The Gubkin Innovation Booster Accelerator for high-tech projects in the oil and gas industry was launched on 13 December 2016. The prize fund is 100 thousand dollars. The organizers of the accelerator — the North Energy Ventures fund, created with the participation of RVC capital, as well as State University of Oil and Gas (NRU) named after I. M. Gubkin.
The purpose of the accelerator is to promote professionals and new-born entrepreneurs in transition from a scientific development to a new technology to create a successful business in the oil and gas sector. Applications for participation in the Gubkin Innovation Booster starts on 13 December 2016 and will run until 31 January 2017. It will be possible to apply on the official website of the accelerator (at www.g100k.com) not only by formed teams with the current project, but also for everyone who wishes to participate in the creation of high-tech business in the oil and gas industry.
As a result of consideration of applications, 20 best teams will be selected until 7 February 2017, each of which will participate in the process of acceleration, with the participation of mentors of business development from the venture fund North Energy Ventures, as well as technology experts of RSU of oil and gas (NRU) named after I.M. Gubkin. In March, as part of the semi-finals, the Gubkin Innovation Booster will be an open eight-hour business intensive, as well as the pitch-session for the accelerator's participants, in which ten teams-finalists will be determined. They will continue the project completion and will be able to communicate directly with potential customers — representatives of the oil and gas sector. The final announcement of the accelerator and the winning team will be held on 18 April 2017, as part of a large annual conference of SNO "Oil and Gas".
The acceleration process will take place with the ongoing participation of technical and scientific experts, experienced entrepreneurs, representatives of venture capital funds and potential customers. The participants will work out strategies for research and development work, learn about the features and nuances of patenting, will learn how to build a financial model, will develop a business plan for the development of the project and create a presentation for potential investors.
Moreover, it is important that technical universities launch initiatives to support such start-ups. Acting General Director of RVC Evgeniy Kuznetsov commented on the launch of the accelerator. “Traditionally, the oil and gas sector is rather conservative and the possibility of bringing it new ideas and technologies is a priority for us. Carrying out the Gubkin Innovation Booster will help to open new Russian high-tech businesses in the oil and gas sector. In the course of the accelerator, these projects will have their own development and, possibly, potential investors.”
Official website of the accelerator: www.g100k.com
RVC is a governmental fund of funds, the Institute of Development of the Russian Federation. The main objectives of RVC: stimulating the creation of Russia's venture capital industry and execution of functions of the Project Office of the National Technology Initiative (NTI).
The authorized capital of RVC is more than 30 billion rubles. One hundred per cent of the RVC capital belongs to the Russian Federation represented by the Federal Agency for Management of State Property of the Russian Federation (Federal Property Management Agency). The total amount of funds generated by RVC has reached 21 billion rubles; meanwhile, the total size is equal to 32.3 billion rubles. The share of RVC is 19.9 billion rubles. The number of innovative companies invested by RVC funds has reached 194. The total volume of invested monetary funds is 18.5 billion rubles.
RVC is actively supporting competitions and accelerators at universities. In June 2015, the Oil & Gas track started in the framework of GenerationS - Russia's largest accelerator of technology start-ups. In the course of the track, 250 companies took part in online training, and then 22 teams took part in the corporate accelerator in Kazan. Five of the most promising start-ups from around the country who were given the right to speak at the III Summit of the Moscow corporate venture capital and to fight for the prize of the GenerationS Fund were selected upon the GenerationS Oil & Gas results.
The operator of the acceleration program became Pulsar Venture Capital Fund, and a corporate partner — Tatneftekhiminvest holding.
North Energy Ventures — a venture capital fund with a focus on technology companies in the field of energy, oil and gas, and new material. The Found was founded in 2013; Dan Colbert and Ivan Protopopov are among the fund partners. The Fund's offices are located in Moscow and California.
The Russian State University of Oil and Gas (NRU) named after Gubkin - Russia's largest university, which trains specialists for the entire oil and gas industry, one of the main segments of the industry innovative development.