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  • RVC

    RVC is a government fund of funds and a development institute of the Russian Federation, one of Russia's key tools in building its own national innovation system.

    RVC OJSC was established in accordance with the directive of the Government of the Russian Federation No. 838-p dated June 7, 2006. The main purpose of RVC OJSC is to promote creation of Russia's own venture investment industry and significantly increase financial resources of venture capital funds. The company's role is to be a state fund of venture capital funds and a vehicle for state promotion of venture investing and financial support to the high-tech sector as a whole. It is also a state institution for development of the venture investment industry in the Russian Federation.

    Since 2015, RVC OJSC has been defined as a project office for implementation of the National Technology Initiative (NTI) - the long-term strategy of the country's technological development, aimed at formation of new global markets by 2035.

     

    National Technology Initiative


    Implementation of NTI have been proposed by Russian President V.V. Putin in his annual address to the Federal Assembly in December 2014. Based on long-term forecasts, it is necessary to determine the challenges to face Russia in 10-15 years and innovative solutions required to ensure national security, high quality of life, and development of new technological lifestyle industries. It is the National Technology Initiative that will become a tool for solving these problems, uniting the efforts of project teams and dynamically developing companies, leading universities and research centers, the Russian Academy of Sciences, business associations, and fellow countrymen engaged in professional activities in high technology industries abroad.

    NTI programs will be formed by a network principle. They involve development of new markets, involvement of new players that are not its active participants yet, and construction of infrastructure.

    RVC is seen by the state as a basis for NTI-based development of Russian technology companies and for resource and project component of the Initiative. This will require from the company substantial restructuring of a number of management tools, updating documents on strategic and business planning, improving the existing financial and non-financial instruments and creating a number of new ones.


    RVC Mission

    Bearing in mind the priorities of the state, increase the volume, accelerate the growth, and adjust the areas of development of the venture capital market of the Russian Federation with the aim of improving the competitiveness of the innovative sector of the country's economy globally.

    Authorized Capital

    RVC’s authorized capital — RUB 30 011 320 700 (about US$ 548 mln.) — is 100% owned by the Federal Agency for State Property Management (Rosimuschestvo).

    Board of Directors

    Chairman of the Board of Directors:

    • Oleg V. Fomichev — Deputy Minister of Economic Development of the Russian Federation

    Members of the Board of Directors:

    • Igor R. Agamirzian — Chief Executive Officer;
    • Alexander A. Auzan — Dean of the Faculty of Economics of Lomonosov Moscow State University, Head of the Department of Applied Institutional Economics of the Faculty of Economics at Lomonosov Moscow State University, Doctor of Science (Economics), Professor;
    • Gleb S. Nikitin — First Deputy Minister of Industry and Trade of the Russian Federation;
    • Boris G. Nuraliev — Head of 1C Company;
    • Dmitry N. Peskov — Director of Young Professionals Division of the Agency for Strategic Initiatives;
    • Aleksandr B. Povalko — Deputy Minister of Education and Science of the Russian Federation;
    • Sergey G. Polyakov — General Director of Foundation for Assistance to Small Innovative Enterprises (FASIE);
    • Yuri A. Udaltsov — Deputy Chairman of the Management Board, RUSNANO MC LLC.

    Management Board

    • Igor Agamirzian — CEO of RVC;
    • Egor Beketov — Director and Chairman of the Board of RVC Biopharmaceutical Investments (RVC Biofund);
    • Andrey Vvedensky — Director of Investment Programs;
    • Gulnara Bikkulova — Director, Technology Capital and Markets Access Department;
    • Roman Kosyachkov — Deputy CEO, Vice Chairman of Management Board;
    • Eugeny Kuznetsov — Director, Strategic Communications Department;
    • Aleksandr Loktev — Director and the Chairman of the Board of RVC Infrastructure Investment Fund (RVC InfraFund);
    • Alexander Potapov — Deputy CEO, Managing Director;
    • Aleksey Teleshev — Director and the Chairman of the Board of RVC Seed Fund, Ltd. (FPI RVC).

    FINANCIAL INSTRUMENTS

    Investment activity of RVC is aimed at involving private Russian and foreign players in innovative segments of the Russian economy and development of new investment instruments of the national venture capital market. This activity is carried out through establishment of funds based on public-private partnership. RVC is focused on knowledge-intensive high-risk industrial sectors with low presence of private capital, which are essential for the country's balanced innovative development and for promising interdisciplinary segments. Another priority of RVC's investment activity is creation of RVC seed and pre-seed funds.


    Priority areas for investment

    The priority areas for investment by RVC-funded venture capital funds have been determined in accordance with the Essential Technology List approved by the President of the Russian Federation, which includes the following:

    • Security and counter-terrorism actions;
    • Living systems (understood as biotechnology, medical technology, and medical equipment);
    • Industry of nanosystems and materials;
    • Information and telecommunications systems;
    • Sustainable environmental management;
    • Transport, aviation, and space systems;
    • Power engineering and energy efficiency.

    RVC-funded funds

    RVC invests through venture capital funds created in conjunction with private investors.

    The total number of RVC funds has reached twenty one (including two funds in foreign jurisdictions), with their total size of RUB 32.2 bn. The share of RVC is RUB 19.55 bn.

    The number of innovative companies approved for investment by RVC funds reached 175 in 2015. The total volume of approved investments is RUB 16.2 bn.

    Subsidiary funds

    Funds in foreign jurisdictions

    Funds in the form of closed-end mutual funds (CEMF – Closed-End Mutual Fund of High-Risk (Venture) Investments)

    Funds in the form of investment partnerships (IP)

    The amounts shown are the target sizes of the funds.


    Regional venture capital funds

    In early 2013, Russia has 22 regional venture capital funds investing money in small businesses operating in the science and technical sector and set up in 2006-2013 by the Ministry of Economic Development and Trade of the Russian Federation together with the regional administration with the total funding of RUR 8.9 billion. RVC is part of supervisory board of such funds.

    From January 2010, all projects seeking investments from regional venture capital funds in small businesses operating in the science and technical sector must undergo an expert examination in RVC. The decision to engage RVC in such additional expert examination of projects proposed by regional venture capital funds was made by the Ministry of Economic Development and Trade in late 2009 for the purposes of increasing professional control over procedures applied by the management companies of the regional funds to select investment projects.


    NON-FINANCIAL INSTRUMENTS

    Development of the innovative ecosystem is one of the main objectives of RVC. Major landmarks in this framework include an increase of competence and efficiency of interaction between venture capital market participants, promotion of technological entrepreneurship, support to regional infrastructure, and facilitation of globalization of the Russian innovative industry.

    A new element of RVC's work in 2014 was the creation of a project office to support facilities of the innovation infrastructure and coordinate regional innovative clusters, technology platforms, engineering centers, and state-owned companies implementing innovative development program.


    Investor Development Program

    The program is focused on development of venture investors and business angels, as well as on promoting the emergence and further activities of corporate venture funds in Russia.

    Purpose of the program:

    • Involvement of new market participants and development of their professional competencies;
    • Improvement of effective tools and introduction of new forms of interaction between venture investors;
    • Increase in the number of sources of analytical information about the market;
    • Development of the professional community of venture investors in Russia.
     

    Key results of 2014:


    • More than 400 participants have taken part in a series of unique educational programs for business angels, representatives of venture capital funds and corporations;
    • Specialized services for Russian venture capital investors supporting their communications with businessmen in Moscow and regions of the Russian Federation, as well as a unique platform for sharing experience at the international level;
    • Single standard of the venture capital market analytics as a product of the Joint Review Panel at RVCA;
    • A series of venture capital market research activities:
      – Annual research of the angel investment market
      – Annual research of the corporate venture investment market
      – The first report on the venture capital market for 2014 based on a common methodology for collection and analysis of the basic parameters of Russian venture funds
      – MoneyTree "Venture Market Navigator" for 2014


    Program for Globalisation of Russian Innovation Industry

    The program is aimed at collecting and studying relevant information about the most promising international innovation markets, development of partnerships with their key players, and integration of products and services of Russian technology companies into global added value chains. Both these measures and a strategic project to support exports of innovative products and services are aimed at strengthening foreign economic activities of Russian innovative companies and – above all – building up high-tech exports.

    Purpose of the program:

    • Study of international experience in innovative development; adaptation and introduction of the best business practices in Russia;
    • Facilitation of entry of high-tech Russian companies in foreign markets and their integration into the global technology added value chains.
     

    Key results of 2014:


    • Ten analytical reports for the RVC-funded funds and their portfolio companies;
    • Fifty Russian companies have been supported by RVC in entering foreign markets;
    • Exports of innovative products by portfolio companies of RVC-funded funds have reached $ 27 mn.


    Innovation Promotion Program

    The program is aimed at promoting innovation and technological entrepreneurship by using tools such as bringing attention of journalists to the topics of innovation, development of specialized networking events and media, and promoting success stories of technology companies.

    Purpose of the program:

    • Development of information infrastructure of the innovation and venture capital market - implementation of acceleration programs for thematic media;
    • Forming an image of a technology entrepreneur as "a hero of our time" in the public consciousness (especially among youth);
    • Involvement of science and education representatives in the orbit of innovative business, and increasing information transparency of the venture capital market.
     

    Key results of 2014:


    • Twenty three media covering the subject of innovative entrepreneurship and venture businesses have received support;
    • The total media coverage of the program projects have reached 22 mn people;/li>
    • 6,714 innovative projects took part in the competitions, awards, and ratings organized and supported by RVC.


    Innovation Ecosystem Development Program

    The program is focused on development of the innovation infrastructure and promotion of creation and implementation of innovative development programs for state-owned companies. The program was reorganised in the autumn of 2014, when RVC established a project office to coordinate implementation of major projects on development of innovation ecosystems.

    The key task of the project office is to develop horizontal relations between entities of the innovation ecosystem, and facilitate overcoming fundamental limitations to the growth of the venture capital market, including:

    • Shortage of technological solutions suitable for commercialization;
    • Lack of willingness of potential buyers, including large Russian corporations and state-owned companies, to procure innovative products and services.

    Purpose of the project office:

    • Support to innovation infrastructure facilities (regional clusters, technology platforms, engineering centers, and state-owned companies implementing programs of innovative development), including synchronization of their activities;
    • Development of new-idea generation centers (universities, innovation clusters, etc.);
    • Creation of demand for the portfolio companies, including development of corporate venture funds.
     

    Key results of 2014:


    • RVC's programs and support & development tools cover 39 objects of the innovation infrastructure;
    • 1,000 people took part in activities of the Leaders of Change Community, including principals of universities, directors of innovation of public and private companies, and others;
    • 1,835 people took part in 32 regional practical consulting sessions;
    • Consulting services have been provided to 734 technology companies;
    • Eighteen training and acceleration programs have been held in the Russian Federation, which were attended by 1,800 people.

    INTER-PROGRAM INNOVATION ECOSYSTEM DEVELOPMENT PROJECTS


    GenerationS – Federal Accelerator Competition for Technology Startups


    GenerationS is a federal accelerator for technology start-ups, in which the best projects are selected by the results of a multi-stage examination to receive intensive development and opportunities for investment. GenerationS has been held by RVC since 2013 with the support of Russian corporations, development institutions, and representatives of venture infrastructure.

    Since 2015, GenerationS resources have been utilised for creation of corporate and industry accelerators in close cooperation with large Russian corporations. The corporations are directly involved in project selection and assessment, as well as in acceleration of startups participating in GenerationS, based on their needs in innovation. The search for promising innovative project is carried out through the regional partner network of GenerationS. This network combines startup schools, business incubators, universities, and other participants in the innovation ecosystem working with startups.

    GenerationS-2015 is held in seven industry sectors (tracks): Power & Energy (modern power generation technologies), Telecom (telecommunications), Robotics (automated and robotic systems), Aerospace (technology for the aerospace industry), SmartCity (technology for life), Oil & Gas (technologies and materials in the oil and gas sector), and BiotechMed (medicine and biotechnology).

    Purpose of the project:

    • Development of an innovative environment through the growth of high-tech projects of interest to venture capitalists and public sector customers;
    • Improvement of the quality of technology projects and their investment attractiveness, and facilitation of entering capital markets.
     

    Results of the project in 2014:


    • 1,858 participating projects, including:
      — 453 projects were at the idea stage;
      — 892 projects were at the stage of product development;
      — 277 projects had pilot production;
      — 221 projects were at the stage of mass production or sales;
    • 260 participants in sectoral acceleration programs;
    • 400 experts and mentors took part in acceleration;
    • 25 finalist projects;
    • 4 winners in the accelerator. They are the start-ups: Promobot (Industrial), Kera-Tech (BiotechMed), NanoServ (Cleantech), and VeeRoute (IT).

    2,566 applications for participation in GenerationS were made in 2015.



    TechUp – Rating of Fast-Growing Technology Companies

    The TechUp rating was first organized by RVC in partnership with the Association of Innovative Regions of Russia (AIRR) in 2012 with the support of Rusnano and the Foundation for Assistance to Development of Small Research and Technology Enterprises. In 2013, PwC joined the rating making team as a Project Partners. In 2014, MSP Bank became another Project Partner of the rating.

    The purpose of the rating is promotion of local high-tech companies in both domestic and international markets.

    The current rating methodology was developed by PwC in 2013 and modified in 2014. In developing the methodology, PwC used its experience in conducting similar studies and analysis of authoritative international research and ratings of innovative companies.

    Leaders of the rating are fast-growing high-tech companies from various regions of the Russian Federation, steadily showing above-average performance in their sector over the last three years.

     

    Results of the project in 2014:


    • 250 companies have applied to participate;
    • 110 companies have been selected according to eligibility criteria;
    • 8 special events with participation of more than ten experts and business organizations aimed at empowering technology companies in solving current business problems;
    • 4 meetings of companies participating in the rating with representatives of the federal executive bodies at the level of specialized ministers and deputy prime ministers;


    Open Innovation - Moscow International Forum of Innovative Development

    The forum is a global discussion platform where entrepreneurs, representatives of the research community, and innovators share their experience, present achievements, and predict trends in development of the new technology market and prospects of international cooperation in the field of innovation.

    The Forum and Technology Show is the new format of Open Innovation, which starts in 2015.

    The topic of the Forum is "The man at the junction of technological revolution trends." Five thematic days reveal five spheres of human life, dramatically changing under the influence of technology - performance, environment, education, health, and entertainment. A forum without ties, the cult of entrepreneurship and creativity, the focus on innovative formats of content presentation and discussion - it's a new style of a contemporary international technology congress. Providing a platform for speakers from around the world, Open Innovation pays close attention to presentation of experience of Russian technology companies, both global companies that are leaders in their industries, and innovative young teams that start their projects in international markets.

    The purpose is to show Russian and foreign participants the high innovation potential of Russia, and confirm Moscow's status of the leading metropolis in the technology world map.

     

    Results of the project in 2014:


    • 16,000 guests from 72 countries;
    • 700 participating startups from 19 countries;
    • 223 business forums and exhibitions;
    • 3 major RVC projects - TechUspekh rating, Tech in Media competition, and GenerationS accelerator - have held their Finals at the Forum;
    • 8 venture capital funds have become the winners of the Venture Investor national award.