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Experts of the Strategic Session of the Russian Central Bank Discuss the Formation of an Ecosystem for Support of Start-ups in Russia

11.11.2020

On November 10, Deputy General Director — the Investment Director of RVC, Alexey Basov, spoke at the Bank of Russia's next strategic session to discuss the Consultative Report “Development of Alternative Investment Mechanisms: Direct Investment and Crowdfunding”. The event was dedicated to the formation of an ecosystem for supporting innovations and start-ups.

The discussion was attended by Deputy Minister of Economic Development of the Russian Federation Vladislav Fedulov, Executive Director for the Innovation and Investment Market of the Moscow Exchange Gennady Margolit, General Director of Skolkovo Ventures Vladimir Sakovich, Head of the Moscow Innovation Cluster (MIC) Fund Anatoly Valetov and Director of the HSE Business Incubator Mikhail Erman. The session was moderated by Ivan Zimin, Director of the Financial Technologies Department of the Bank of Russia.

Alexey Basov spoke about the opportunities for the development of fintech start-ups in Russia. The expert noted that fintech traditionally focuses on most Russian market funds, corporate funds, and development institutions. As many as 90% of funds have an opportunity to invest in fintech, and they actively take it.

Simultaneously, the sector's peculiarity is associated with the “revolutionary DNA” that is present in most fintech companies. They are still in the “gray” regulatory zone, so funds with state capital participation are somewhat cautious about such transactions.

“International jurisdiction is in the zone of skepticism among state investors since their mandate is to develop primarily Russian technologies and companies. In this, there is a significant gap between the pipeline of projects that reach the funds and the possibilities of approving and supporting such projects”, said Alexey Basov.

The second aspect is associated with creating an investment lift for innovative projects, including fintech.

“Recently, there has been serious discussion and work to unite the efforts of development institutions into a 'seamless' structure that will attract companies at the earliest stages, filling them with money, partnerships, and expertise, thereby raising them to the top, turning them into national champions”, said Alexey Basov.

Now companies are in a classic market situation when they are forced to maneuver between investors, development institutions, state and private funds.

The third factor that influences the development of domestic fintech start-ups is the market environment.

“Rotation may well begin in the coming months — the revival of those industries that have been under serious pressure over the past year. In connection with the emergence of vaccines, a decrease in psychological pressure from the coronavirus, and a clarification of the prospects for 2021, we will get a reassessment of the activities of classical markets and, perhaps, this will divert money from those sectors that have been on the hype lately”, Alexey Basov concluded.



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