RVC Presents the Key Parameters of the Venture Capital Market Development Strategy


On October 29 and 31, meetings of the working team and expert council at RVC on the preparation of the Strategy for the Development of the Venture and Direct Investment Market until 2030 were held in Moscow. The participants discussed the key provisions of the strategy being developed, and also presented their recommendations on key areas that should be considered when forming the final version of the document.

The creation of a strategy for the development of the market for the venture and direct investments until 2030 is provided for by an action plan to stimulate innovative development in Russia, approved by an ordinance of the Government of the Russian Federation in August 2017. On behalf of the Ministry of Economic Development of Russia, the development of the document is overseen by RVC. Active work on the formation of the strategy has been going on since July 2018 after the first meetings of the working team and the expert counsel.

“It is assumed that on the basis of this strategy, the government of the Russian Federation will instruct regulators and take into account initiatives that will be proposed in the document when developing state programs. Therefore, the ideas that we add to the document, including in relation to such fundamental issues as increasing the attractiveness of entrepreneurship, changes in the education system, encouraging corporations, will be implemented throughout the country. The task of the strategy is not to capture the current trends, but to radically change the situation, giving a powerful impetus to the development of the market through a wide range of measures and initiatives,” said Alexey Basov, Deputy General Director — RVC Investment Director.

During the two meetings, the participants were presented a preliminary version of the strategy, as well as the results of the analysis of international practices in the field of venture investment.

One of the key areas of the strategy is the implementation of the innovation potential of the Russian Federation through the development of a competitive venture capital investment market and an increase in the annual volume of venture capital deals. To increase the volume of investments, the state and market participants need to solve such problems as expanding the pool of investors and capital in the market, improving the quality of investment proposals and liquidity of projects. Experts also noted that for the development of the venture capital market, the quantitative and qualitative growth of projects is needed, which requires the proper packaging of start-ups and the motivation of talented young people for entrepreneurial activities.

“Suppose there is a young man of 25 years old, working in a corporation in some region. After 10 years, he can become a technology entrepreneur, but we need to work out a program for its preparation today. The strategy should take into account initiatives aimed at this audience,” said Alexey Soloviev, Managing Director of iTech Capital.

According to the director of Rostelecom projects, Denis Ryabchenkov, to increase the number of investment projects, it is necessary to pay attention not only to graduates of technological universities.

“A proper start-up is first and foremost a business, commercialization. Therefore, it would be important to actively develop corporate entrepreneurship within companies. The so-called "start-ups for adults." That is, to pay attention to experienced managers, professionals who know what business to do inside large companies. We also need to develop the institute of business mentoring, because today start-up entrepreneurs do not have enough competent mentors who will tell you at what stage and how best to sell a start-up. ”

“Most of the technology start-ups in the world came from universities. This is good soil for creating projects. However, for this, it is necessary to increase the business competence of the teachers themselves. However, they themselves can set up innovative companies, as is often the case in the US where the most successful start-ups are open at the age of 45-55 years. The main thing is for a person to understand how to competently develop a business project,” said Alexander Galitsky, the managing partner of Almaz Capital Partners Fund.

Experts also noted that in order to achieve specific high results, it is necessary to inevitably change the structure of the market, the rules of the game, create new conditions for investors and adapt the regulatory environment. Thus, the achievement of any quantitative goal, the strategy developers see through the prism of qualitative changes in the market.

The final version of the draft document will be submitted to the Government of the Russian Federation for review by the end of the year. By this time, adjustments can be made in the draft strategy to the planned investment budget, taking into account proposals from members of the working group and expert counsel.

“Now it is very important to form a coherent agenda for further work — regulatory and law enforcement. Form a plan for the implementation of the strategy’s goals,” said Artem Shadrin, Director of the Department for Strategic Development and Innovation at the Ministry of Economic Development of the Russian Federation.

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