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Слайд 1 - USRCCNE

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Venture Innovation Fund
Ivan Rodionov
Creation of the Venture Capital Industry
in Russia
Arlington
November 24, 2008
Methodology
Several Periods Could be Distinguished:
1993 - 1998
1998 - 2001
2001- 2003
2003 - now
Legislation & Taxes
Organizational Structure
Funds Available
Legislation & Taxes
Fiscal Instruments:
•
•
•
•
Corporations’ R&D funds as 1.5% of their
turnover are profit tax-free, (1992)
Expenses of Federal R&D foundations
are profit and VAT tax-free (1994)
Corporations’ R&D expenses are profit
tax-free (2007)
Patenting expenses are tax-free (2007)
Before the History
Government funds issuing grants to
support R&D
Russian Fund for Basic Researches – RFFI
(still operates now)
Russian Fund for Technology Development – RFTI
(still operates now)
At the Beginning
Summit of G7 countries Tokyo 1993
11
Regional Venture Funds of EBRD
5
Funds with IFC & EBRD as Investors (16 EBRD and IFC funds
merged into three after the crisis of 1998)
3
Funds with USA participation (merged into one fund and
privatized as “Delta’ fund after the crisis of 1998)
First Stage
1993 - 1998
Main Problems
• Market Economy Just Started
• Lack of Understanding of Russian realities by the
Fund Managers (Russian Economy Crisis)
• Weakness of Fund Managers Community (funds in
many regions and managers from different countries)
Establishing of FASIE
FASIE - Federal Foundation for Assistance to Small Innovative Enterprises (Bortnik
fund) established in 1994 with $50 million
Main tools to assist:
Spin off –
START - 3 year project, 30.000 US$ for Phase I, 150.000 – for Phase
II, 50/50 co-financing
Licensing –
TEMP - 3 year project, up to 500.000 US$, 30/70 co-financing
from Universities
Knowledge – PUSC - 1 - 2 year project, up to 500.000 US$, 30/70 co-financing
Transfer Partnership
Self - UMNIK (SMART) - nominee should be up to 28 years old, idea should be his
development
(her) own, good science behind idea is important criteria,
“entrepreneur nature” of nominee is important,
Commercialization is within 5 – 7 years, no need to organize
enterprise for first two years
FASIE
Some FASIE’s results (13 years):
• Applications - more than 15000 / Contracts - more than 4000
• Average turnover per SIE - US$ 500 thousands
• Average growth - 20% per year
• Number of commercialized patents - more than 1500
• Number of issued patents - more than 1000
• Companies with turnover
– more than US$ 1mln - about 100
– more than US$ 5 mln - dozens
– more than US$ 30 mln - 3
Creation of RVCA
1997
RVCA MISSION
Promotion of Establishing and Development of the
Venture Industry in Russia
RVCA GOAL
Lobbying of the Interest of Venture Capital Community
(including Private Equity Investments)
RVCA Main Tasks
• Formation of Favorable Entrepreneurial Climate in the
Country
• Information Support for the Venture Community
(Industry Analysis)
• Creation of Communication point for the Companies
and Investors
• Training of Qualified Specialists for Venture Capital
Industry
Second Stage
1998 - 2001
New Realities of Russia Economy
• Reduction of Competition from Western Piers
• Strengthening of Competitive Advantages
of the Venture Capital because of the Crisis of
Bank Systems and Lack of Long-Term Debt
• Loosening Bureaucratic Pressure Against
Investors
• Growing Activity of Innovative Sector
Creation
of Venture Innovation Fund (VIF)
Private and Institutional Investors…
Government
Fund of Funds Venture Capital Funds
…Investment Potential Growth
VIF: Main Points
• VIF – Plays a Role of Catalyst for Private Capital
• VIF – Shares Investment Risks with Private
Investors
• VIF – Invest in Hi-Tech Venture Funds
• VIF – Tests Methodology of Early Stage
Investments
Third Stage
2001 - 2003
Investor Confidence Index Growth
(A.T.Kearney estimations)
1998
1 - USA
2- Brazil
3 -China
13 - RUSSIA
1999
1 - USA
2000
1 - USA
2001
1 - USA
2002
2003
2004
1 - China
1 - China
1 - China
2- China
2 - UK
2- China
2 - USA
2 - USA
2 - USA
3 - UK
3- China
3 - Brazil
3- UK
3- UK
3- India
17 - RUSSIA 8 - RUSSIA 11 - RUSSIA
Entrepreneurship Support
Infrastructure
SME
EVCA
Course
РљРѕaching
Centers
Educational
RVCA
Entrepreneurship
Support Goals
• Promotion of Creation and Development
of SMEs in Hi-Tech with Venture Investments
• Attraction of Russian Money in Russia
Venture Industry
• Promotion of Liquidity of Venture Investment
Including Development of Securities Markets
• Creation of Institutes to Promote PE
Investments in Innovation Companies
• Support of Better Understanding in Russian
Society of SMEs Role in Economy Development
Targets of
Venture Forum & Fair
To Stimulate Inflow of:
пѓј
Funds for the Innovation Companies and Early Stage
пѓј
Investments in most Promising Technological Industries
пѓј
Local Capital to Russian Hi-Tech
пѓј
Foreign Capital to Russian Venture Industry
Participants of Venture Forums & Fairs
900
800
800
720
700
630
600
500
200
100
0
incl. Investors
450
400
300
Participants
530
250
40
28
300
60
46
incl. SMEs
350
100
54
120
51
130
73
150
75
190
105
210
120
1 VFF 2 VVF 3 VVF 4 VVF 5 VVF 6 VVF 7 VVF 8 VVF
2000 2001 2002 2003 2004 2005 2006 2007
Companies by Industry
at the Venture Fairs
Industrial
equipment
29%
Medical
9%
Computer
related
7%
Communications
9%
Consumer
market related
5%
Other
10%
Biotechnology
9%
Electronics
related
9%
Chemical &
materials
13%
THE GOVERNMENT’S POLICY
- Innovative Mega Projects started in 2003 with $130 mln continued
- National nanotechnology corporation charted (2007), $5 bln
-
Support of infrastructure development – 35 ITC, 200 of TT offices
- $130 mln for business incubators and “compensations” schemes
- Special economic zones under creation from 2004
4 R&D zones – Moscow (Zelenograd), Dubna, St. Petersburg and Tomsk
2 Industrial zones – Lipeck and Elabuga
- Reginal venture funds managed by professional private management teams under
creation from 2005 (each has $10-30 mln composed of 25% federal budget +
25% local budget + 50% private funds)
Russian Venture Company
How it operates
FUND OF
FUNDS LEVEL
Russian Venture Company
Privately Managed Venture Funds
VC
Venture
fund
VC
Venture
fund
VC
Venture
fund
VC
Venture
fund
VC
Venture
fund
VC
Venture
fund
VENTURE
FUNDS LEVEL
START-UP
LEVEL
Microelectronics
Telecommunications
Information
technologies
 
пѓ€
Biotechnologies
Medical
technologies
пЃЁ
пѓі
Nanotechnologies
Alternative
energy
Г…
пЃѕ
Russian Venture Company
Expected Results
RVC -1
Venture
Portfolio
& PE Funds – 10-15 Companies - 200
Start-ups > 1000
RVC – Catalyst for Development of Russian Hi-Tech
Investment Attractiveness
of Russia in 1998-2007
A.T. Kearney
FDICI (1998-2005)
1
USA
1
China
2
Brazil
2
India
3
China
3
USA
Moody’s
Fitch
Standart & Poor’s
Sovereign
Rating
of Russia
Credit
Rating
of Russia
Long-Term
Credit Rating
of Russia
BBB+
Р’Р’Р’+
Р’Р’Р’+
CCC
CCC
CCC
4
UK
5
Poland
13
RUSSIA
6
RUSSIA
SAMPLES TO FOLLOW
SITRA – Finland
YOZMA – Israel
THE GOVERNMENT’S POLICY
• Political level (federal and regional) is in a strong favour of knowledge
based economy
• Financial and economical policy claimed to be liberal – no any type of
activity, including innovation, should have any preferences
• There are no financial incentives for large corporations to become
competitive as a result of their innovation policy
• No special tax regime exists to stimulate export of innovative products
• No tax relief for either gain on venture investments or business-angels
investments
THE GOVERNMENT’S POLICY - SWOT analysis
• Strengths:
- Almost all known instruments for early stage/expansion financing are now in use
- Some surveys show that about 2.5 mln. persons are acting as business angels
(with small money)
- Commercial banks are quite aggressive to attract SME as clients
• Weaknesses:
- The scale of use of all instruments is still too small to influence national economy
- Universities are still considered mostly as places for education not for science and
innovation
- Credit interest rates are still too high for innovative business
- Intangible assets are not used as a mortgage
THE GOVERNMENT’S POLICY UP-DATE
Government politics – accent displacement
to Hi-Tech
Four В«IВ»
Dmitry Medvedev
Institutes
Infrastructure
Innovations
Investment
INFRASTRUCTURE DEVELOPMENT (Special
Economic Zones)
Saint-Petersburg
Zelenograd
Moskow
Dubna
Elabuga
Lipetck
Tomsk
Number of PE & VC
Funds in Russia 1994-2007
60
160
140
50
40
100
30
80
60
20
40
10
20
0
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Total operating
New and liquidated
120
Capitalization of PE & VC
Funds in Russia 1994-2007
4500
12000
10000
3500
3000
8000
2500
6000
2000
1500
4000
1000
2000
500
0
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Accumulated Capitalisation
Capitalisation of new and liquidated funds
4000
Key Problem of PE & VC
in Russia
DISBALANCE OF
accumulated capital size
& a number of perspective projects
Sources of Capital
2005 - 2007
Russia
n 25%
Russian
22%
Foreign
78%
Foreign
75%
Russian Sources
In 2005 and 2007
Private Persons
36%
Government Agencies
15%
Banks
0%
Corporat
e
Investor
s 0%
Institutio
nal
Investor
s 34%
Industrial enterprises
0%
Institutional Investors
49%
Private
Individua
ls 36%
Govern
ment
Agencie
s 15%
Commer
cial
Banks
0%
Russian Sources
35
35
30
28
24
25
22
20
18
15
11
10
7
5
3
0
1994
1998
2000
2004
2005
2006
2007
(forecast)
2008
(forecast)
What Has Changed
during last 12 years
•
•
•
•
•
•
Industry has - В«Grown-upВ»
Fund Managers realized 1-2 full investments cycle
Market Leaders and Outsiders Clearly Visible
VC & PE Concept adopted and accepted by business and Government
Project Quality - Improved
First Success Stories in Business and Track Records of Management
Teams
• Market Infrastructure Emplace:
– Better Liquidity in Equity and Debt Markets
– More Financial Consultants
– Improved Legal Environment
What we Expect in next
5 years?
•
•
•
•
•
•
•
•
•
•
Fund Grows at 20% per year to $15-17 bln in 2012
VC segment aggressive Growth (50-100%) in next 3 years
More Companies to Invest in
Number of Management Teams will increase from 50 - in 2007 to 80100 - in 2012
Global Players are in coming
Russian Fund are increase important
Competition for Deals and People is Growing
Deals are Large
Increase Role of Add-Value Strategy
Strengthening Role of Russian Government as Investor and Regulator
Increasing Role of Innovation Sector!
Thank You for Attention!
Venture Innovation Fund (VIF)
tel (812) 326-61-80
rvca@rvca.ru
www.rvca.ru
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