PwC and Russian Venture Company sign Memorandum of Understanding for developing a Venture Capital Sector in Russia


Moscow – 7 December 2010 – PwC and Russian Venture Company (RVC) have agreed to collaborate on a project for developing a venture capital sector and fostering innovative and high-tech entrepreneurship in Russia.

This collaborative effort will cover a number of different areas, including:

  • Educational programmes for entrepreneurs active in high-technology and innovation;
  • Programmes to support and accelerate the growth of small, innovation-driven companies, including joint sponsorship and organization of investment competitions and other events to promote innovation;
  • Collaboration in the creation and development of an analytical data gathering and processing system focused on venture capital investment activity in Russia (similar to the MoneyTree™ Report, a joint quarterly research study published in the U.S. by PwC and the National Venture Capital Association using Thomson Reuters data); and 
  • Consulting support for small innovation-driven, high-tech companies as well as Russian and international venture funds whose portfolios include investments in innovative, high-tech projects.

To implement the Memorandum of Understanding, PwC and RVC have created a working group to prepare recommendations for carrying out joint events, programmes and projects, as well as monitoring and analyzing collaborative efforts undertaken within the Memorandum framework.

Mark Hannye, Partner and Deals Leader at PwC Russia, says:

“PwC is very interested in seeing Russia keep pace with the world’s leading economies when it comes to encouraging innovation, fostering high-tech entrepreneurship and venture capital investing. An innovation-driven economy is one of the critical factors in what makes a country competitive. So, we have focused a great deal on this particular theme, including setting up a special Centre for Technology and Innovation. The Russian Venture Company (RVC) has been one of the key players in promoting Russia’s development in the critical area of innovation, as well as our longstanding partner in this field. Going forward, we are confident that this Memorandum will serve as a springboard for successful full-scale collaboration between our two firms.”

Igor Agamirzyan, CEO of Russian Venture Company, says:

“As the country moves towards an innovation-driven model of development, we face the critical need to master the best that international practice has to offer in venture capital investing and innovative, high-tech entrepreneurship; we need access to the accumulated “know-how” of this business. Russia faces the urgent task of marshalling within a very tight timeframe all necessary competencies and tools both for attracting venture capital and then independently putting these investments to work. But that’s not all. We also have an urgent need for high-quality consulting services that are both accessible, in terms of price and nationwide availability, and cover the widest possible range for Russia’s emerging innovation-driven companies. And that’s where our collaboration with our colleagues at PwC will prove to be most useful. We’re confident that our Memorandum with PwC is just the first step in a long-lasting and mutually beneficial collaborative relationship.”

Notes to Editors:

PwC Russia provides industry-focused assurance, tax, legal and advisory services to build public trust and enhance value for its clients and their stakeholders. There are over 2,000 professionals working in PwC offices in Moscow, St. Petersburg, Yekaterinburg, Kazan, Yuzhno-Sakhalinsk and Vladikavkaz. The firm applies its knowledge, vast experience and creative approach to developing practical guidelines and decisions to generate new opportunities for business development.

"PwC" is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. The global network includes over 161,000 employees in 154 countries. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way.

"PwC Russia" refers to PwCIL member-firms operating in Russia.

About Russian Venture Company

Russian Venture Company (OJSC) is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.

Russian Venture Company was established by Russian Government on June 7, 2006 (Order No. 838-r). Its mission is to encourage Russia’s own VC industry and boost capital of VC funds. RVC’s role is that of a government fund of venture capital funds channeling public incentives to venture capital and financial support to the hi-tech sector, and of a Russian VC industry development institute. RVC’s authorized capital — RUB 30 011 320 700 (about US$ 983.2 mln.) — is 100% owned by the Federal Agency for State Property Management (Rosimuschestvo).

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