Government fund of funds
Development institute of the Russian Federation

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RVC has organized a working party to prepare the Strategy for development the market of venture and direct investments.

31.07.2018

The working party has conducted the first meeting on preparation of the Strategy for development the market of venture and direct investments by 2030 in Moscow. The meeting was visited by representatives of leading development institutions, federal authorities and independent experts.

The strategy creation is set in the plan of measures for stimulating the innovative development of Russia approved by the decree of the Government of the Russian Federation in August 2017. As directed by the Ministry of Economic Development of Russia, RVC administers the document development.

The strategy is aimed at defining the measures for the long-term development of the national venture market as resources source for technological renewal of the Russian economy and at establishing the foundation to develop local investment strategies of the venture industry participants.

The strategy is aimed at defining the measures for the long-term development of the national venture market as resources source for technological renewal of the Russian economy and at establishing the foundation to develop local investment strategies of the venture industry participants.


The strategy is also set to expand the volume of the venture capital available at the market, ensure the growth of supported innovative companies, develop legal framework of the venture market, synchronize measures of government support toward the industry. Besides, the strategy will contain the set of supplementary documents including examples of optimal deals and funds structuring, list of legislative changes aimed at stimulating the industry, mechanism for venture market stress-testing, etc.

During the working party meeting, the participants introduced their recommendations for organizing the process of working on the strategy and discussed the required parameters and constitutive elements of the document.

"Today, the size of venture market is disproportionally small in comparison with GDP volume. It is important to define the venture direction on the scale of the country's economy, raise its priority, promote ambitions. The final document is not as important as the way we will be going towards it, how the process will involve different parties and stakeholders. It is important to involve a wide range of people, discuss their roles, place and tasks with them," said Vasiliy Belov, Director General of Skolkovo Ventures. 

He also emphasised that it is necessary to reflect the role of cryptocurrency and ICO in the venture industry and provide analysis of the alternative financial instruments market.

"We need to understand what markets are priority for us and will be developed in the first place, and where the venture money should be in demand. We have "Digital Economy", National Technology Initiative, "May" decrees on technological development and some other initiatives of the Government demanding complex instruments that involve private money. Development institutions should act as market makers, in other words, they should create products for private players to carry on. We need to build on the economy priority directions that require more sophisticated structuring and funding. Here, the venture market can be a catalyst agent," said Oleg Teplov, Director General of VEB Innovations.

Yurii Udaltsov, Deputy Chairman of the Board of ROSNANO Management Company, noticed that it is necessary to study foreign models of the venture market development, but culture is always an important driver, and instruments that work in one country may not work in another. 

"The first thing we need to begin with – discuss our goals, understand what we want," – he said.

An expert board affiliated with RVC will join working on the strategy bringing together business representatives and venture funds participants. The strategy final version will be submitted to the Ministry of Economic Development of Russia by the end of 2018, then it is to be approved by the decree of the Government of the Russian Federation.



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