Government fund of funds
Development institute of the Russian Federation

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RVC Forms an Expert Council to Prepare the Strategy for the Development of the Russian Venture Market

29.08.2018

On August 28, the first meeting of the expert council at RVC to prepare the Strategy for the Development of the Venture and Direct Investment Market until 2030 was held in Moscow The meeting was attended by representatives of venture funds, corporations, large innovative and technology companies.

The RVC Expert Council was created to form consolidated proposals of participants in the venture capital industry, which will form the basis for the development of a venture capital market strategy. The document should define measures for the long-term growth of the national venture capital market as a source of resources for technology renewal of the Russian economy and create a basis for developing local investment strategies of participants in the venture capital industry.

“When developing a strategy, we need to take into account the views of regulators, development institutions, but it is equally important to hear and analyse the expectations and ideas of the investment community operating in the private market.

That is why we have formed an expert council as a body that consolidates the opinion of various representatives of the non-state sector. I am sure that the synergy of state representatives and private experts will create a truly working strategy that can dramatically affect the effectiveness of the development of the national venture capital market and improve the market environment,” said Alexey Basov, Deputy General Director and Investment Director.

During the meeting of the expert council, the participants presented their ideas and proposals on critical areas that need to be taken into account when developing a strategy. The experts discussed the objectives of the policy, formats for supporting the venture capital market and direct investment from the state, the impact of legislative restrictions on the development of the venture capital industry as well as other topics.

“The document will help us to form the necessary set of tools that will make it possible to remove key barriers in the industry. Moreover, since all key market participants are involved in the development of the strategy, we will be able to see each other’s efforts and avoid uncoordinated actions,” said Alexey Kachay, Deputy General Director for Strategy of the Infrastructure and Educational Programs of RUSNANO.

“Today, one of the obvious gaps in the development of the national venture capital market remains the system of training young professionals. Education in universities is not tied to modern business practices. As a result, a university graduate has to learn everything again when he goes to work,” said Alexey Konov, managing partner of the venture fund RBV Capital.

“An important task that needs attention is the export revenue of technology companies. If a company enters the foreign market, then two problems are solved immediately — the availability of venture capital and the growth in the number of supported companies,” added Peter Lukyanov, managing partner of Phystech Ventures.

The development of the strategy is envisaged by the plan of measures to stimulate the innovative development of Russia, approved by the decree of the Russian Government in August 2017. On behalf of the Ministry of Economic Development of Russia, the development of the document is overseen by RVC. Currently, in addition to the expert council, a working group for the preparation of a strategy has been formed, consisting of development institutions, federal authorities, and independent experts. Both of these tools are an essential element in consolidating proposals from all interested parties.

The final version of the strategy will be presented to the Ministry of Economic Development of Russia until the end of 2018, and then approved by order of the Government of the Russian Federation.










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