RVC support a series of thematic sessions for more than 200 corporations and start-ups representatives to increase competencies in the use of open innovation tools. The final event in the corporate venture investments market was the 2nd Corporate Venture Summit which was attended by the experts from Russia, Italy, Belgium, Germany and Israel. Wim Vanhaverbeke, Professor at Hasselt University, one of the authors of the open innovation concept, recognized as one of the most influential thinkers in the field of innovation was special guest at the Summit.

    Development of business angels

    The program implemented by RVC with NABA support was aimed at the development and promotion of private investment market at an early stage. More than 600 people attended the educational activities as part of the project. Throughout the year, the thematic meetings of the private business angels club, created with an administrative support by NABA and RVC, were held. The main activity of the Club is interaction with the regions in order to provide business angels in the capital with an access to regional projects and enable regional participants to co-invest together with the successful investors from Moscow.

    Development of communication platforms for investors and start-ups

    In order to increase efficiency of interaction between venture capitalists and technological entrepreneurs a joint project of RVC and RUSBASE - Talk2VC - was launched in April. During the year, 14 investment sessions were held in Moscow, Yekaterinburg, Novosibirsk, Tomsk, Kazan and Irkutsk, which were attended by 255 entrepreneurs and 119 investors.

    As part of Talk2VC project a new online service - RUSBASE.PIPELINE - was launched to provide the access to the flow of Russian startups looking for investments. The service has been attended by more than 10 thousand people during the first nine months, 119 investors have been registered and 428 applications from start-ups have been received.

    Creation of RVC Project Office

    In order to coordinate activities of the regional innovation clusters, technological platforms, engineering centers and state companies implementing programs for innovative development (PID), RVC Project Office was launched in 2014. The new structure will operate as a single center to synchronize activities of the ecosystem participants, accumulate the best practices and ensure their application. The Project Office will operate in collaboration with the Ministry of Economic Development of Russia with the support by the Center for Strategic Research and Higher School of Economics.

    In 2014, the RVC Project Office launched a program for the development of technologies transfer in universities and research organizations. The project's key stage will be creation of alliances between the Russian universities and the leading global partners with the experience of bringing scientific research to the global level.

    On December 4-5, Krasnaya Polyana hosted the Forum for the Development of Regional Innovation Infrastructure "Innovation Ecosystem" organized by RVC with the support by the Ministry of strategic development, investment and foreign economic activity of the Krasnodar Territory. More than 300 representatives of the authorities, clusters, technological parks, universities, regional venture funds and high-tech companies from different regions of the country took part in the Forum. As part of two-day cooperative effort, the participants identified specific issues of the innovation ecosystem formation and developed a series of model projects to ensure synchronization of its various elements. Road maps and suggestions generated by the experts will be presented at the Ministry of Economic Development of the Russian Federation in the first quarter of 2015.

    Program for globalisation of Russian innovation industry

    In 2014, RVC developed strategic cooperation with the Asian region: a number of agreements on cooperation with the strategic partners - national institutions for development, key innovation and financial players were reached during the business visits to China, South Korea, Malaysia, Vietnam, Singapore.

    As part of the RVC strategic project to support export of Russian technology companies launched in 2014 together with the Ministry of Economic Development of Russia, the programs were selected to support export of three innovative sectors: information technology, photonics, radiation technology which will be launched in 2015.

    Development of communication between research centers

    In 2014, the project "Communication Lab" was launched aiming at the development of the scientific organizations competencies in representation of their achievements in the media, increase of the scientific expertise availability for business. The project hosted the events, visits of journalists to the research centers and workshops which were attended by more than 500 media representatives, scientific organizations and technological businesses.

    The communication study was held in the filed of Russian science and education, which revealed the current problems of interaction and information exchange between Russian research institutes and universities and the media, business and government, and internal communication problems in the education and research institutions. An experimental service for science news aggregation "Open Science" has been launched. An important part of "Communication Laboratory" project was the publication of "Scientific PR Formulae", a book of case studies and tips from the experts dealing with communication in the field of science and education.

    Development of field-specific media

    In 2014, Media Accelerator project was implemented to develop media infrastructure of innovation market, which ensures on the basis of 12 sites materials creation for the topics related to technologies, science and innovative entrepreneurship. The development means both the growth of economic stability and auditory scope of field-specific media and the development of their managerial and editorial skills. Each media platform revealed an increase of auditory cover of not less than 30%.

    Throughout the year, Tech In Media, the IV All-Russian Competition for Innovation Journalism, have been held with RVC support ans have been attended by more than 280 journalists from 33 regions. The Supervisory Board was headed by Sir Richard Roberts, Nobel laureate in Physiology or Medicine, who attended the ceremony.

    A number of projects was implemented to promote technological entrepreneurship and business venture: "RBC Innovation" (on the basis RBC media holding platforms), a series of programs "Technopark" on "Russia 24" TV channel and on Public Television of Russia.

    "TechUspekh" rating

    In 2014, the number of companies participating in "TechUspekh" national rating of Russian high tech fast-growing companies organized by RVC, AIRR, PwC and supported by SME Bank has increased. Rating is a sort of indicator of the development level of innovative field of the economy, a tool for improvement of business innovation environment, identification of the best practices. Despite difficult economic conditions, the rating participants revealed more than 20% increase in annual expenses on technological innovation and R&D, and the average annual growth of revenue over the last three years was 25%. In order to coordinate work on delivering the most crucial tasks of an average high-tech business, the "TechUspekh" Club was created.

    Russian Startup Rating (RSR)

    Russian Startup Rating, the service for independent examination of startups, initiated by RVC and GreenfieldProject with expert support by PwC, rated more than 1,600 projects in 2014. An important event of the year was an established RSR LPBoard - a Supervisory Board consisted of the representatives of Russian business elite, whose main function is to advise RSR management team on the Rating development and assessment methodology.

    "Open Innovations" Forum

    RVC is the co-organizer of the key Russian event in the field of innovation and technology - Moscow International Innovation Development Forum "Open Innovation".RVC experts took an active part in the event business program. Open Innovations Expo has become a platform to demonstrate advanced products and technologies of the Funds portfolio companies created with RVC participation.

    Industry standards analytics and formation

    In 2014, Russian venture market reached a new level in terms of transparency improvement and professional standards formation. Russian Venture Capital Association (RVCA) created with RVC support a unified Methodology for collecting and analysing the basic parameters of Russian venture funds activities.

    Field-specific surveys were released:

    • "MoneyTreeTM: Venture Market Navigator" Overview (RVC, PwC)
    • Direct and Venture Investment Market Overview (RVC, RVCA)
    • Annual Business Angels Market Research in Russia (RVC, Atom Partners, NABA)
    • Survey of High Tech Fast-Growing Companies-Participants in "TechUspeck" Rating (RVC, AIRR, PwC and SME Bank)
    • Analytical Report "Issues and Solutions: Business Incubators and Technological Parks in Russia" (RVC, E&Y)
    • Corporate and Venture Investments in Russia: Status and Prospectus (2014-2015) (RVC, iR&D Club, O2 Consulting)
    • Survey of Communication Practices in Russian Research and Education Institutions (RVC, SPN Communications)
    • 2nd Open Expert Analytical Report on Implementation of the Strategy of Innovation Development of the Russian Federation for the Period up to 2020 (RVC, Frost&Sullivan)
    • Russian Innovations Potential at the Automation and Robotechnics Systems Market (RVC, Lerza)


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