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RUSSIAN VENTURE COMPANY
Russian Venture Company (OJSC)- government fund of funds- development institute of the Russian Federation
One of the key tools in building Russian national innovation systeminnovation system
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RUSSIAN VENTURE CAPITAL MARKET :MAJOR VENTURE FUNDS
No. Fund Title Management Company Fund Size, RUB mln Year of Inception
Regional Venture Capital Fund for Small Innovative Enterprises
1 Moscow Allianz ROSNO Asset Management 800 2006
No. Fund Title Management Company Fund Size, RUB mlnYear of
Inception
RVC backed funds
23 VTB Venture Fund VTB Asset Management 3 061 2007
24 Bioprocess Capital Ventures Bioprocess Capital Partners 3 000 2007
1 Moscow Allianz ROSNO Asset Management 800 2006
2 Moscow (second) VTB Asset Management 800 2008
3 Voronezh Region Sberinvest 280 2009
4 Volgograd Region I-Man Capital 280 2009
5 Kaluga Region Sberinvest 280 2010
6 Krasnodar Territory I-Man Capital 800 2009
7 Krasnoyarsk Territory Troika Dialog 120 2006
8 Moscow Region Troika Dialog 284 2007
9 Nizhny Novgorod Region VTB Asset Management 280 2007
10 Novosibirsk Region I-Man Capital 400 2009
11 Perm Territory Allianz ROSNO Asset Management 200 2006
12 Bashkortostan Sberinvest 400 2009
13 Mordovia Allianz ROSNO Asset Management 280 2007
25 Maxwell Bio-Tech Maxwell Asset Management 3 061 2008
26 Leader Innovations Leader 3 000 2008
27 Tamir Fishman CiG Russian Fund CentreInvest 2 000 2008
28 S-Group Ventures Sever Asset Management 1 800 2008
29 New Technologies Allianz ROSNO Asset Management 3 061 2009
30 RVC Seed Fund RVC Seed Fund 2 000 2009
20 983
Other Funds *
31 Mint Mint Capital 690 2001
32 Baring Vostok Baring Vostok CP 4 950 2001
33 Russia Partners Russia Partners Management 5 280 1995
34 Intel Capital Intel Capital Russia/CIS 600 2004
3
14 Tatarstan Troika Dialog 800 2006
15 Tatarstan (hi-tech) AK Bars Capital 300 2007
16 Samara Region Invest Management 280 2009
17 St. Petersburg VTB Asset Management 600 2007
18 Saratov Region VTB Asset Management 280 2007
19 Sverdlovsk Region Ermak 280 2007
20 Tomsk Region Monomah 120 2006
21 Chelyabinsk Region Sberinvest 480 2009
22 Chuvashia NIK Razvitie 280 2009
8 624
34 Intel Capital Intel Capital Russia/CIS 600 2004
35 Renova Svarog Capital Advisers 2 250 2004
36 Digital Sky Technologies DST Ltd 4 500 2005
37 ABRT Venture Fund ABRT with Openview Venture
Partners and Mangrove CP
3 000 2006
38 Greater Europe Wermuth Asset Managament 2 250 2006
39 Finam – IT Finam Management 2 400 2006
40 Almaz Capital Russia Fund I Almaz Capital Partners 2 430 2007
41 Alfa Private Equity Partners L.P. Alfa Capital Partners 900 2007
42 Quadriga Capital Russia Quadriga 450 2008
43 AddVenture AddVenture 15 2008
29 705
43 VC funds in their boost stageAggregate capitalization – about RUB 60 bln
* Investment Memoranda of most Other Fund provide for later stage private equity capital and 5-15% venture capital
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RVC BACKEDVENTURE CAPITAL FUNDS
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RVC APPROACH TO THE VENTURE CAPITAL ECOSYSTEM
Seed Fund
spec
ific
serv
ice
prov
ider
s
VC
Fun
d
VC
Fun
d
VC
Fun
d
VC
Fun
d
Clu
ste
r F
un
d
Indu
stry
-spe
cific
ser
vice
pro
vide
rs
Innovative company
Innovative company
Innovative company
Innovative company
Innovative company
5
Indu
stry
Universal service providers
Infrastructure Fund
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RVC ECOSYSTEMPROGRAMS AND ACTIONS
1.2 Launch and support a venture partner
network
1.3 Higher performance of existing
incubators and technology parks
1.4 Support to corporate TTCs at the
1.2 Launch and support a venture partner network 1.3 Higher performance of existing incubators and technology parks 1.4 Support to corporate TTCs at the industrial sector level
6.1. Integration of Russian innovation players into international communities 6.2. Integration of Russian speaking foreign community of innovators into the Russian innovation ecosystem 6.3. Assistance to Russian innovation companies in
9.1. Mass Media and PR Promotion Campaign 9.2. Institution and Promotion of a National Innovative Entrepreneurship Award 9.3. Coachning programs (online resources, books) and initiatives (contests, Olympiads) for the general public
9. Promote innovative 1.4 Support to corporate TTCs at the
industrial sector level
1.5 Support to TTCs at the level of higher
education institutions and research
centers of the Academy of Sciences
1.6 Tenders/conferences/rating
events/surveys and support to
participating Russian start-ups
1.7 In-a-box template documents
1.8 Seed houses
2.1 Articulate demand of the real sector
sector level 1.5 Support to TTCs at the level of higher education institutions and research centers of the Academy of Sciences 1.6 Tenders/conferences/rating events/surveys and support to participating Russian start-ups 1.7 In-a-box template documents 1.8 Seed houses 1.9 Monitoring and higher performance of seed houses
6.3. Assistance to Russian innovation companies in launching their international business 6.4. Promotion of Russian innovations with the global VC audience 6.5. Attract international capital to Russian companies 6.6. Attract Russian capital to international companies
7.1. Coaching programs and seminars for mid-size
9. Promote innovative
entrepreneurship and highlight its
success stories
3. Development of RVC Partner Network
3.1. Support to partners and coordination of
their activities
3.2. Support to expert community
4. Institutional Initiatives
4.1. Monitoring, analysis and suggestions to governmental
support
4.2. Cooperation with regional authorities
4.3. Cooperation federal authorities
4.4. Innovation Entrepreneur Ombudsman
4.5. Technology Corridors
8. Program for inventory survey and monitoring
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2.1 Articulate demand of the real sector
for innovations
2.2 Attract financial resources of the real
sector to VC funds
2.3 Promote innovation products/services
to the real sector
2.4 Venture capital to early, middle and
later stages
2.1 Articulate demand of the real sector for innovations 2.2 Attract financial resources of the real sector to VC funds 2.3 Promote innovation products/services to the real sector 2.4 Venture capital to early, middle and later stages
7.1. Coaching programs and seminars for mid-size audiences 7.2. Conferences and congresses (for mid-size and limited-size audiences) 7.3. Individual coaching programs and transfer of expertise 7.4. Launch and support an infrastructure for RVC coaching services 7.5. Support to advisory boards and boards of directors 7.6. Engage advisors to company advisory boards and boards of directors 7.7. Promotion of advisors, advisory boards, boards of directors and options 7.8. Launch and manage advisor networks 7.9. Management of the evaluation expert community and coordination of the evaluation operations 5.1. Support to enthusiasts, communities and associations
5.2. Development of and support to innovation media 5.3. Design of and support to RVC online resources
5. Encourage development and self-
organization of the innovation
community
8. Program for inventory survey and monitoring
of the innovation ecosystem
8.1. Inventory Survey of the Ecosystem
8.2. Analytical reports
8.3. Integration of Russian Statistics into
International Research Data
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INVESTMENT PATTERN OFRVC FUNDS
Breakdown by investment priorities of, and capital invested by RVC backed funds
Total capital invested
by RVC backed funds
RUB 4.5 bln
29 innovation companies
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INVESTMENT PATTERN OFREGIONAL VENTURE FUNDS
Breakdown by investment priorities of, and capital invested by regional venture funds offered to RVC by Russian Ministry of Economic Development
Total capital invested
by regional venture
funds
RUB 2.8 bln
48
Innovation companies
8
Certain types of medical equipment, ultramodern viral, cardiovascular, cancer and neurologic diagnostic devices and
drugs
Own land and space based data transfer infrastructure
Non-priority
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«RUSSIAN NAVIGATION TECHNOLOGIES»
INVESTED COMPANIES:SUCCESS STORIES: RNT
TECHNOLOGIES»
GLONASS/GPSintellectual navigation
systems(for cars, trucks, etc)
2009: Revenue: $7M
2010: IPO at MICEX$55M
VTB Venture Fund
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«Innalabs»
Unique technology for
INVESTED COMPANIES:SUCCESS STORIES: Innalabs
Unique technology for vibrational metallic gyros
30 international patents
Markets: aviation, ships&boatsnavigation equipment
2015 revenue estimated at $100M
Fund «New technologies» (Allianz-ROSNO)
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«Spectralus»
Lasers (50-250 mw) for mobile projectors (e.g. smatrphone-based)
INVESTED COMPANIES:SUCCESS STORIES: Innalabs
(e.g. smatrphone-based)
High efficiency/small size
80 mw green laser
Fund «S-Group Ventures» (Sever Asset Management)Management)
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RVC SEED FUND
* Capital under management — 2 billion rubles;
SEED FUND &VENTURE PARTNETRS
* Capital under management — 2 billion rubles;
* Operation life is unlimited;
* Co-invests together with private investors (up to 75% / 25%);
* No more than 25 000 000 rubles at the first investment round;
* Investment decisions are made by the Fund Investment Committee (Board of Directors).
* The Fund cooperates with the System of Venture Partners;
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VENTURE PARTNERS (VP): authorised organizations that provide the deal flow for the Seed Fund (SF)
SEED FUND &VENTURE PARTNETRS (contd)
VP authorisation criteria:
- venture investment experts on the staff
- source of financing of the SF-related activities
- access to innovation infrastructure- access to innovation infrastructure
- access to private co-investors
- access to projects flow
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63 VENTURE PARTNERS
- universities & innovation centers
SEED FUND &VENTURE PARTNETRS (contd.)
- universities & innovation centers
- investment funds
- technological companies
CURRENTLY:
- simplified procedure for the < $200K investment- simplified procedure for the < $200K investment
- consultancy for the VPs and the project teams
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INFRAFUND
* Capital under management — 2 billion rubles ($67M);
INFRA FUND & BIOFUNDTO BE LAUNCHED IN 2010
* Co-invests together with private investors (up to 75% / 25%);
* No more than 100M rubles ($3M) at the first investment round;BIOFUND
* Capital under management —1.5 billion rubles ($50M);
* Co-invests together with private investors (up to 75% [service companies] or 50% [innovation comoanies])
* No more than 100M rubles ($3M) at the first investment round;NO VENTURE PARTNERS IN BOTH CASES
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Pool of people skilled in technological innovation business
GLOBAL EXPERT NETWORK:PURPOSES
- business experts - sci & tech experts
- IP, finance etc
TASKS:
- project assessment & analysis- project assessment & analysis
- project search & initiation
- advising & mentoring funds and companies (incl. RV C)
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MORE TASKS:
GLOBAL EXPERT NETWORK:PURPOSES (contd.)
- Evaluation & suggestions to legal initiatives
- Industry-specific reviews & foresight (technologie s, market)
(e.g., currently - robotics & embedded programming)
PRINICIPAL GOAL: PRINICIPAL GOAL:
GET BUSINESS-EXPERTS INVOLVED IN THE WORK OF NEW AND EMERGING HI-TEC COMPANIES
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SNOWBALL METHOD OF CREATION
GLOBAL EXPERT NETWORK:CONSTRUCTION
1st ROUND: Ask a seed group for recommendations
2nd ROUND: Ask the best from the 1 st round, e.t.c
RESULTS
- Discovery of new experts- Discovery of new experts
- Rating of recommendations
- Graph of connections (industrial, other)
Reveals industrial clusters & other groups.
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GLOBAL EXPERT NETWORK:STRUCTURE & VISUALISATION
Yellow: «authorities», Red: «hubs», Green: both
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GLOBAL EXPERT NETWORK:STRUCTURE & VISUALISATION
After 1 st round: industrial clustersNot so pronounced after later rounds
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GLOBAL EXPERT NETWORK:STRUCTURE & VISUALISATION
Left: 'biotech cluster'. Linked to the other via single (!) person
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WHO ARE ON THE NETWORK?
GLOBAL EXPERT NETWORK:PEOPLE
- successful hi-tec investors & entrepreneurs
- professional consultants(IP, marketing, finance)
- executives and middle-management of large technolo gical companiescompanies
- Scientists & engineers involved into innovation bu siness
CAUTIOUS ABOUT «PROFESSIONAL EXPERTS»
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Network size: ~ 700 people
GLOBAL EXPERT NETWORK
Informal membership : just an agreement to consider our requests for:
- quick & brief free consultations
- project analysis in detail (on a contract basis)- project analysis in detail (on a contract basis)
- finding new experts,
PLUS: industrial associations (experts as entry poi nts)
IT IS ONLY A SEED OF A NETWORK
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RVC ADVISORY COUNCIL
GLOBAL EXPERT NETWORK:PEOPLE
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RVC ADVISORY COUNCIL
30 people with highest recommendation rating
- high-calibre entrepreneurs & investors in hi-tec
- Formal membership (names published)
- RVC will ask for their advice on strategy
- Will unify them in a network
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GLOBAL EXPERT NETWORK:STRUCTURE & VISUALISATION
Recommendation structure for a top-rated experts Weak connectivity!
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LOCATION
GLOBAL EXPERT NETWORKSTATISTICS
LOCATION
Russia: 77% Other countries: 23%
FIELD OF BUSINESS EXPERTISE (expert own definition)
Strategic development: 78% Entrepreneurship: 72%
Management: 66% Investment: 60%
Marketing/PR: 28% Finance: 22% Law/IP: 18% HR: 7%
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INDUSTRIES (by expert self -identification)
GLOBAL EXPERT NETWORKSTATISTICS
INDUSTRIES (by expert self -identification)
IT 51% BIOTECH 18% MATERIALS 10%
CHEMISTRY 7% ENERGY 6% ELECTRONICS 6%
MEDICINE & MEDICAL DEVICES: 5%
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Methods and standards of the experts' work — are of primary
importance
GLOBAL EXPERT NETWORK
Example: project assessment (broker approach):
Get list of questions from a customer
Find experts to answer the questions
Help to make a contractHelp to make a contract
CROSS-VALIDATION OF EXPERT REVIEWS
BEGINNING: CERTIFICATION OF SUCH PROCESSES USING
THE BEST INTERNATIONAL PRACTICES
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GLOBAL EXPERT NETWORK
We are interested in expanding the network
- partnership with associations
- cooperation with experts (business, sci&tech)
- attracting new projects with the adi of expert netw ork- attracting new projects with the adi of expert netw ork
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