Венчурная индустрия в России: особенности и перспективы развития

Translated title of the contribution: Venture industry in Russia: speciefic features and prospects for development

Research output: Contribution to journalArticlepeer-review

Abstract

The paper is devoted to the peculiarities of the venture capital industry in the Russian Federation. The authors analyze statistical indicators of Russian private equity and venture capital market and reveal its key features. Statistical data provided by the Russian Venture Capital Association (RVCA) was used. The analysis demonstrates that in the private equity and venture capital market in Russia, investments in companies at the late stages (expansion, restructuring) predominate, and innovative companies at the earlier, so-called “venture stages” (sowing, start-ups, initial stage), remain underfunded. Among the funds involved in investing in companies at the venture stages (sowing, initial stage, and, in some cases, expansion), i.e. VC funds, the largest share is accounted for private funds. The largest volume of venture capital investments in Russia is made in the sector of information and communication technologies. Venture investments in the so-called “real sectors of economy” (in the terminology of the RVCA), which produce tangible and intangible products, occupy the smallest share in the industry preferences of venture capital funds. In other words, innovative projects in these sectors of the national economy remain underfunded. It is concluded that VC funds with the participation of state capital are the dominant source of venture capital investments for non-IT companies: the largest share of these funds is focused on venture capital investments in real sectors or have mixed industry preferences. The analysis of the venture capital market in the Russian regions shows that most venture capital investments are directed to the Central Federal District. The remaining regions do not take an active part in the formation of the national venture environment. The authors make recommendations for improving the infrastructure of venture financing of innovative projects at the regional level. It is concluded that at present the activities of various structures that provide assistance to the innovation process at the level of the regions of the Russian Federation are not coordinated. It is necessary to create a single center coordinating innovation in a specific region, including activities related to attracting venture capital funds and investing their resources in the projects of this region.
Translated title of the contributionVenture industry in Russia: speciefic features and prospects for development
Original languageRussian
Pages (from-to)260-278
Number of pages19
JournalИдеи и идеалы
Volume12
Issue number2-2
DOIs
Publication statusPublished - 2020

OECD FOS+WOS

  • 5.02 ECONOMICS AND BUSINESS

State classification of scientific and technological information

  • 06.73 Financial science. Monetary and fiscal theory. Credit and financial institutions

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