A new general director of RVC has been appointed. Russian venture company Office RVC

The head of the Russian Venture Company (RVC), Igor Agamirzyan, appeared on the huge stage of the Open Innovations forum, one of the main technology shows in Russia, and began to talk casually and slightly impressively about how to develop innovation. “As long as we do something for the day after tomorrow, there is still hope for success. It’s like shooting at a moving target - if we don’t shoot ahead, we’re guaranteed to miss,” Agamirzyan reasoned. Six months later, he himself was targeted and in June 2016, seven years after his appointment, he resigned.

Why did Agamirzyan have to leave his post, and why did the government think about liquidating the oldest venture laboratory?

Seed stage

At a meeting of the State Council in February 2006, a dispute broke out about the future of venture capital investments in Russia. Deputy Minister of Economic Development Andrei Sharonov and Minister of Communications Leonid Reiman argued. Sharonov believed that the state venture fund should be universal, Reiman defended his position: focus only on information Technology. Vladimir Putin put an end to the dispute: “I don’t care: either IT (industry-specific) or general. But this year." So the decision was made to create a Russian venture company.

RVC was conceived as a fund of funds, with the task of creating 10-15 venture funds for investment in startups. RVC invested money together with private investors, receiving 50% minus 1 share in the funds; it did not invest directly in the companies. The idea did not come out of nowhere. For example, in Israel there was already a similar state fund Yozma with a volume of $100 million. At the time Yozma was created in 1993, there was practically no venture market in the country, and after 10 years there were already 60 venture funds with a total volume of $10 billion, came large corporations Cisco, IBM, Intel, Microsoft. The state fund itself was privatized back in 1997 and successfully exited most of the projects.

In Russia they hoped for the same success and even invited one of the creators of Yozma, Igal Erlich, to the board of directors of RVC. The Russian State Fund received 30 billion rubles ($1.1 billion) for management. The new structure was headed by Alexey Korobov, who previously headed the staff of the State Duma Committee on Budget and Taxes and worked as the first deputy chairman of the Russian Foundation for Basic Research. Korobov lasted only two years in his post. “I don’t see any support from the Ministry economic development, nor from the board of directors [of RVC],” Korobov explained the decision to resign. His departure was provoked, among other things, by the claims of the Prosecutor General's Office.

By the beginning of 2009, RVC invested only 15% of the money it had in funds, the vast majority of the funds were on deposits in banks - RVC earned about 3 billion rubles from interest, Korobov said. The Prosecutor General's Office considered such activities ineffective: the funds lie as dead weight and are not invested. Moreover, law enforcement agencies have claims against several funds. And it was decided to adjust the operating principles of the state venture fund.

Deposit stage

In April 2009, a new general director appeared at RVC - Igor Agamirzyan. He managed to work both in Russian science and in large Western IT companies Microsoft and EMC. “He came to RVC from global business with the idea of ​​heading the headquarters of the technological revolution and building a venture economy in Russia,” says one of Agamirzyan’s acquaintances. With his arrival, the concept changed: RVC began not only to invest money in funds, but also began to popularize investments in innovative projects. “Startups don’t grow in an open field: you need to fertilize them, water them, and take care of them. It’s quite clear where this topic of popularization comes from,” says Alexey Soloviev, managing director of the venture fund Prostor Capital.

Agamirzyan has repeatedly repeated that there are many ideas in Russia, but it is not possible to turn them into a business. “The development institute’s investments in business development ultimately provide more profit for everyone in the venture capital market,” he says in an interview with Forbes. The team, led by the new general director, got down to business with enthusiasm: they began to work on developing the legislative framework, created own network private investors and companies, held conferences and startup competitions. “We still lacked competencies, management teams, legal framework“says Oleg Fomichev, Deputy Minister of the Ministry of Economic Development.

At the same time, RVC continued to invest in the funds, but after claims from the Prosecutor General’s Office, a clause appeared in the contracts on the provision complete information about the movement of funds. In total, in 2010, funds with RVC participation invested 2.7 billion rubles. However, the state-owned company's investments lagged behind the business plan. For example, in 2010, at the seed stage, 20 companies were invested instead of the planned 25, at later ones - 38 instead of 53. This raised questions from the Accounts Chamber: according to auditors, during the entire period of its existence, RVC invested only 23% of the authorized capital in funds - about 7 billion rubles, the rest of the money remained in long-term deposits. Over the next two years, the pace of investment increased slightly: in 2011, funds with RVC’s participation invested 2.3 billion rubles, in 2012 - 2.9 billion rubles.

Why did RVC keep funds on deposit? As Agamirzyan explains, the money was reserved for funds, but was transferred to them only as projects were prepared. “This is how LPs work all over the world. Deposits in banks cannot be considered free funds,” says Agamirzyan. According to him, the money was placed in banks on the condition that it would be used for loans to small and medium-sized businesses. “RVC made money from this and redistributed the money to promote the technology business,” explains Agamirzyan. However, Forbes’ interlocutor, close to the board of directors of RVC, says that only half of the amount was placed under such conditions.

Growth and drying stage

In 2013, there was a peak in venture investment in Russia: at the end of the year Russian market came in second place in Europe and fifth in the world. “When RVC was created, its money was half the market, but by 2013 big money arrived, and RVC funds began to occupy about 5% of the market,” says Fomichev. According to RVC, in Russia at that time there were 173 venture funds that managed capital of about $5.2 billion. In Russia, the first deals were closed by the well-known American fund Accel Partners, and Intel Corporation actively invested.

Has RVC fulfilled its function? As sources at RVC and several venture funds told Forbes, it was in 2013 that the government came up with the idea of ​​replacing the general director of RVC. “He didn’t suit many people. I did little real business, a lot of events and PR. At the same time, the company had huge amounts of money in its accounts that gave no rest,” says a partner of one of the venture funds who was offered to head the state-owned company. The complaints against Agamirzyan were the same: RVC invests too little and too slowly.

It is customary for venture funds to conduct transactions in the jurisdictions of Cyprus, the British Virgin Islands, and Delaware. RVC adhered to general rules and even invested in foreign funds. Back in 2010, she created the management company Russian Venture Asset Management Ltd for investments in the UK and RVC Usa Inc in the USA. In 2012-2013, RVC invested through them in three startups and four funds in Silicon Valley. “We invested in foreign companies to organize technology transfer to Russia. And in financially these were RVC’s most profitable investments,” says Agamirzyan. However, in 2013, the government took the path to deoffshorization. “Before 2013, it was almost impossible to create venture funds in Russian jurisdiction - not a single foreign or Russian investor felt protected,” says Fomichev. According to him, the creation of new funds practically froze in 2013 and early 2014: negotiations began anew, even on those transactions where due diligence had already been carried out. As a result, several funds were nevertheless registered in Russia in 2014 under a new scheme - as joint-stock partnerships. The legislative framework for this purpose was created back in 2011, but transactions were not practiced.

The venture investment boom in Russia was short-lived. Already in 2014, after the annexation of Crimea and the subsequent sanctions, many Western funds stopped investing in Russia, and Russian funds increasingly chose to invest in foreign companies. The situation was aggravated by the developing economic crisis. At the end of 2014, the volume of the Russian venture ecosystem amounted to $1.69 billion, although in 2013 the volume reached $2.89 billion.

RVC's forecasts stated that funds created in 2007-2008 would receive a return on investment no earlier than 2017. RVC needed a reserve of funds for additional tranches to existing funds and projects. But the money in her accounts still haunted many. “At first, the state seemed to agree that money should work in the venture capital market, but during the crisis they forgot about this and asked for the money back,” says an interlocutor close to RVC. According to another source, Rusnano and Skolkovo allocated 60 million rubles each for the Open Innovations forum in 2015, and RVC - 110 million rubles. “It’s like planting potatoes in the morning and digging them up in the evening because you wanted to eat,” Agamirzyan is indignant.

Fusion stage

In December 2014, the problem of the lack of innovation in Russia was again heard from the highest stands. President Vladimir Putin, in his address to the Federal Assembly, announced a new program to support technological developments, which was called the National Technology Initiative (NTI). “Based on long-term forecasting, it is necessary to understand what challenges Russia will face in 10-15 years,” the president said. Ideologist new program became the Agency for Strategic Initiatives, but the task of implementing and managing money was assigned to RVC.

“There wasn’t much money in the budget, but NTI had to be launched,” explains a federal official. RVC then refused to invest in IT projects and looked closely at promising industries like biotech, where there was a lack of private funding. “For RVC, the project has become a lifesaver. After all, clouds were already gathering over RVC amid dissatisfaction with the fact that they were doing more PR,” adds Forbes’ source. The project was agreed upon with presidential aide Andrei Belousov, Pavel Bulavin, who worked in international consulting and managed several projects in the organizing committee of the Sochi Olympics, became the director of the NTI project office. But problems arose again.

Formally, Bulavin was subordinate to Agamirzyan and had to coordinate all decisions with him. But as several people told Forbes, they had a personal conflict. “I found a scythe on a stone, both sides are approximately to blame,” says one of Forbes’ interlocutors. The problem was solved by separating the powers of Agamirzyan and Bulavin, but the creation of the project office dragged on for two months. This caused a harsh reaction from both Belousov and Arkady Dvorkovich, who since January 2016 became the curator of the project in the government apparatus, says Forbes’ interlocutor. A representative for Dvorkovich declined to comment for this article. “There was no personal conflict, Bulavin’s subordination to me was initially purely formal, the division of powers was agreed upon from the very beginning,” says Agamirzyan.

At the same time, the struggle for RVC money resumed - at the end of 2015, there were 20.1 billion rubles on deposits. Skolkovo management proposed using the state company’s money to finance residents, an initiative supported by the Ministry of Finance. Representatives of Skolkovo refused to comment; the Ministry of Finance did not respond to Forbes’ request. “Agamirzyan and his team have completely gone into “higher matters.” Their “castles in the air” were not liked by the Ministry of Finance, which wanted to know for what purposes the amounts allocated by the budget were being spent,” says Forbes’ interlocutor at one of the development institutes. In 2015, RVC held tenders worth almost 700 million rubles: most of them related to conferences, speeches, and competitions (for comparison: in 2013, the volume of tenders was half as much). At the same time, RVC transferred about 651.2 million rubles to the funds, most of The money was used to recapitalize the American fund.

According to an RVC employee, Agamirzyan wanted the state-owned company to be perceived on the market as one of the venture funds, and not an instrument of the state. “Nobody liked that RVC adopted a strategy at an internal meeting, and did not collect strategic session with representatives of other development institutions and government members,” says Forbes’ source. At the same time, RVC, on the one hand, had to earn money, and on the other, develop the venture capital market free of charge. “All this time, all the discussions were, in fact, about how to combine these two directions, how to streamline the work,” says economist Alexander Auzan, a member of the board of directors of RVC.

The Ministry of Economic Development had to defend the independence of RVC before the Ministry of Finance. “In the event of a merger with Skolkovo, RVC would simply become a money bag, because Skolkovo’s mandate contains nothing about supporting the venture market,” explains a Forbes interlocutor familiar with the progress of the negotiations, explaining the position of the Ministry of Economic Development. There is no final decision on the merger of Skolkovo and RVC yet, says Open Government Minister Mikhail Abyzov. “All proposals for reform of development institutions have been sent to the government, the work process is underway,” he assures. Nevertheless, a decision has already been made to move RVC to Skolkovo. “But this does not mean that the company will be under the control of Skolkovo,” says Fomichev. “In the face of reduced budget funding, cutting the functions of one or more development institutions is inevitable,” says Andrey Trapeznikov, deputy chairman of the board for external communications at Rusnano.

Against the backdrop of negotiations about the future of RVC, Agamirzyan wrote a letter of resignation. “They “broke up” with Agamirzyan, and deep discontent has accumulated,” says a top manager of one of the development institutes. However, according to him, it is impossible to formally say that RVC did something wrong. “The state-owned company essentially did not have specific tasks, so everything that they did at RVC was simply not noticed by the market,” adds Forbes’ source. As Agamirzyan’s acquaintance says, he was unable to create a team focused on practical result: “They became hostages of their isolation from life, their desire to think beautifully.”

By the end of 2015, as Agamirzyan says, 23 funds with a total volume of 33.7 billion rubles were created with the participation of RVC. Over 10 years, the state-owned company has participated in the financing of 200 projects and made about 20 exits. “In total, during this time we earned more than 10 billion rubles, paid several billion to the state in the form of taxes and dividends,” says Agamirzyan. Now his duties are temporarily performed by his deputy Evgeniy Kuznetsov, but ASI and the Ministry of Economic Development are conducting open competition for the position of General Director of RVC. “I hope there will be about 100 candidates. The task is also to new person“I looked at everything with a fresh look,” says Fomichev. — By the end of September we will have a new general director, and in November we will move to Skolkovo, and we will begin new life" In mid-August, 134 applications were received for the post of general director of RVC.

Russian venture company- OJSC Russian Venture Company (OJSC RVC) was created in accordance with the Government Order Russian Federation dated June 7, 2006 No. 838-r with the aim of stimulating the creation in Russia of its own venture investment industry, the development of innovative sectors of the economy and promotion of international market Russian high-tech technological products.

Authorized capital RVC OJSC is 28,225,879,400 rubles.

Activities

The main goals of RVC OJSC are: stimulating the creation of its own venture investment industry in Russia and a significant increase financial resources venture funds.

The role of RVC OJSC in the innovation system is the role of the state fund of venture funds, through which state stimulation of venture investments and financial support the high-tech sector as a whole.

RVC's investment activities are aimed at attracting private Russian and foreign investors into innovative segments of the Russian economy, as well as at developing new investment instruments in the national venture market.

This area of ​​activity is implemented through the creation of funds on the basis of public-private partnership. Special attention RVC focuses on knowledge-intensive sectors with a low presence of private capital, which are important for the balanced innovative development of the country.

Management

The Federal Agency for State Property Management exercises powers general meeting shareholders of the open joint stock company"Russian Venture Company" (JSC "RVC"), 100% of whose shares are owned by the Russian Federation.

General Directors of RVC:

• from December 2016 - Povalko Alexander Borisovich
• from April 28, 2009 to 2016 - Igor Agamirzyan.
• until March 2009 - Alexey Korobov.

Investment area

The priority areas for investment of venture funds created with the participation of RVC OJSC are determined in accordance with the list of critical technologies approved by the President of the Russian Federation:

• Security and counter-terrorism;
• Living systems (understood as biotechnology, medical technology and medical equipment);
• Nanosystems and materials industry;
• Information and telecommunication systems;
• Rational environmental management;
• Transport, aviation and space systems;
• Energy and energy saving.

Funds

The total number of funds formed by RVC JSC has reached 27, their total size is 51.3 billion rubles. The share of RVC JSC is 26.8 billion rubles. Number of invested funds by RVC innovative companies reached 202. The total volume of invested funds is 17.8 billion rubles.

With the participation of capital, by December 2017, RVC had formed 26 funds. Their total size was about 35.1 billion rubles. RVC’s share in the formed funds is 22.5 billion rubles, the number of portfolio companies approved for investment by RVC funds has reached 217.

The total volume of funds approved for investment in innovative companies amounted to about 17.1 billion rubles (excluding projects from which exits were made).

With the participation of RVC capital, by December 2016, 21 funds were created (including two funds in foreign jurisdictions), their total size is 32.3 billion rubles. Share of RVC JSC - 19.9 billion rubles

The organization reports that in 2016, the number of innovative companies approved for investment by RVC JSC funds reached 194. The total volume of funds approved for investment is 17.5 billion rubles.

Seed Investment Fund

RVC Biofund

In June 2010, RVC approved the concepts of the Biopharmaceutical Cluster Fund (“RVC BioFund”). At the beginning of 2011, OJSC Biopharmaceutical Investments RVC was created.

The initial value of the Biofund was 500 million rubles. (about $16 million) with a planned increase to 1.5 billion rubles. ($48.6 million).

"Biofund" is focused on investments not only in biopharmaceutical manufacturing enterprises, but also in service and infrastructure companies offering information, analytical and consulting services in medicine, pharmaceuticals and biotechnology.

RVC Cluster Fund of information and telecommunication technologies, embedded intelligent systems, mechatronics and robotics

According to the head of RVC, companies in the domestic IT sector do not experience a big shortage of investments from venture funds, since in addition to RVC, almost all venture investors in Russia work with IT companies.

• On April 13, 2011, RVC for the first time officially confirmed its intention to create a target fund for investing in the IT industry.

The new fund will be called “RVC Cluster Fund for Information and Telecommunication Technologies, Built-in intelligent systems, mechatronics and robotics,” and its capital, according to Andrey Vvedensky, director of the department of programs and projects at RVC, will amount to up to 2 billion rubles. This amount is comparable to the total volume of RVC investments in 2010, the volume of which was expressed at 2.7 billion rubles.

The interests of the new fund will be extremely broad. As examples of projects where investments could be directed, top managers of RVC, in addition to industrial and household robotics, name IT systems for managing low-profit oil wells and the creation of “smart houses” (in which energy management systems can reduce housing and communal services costs by 30-50% ). However, they say, the fund’s investments will most likely not be limited to these areas.

RVC Director Igor Agamirzyan said that registration of the fund as a subsidiary of the OJSC Russian Venture “Company” can be expected at the end of 2011, and its financial filling “will be gradual, as projects are approved.” The first investments of the “fund for robots” will be made in the first months of 2012.

It is important to note that, unlike most venture funds created by RVC, a major co-investor partner will not be invited to the cluster “fund for robots”. As Agamirzyan says, “the fund will not be the leading investor at the project level, it will co-invest where private capital already exists.”

The head of RVC speaks about investment goals again created fund as “horizontal” - capable of affecting all sectors of the economy. Therefore, it is difficult to estimate the volume of the “robotics, mechatronics and intelligent systems” market (see Industrial robotics).

Regional venture funds for small enterprises in the scientific and technical field

In June 2010, the Board of Directors of OJSC Russian Venture Company approved the concept of the RVC Infrafund. At the beginning of 2011, the company limited liability“RVC Infrastructure Investments” (RVC Infrafund) began its work.

The key task of the RVC Infrafund is market development specialized services and services necessary for technology companies to effectively conduct their core business and accelerate development and promote products in the domestic and foreign markets. The new infrastructure will provide innovative entrepreneurs with consulting services in the areas of marketing, finance, law, intellectual property, investor relations and others.

Venture fund for the project “Personnel for the Digital Economy”

The fund is created in pursuance of the federal project "" of the national program "Digital Economy of the Russian Federation" of the Government of the Russian Federation for the development of promising educational technologies using the world's best technological solutions to improve the efficiency and accessibility of education. As part of the Fund’s activities, it is planned to develop Russian technology companies in the field of education with their subsequent expansion abroad, as well as the transfer of global educational technologies to Russia.

The total volume of the fund will be 7 billion rubles due to the provision of RVC from federal budget in 2019-2021 budget investments with an increase by an equivalent part of the participation of the Russian Federation in the authorized capital of RVC. The duration of the Fund will be 10 years with the possibility of a two-time extension for a period of 1 year. The Fund will be organized in the form of an investment partnership, and the managing partner of the Fund will be determined as a result of an open selection procedure.

As part of the Fund’s activities, it is planned to organize acceleration activities, which will potentially expand the funnel successful projects and stimulate the development of new technological solutions.

Story

2020

Identification of research centers and companies to finance the development of end-to-end technologies

On January 10, 2020, RVC identified the winners of the competitive selection of leading research centers (LRCs) and leading companies in the development of products, services and platform solutions based on “end-to-end” digital technologies. RVC will allocate 2.8 billion rubles to the winners of competitions. 2 billion rubles - INDIVIDUALS, leading companies - 792 million rubles. Read more.

2019

Where and how much did RVC invest in 2019

RVC's investments in portfolio companies in 2019 amounted to 1.3 billion rubles, and the total volume of exit transactions reached 2.3 billion rubles, an increase of 35% compared to 2018. The Russian venture company published the annual results of its activities on January 27, 2020.

By the beginning of 2020, RVC includes 29 venture funds, including the New Industry Ventures fund created in 2019 jointly by Gazprom Neft and co-investors, a fund with the Ministry of Industry and Trade of the Russian Federation in the field of the pharmaceutical and medical industries, as well as fund with the Ministry of Economic Development of the Russian Federation to support promising educational technologies. Among other partners of RVC in creating new funds are: investment company Terra VC, State Transport Leasing Company (STLC) and Russian Railways.

In 2019, funds with the participation of RVC capital approved the provision of investments to 24 companies in the amount of 1.4 billion rubles, including 6 projects worth 573 million rubles. During the year, 24 exits of RVC funds from portfolio companies took place.

By the beginning of 2020, the portfolio of RVC funds includes 180 companies. At the same time, 270 companies received investments from RVC funds at the beginning of 2020. The volume of funds created with the participation of RVC capital increased by 32% at the end of 2019 and reached 64.4 billion rubles.

One of the key results of last year was the formation of a fundamentally new market instrument - the creation of two venture funds to transform the educational and medical industries, says Deputy General Director - Investment Director of RVC Alexey Basov. - The state has demonstrated its readiness to create repayable financing instruments using market mechanisms to support promising teams, technologies and projects.

Approval of the digital transformation strategy

On December 19, 2019, RVC reported to TAdviser about the approval of the digital transformation strategy.

The company's strategy lasts until 2021. Its main goal is to create a transparent and convenient system of relationships between the company and partners - from investment teams of venture funds to startups participating in RVC accelerators and NTI projects.

The digital transformation strategy, as indicated by the company, includes in particular such areas as information exchange RVC with venture funds, aggregation and monitoring of data on funds and portfolio companies, management of relationships with recipients of RVC support measures, partners and experts.

In 2019, in addition to RVC, many other state-owned companies and state-owned corporations adopted digital transformation strategies.

Selecting Unicorn Capital Partners to manage a fund for high-tech medical projects

On December 18, 2019, RVC reported to Zdrav.Expert that it had determined the winner of the selection to manage a fund for high-tech medical projects.

The investment team of Unicorn Capital Partners scored the highest number of points based on the results of the open selection. Read more.

Public discussion of draft preliminary national standards in the field of IoT and IIoT

Creation of a Technical Committee on AI Standardization

On May 21, 2019 it became known that the Technical Committee (TC) for the standardization of artificial intelligence (AI) would begin work on the basis of the Russian Venture Company (RVC). His area of ​​responsibility will include issues related to regulatory and technical regulation of the applied use of AI technologies. More details

2018

Development of a strategy for the development of the venture and direct investment market

The purpose of the agreement is to implement projects and programs in the field of STI and digital development, development of venture investment and ecosystem in St. Petersburg, as well as popularization of technological entrepreneurship.

Cooperation will include, among other things, the development and implementation of joint NTI technology competitions. Also on the agenda are thematic events at the all-Russian and international level, including project sessions, attracting venture investors to the region, participation in the development of the city’s startup community and innovation infrastructure.

With the support of the Government of St. Petersburg, on the territory of the LENPOLIGRAFMASH technology park, the opening of the regional Boiling Point of ASI in St. Petersburg took place, uniting on one site the best intellectual resources of the region that form modern society and its development (business representatives, executive bodies state power, engineers, scientists, teachers, students and graduate students. A Council for the implementation of NTI in St. Petersburg has been formed, the main task of which is to ensure the leadership of St. Petersburg companies in high-tech markets, creating all the necessary conditions for their development, as well as to assist in the preparation innovative projects to participate in NTI and develop proposals for providing support measures for organizations participating in NTI. Sergey Movchan, Vice-Governor of St. Petersburg

“St. Petersburg confirms its status as one of the country’s scientific and educational centers. In 2017, the city topped the ranking of the Association of Innovative Regions of Russia. An active technological community of young innovative companies, leading engineering universities, business incubators, and technology parks is concentrated here. The NTI Competence Center for Manufacturing Technologies is successfully operating on the basis of SPbPU, and at ITMO University - national center cognitive developments. St. Petersburg is already one of the supporting regions for the development of NTI, we expect that our cooperation will be filled with joint projects. Alexander Povalko, CEO RVC

2017

Results of the year: 26 funds, investments for 14 project companies

As of the end of 2017, with the participation of RVC capital, 26 funds were formed, the total size of which was about 35.1 billion rubles. The main industry areas of investment for funds formed with the participation of RVC capital at the end of 2017 were medical technologies and pharmaceuticals (30%), information technology and the Internet (29%), and energy (10%).

During the year, 11 project companies were approved for investment for a total amount of 438.4 million rubles. In general, in the area of ​​investment activities, RVC funds in 2017 approved the provision of investments to 14 project companies for a total amount of 507.82 million rubles. The total volume of funds approved for investment reached 17.1 billion rubles.

In 2017, there were 6 exits from portfolio companies of funds with the participation of RVC capital.

In addition, in 2017, RVC’s development strategy for 2017-2030 was approved, which defines the mission, strategic goal and tools that ensure the operation of the company’s key areas of activity: development and implementation of financial and non-financial instruments for the development of the venture investment and technological entrepreneurship market, stimulation creating Russia's own venture investment industry and performing the functions of the Project Office of the National Technology Initiative (NTI).

Strategic goal RVC has determined to achieve by 2030 a scale of activity comparable to similar European organizations. We are focused on creating a mature, sustainable venture capital market in the country,” noted RVC General Director Alexander Povalko. - We will create a system that ensures the implementation of a sufficient flow of projects. As a development institution, RVC takes into account the priorities set by the state; almost all of our tools will be aimed at achieving the goals of NTI.

RVC’s strategic goal is planned to be achieved primarily through the creation of new funds with the involvement of professional investors, investments in existing funds, technology companies, and work with the funds’ portfolio companies.

RVC’s international activities in 2017 were aimed at creating a positive attitude towards Russian innovations on the global market, integration of technology companies into global technological chains and globalization of the Russian venture market. Geography included developed markets of Europe and North America, as well as technology hubs - Singapore, South Korea, Israel and others.

At the end of 2017, the network foreign partners RVC consisted of 1,500 innovation ecosystem organizations from 40 countries and included government agencies, corporations interested in new technologies, universities and technical transfer centers, state institutions development and venture funds. The export revenue of portfolio companies of RVC funds for the three quarters of 2017 amounted to 1.88 billion rubles.

Agreement with the Venture Committee of the All-China Association for the Financial Promotion of Science and Technology

As part of the partnership, a Russian-Chinese working group will be created. Its main tasks will be the joint preparation and implementation of programs and projects, as well as monitoring and analysis of cooperation activities.

RVC and Skolkovo are creating three venture funds with a volume of at least 6.6 billion rubles

According to the terms of the June 2017 agreement, the volume of RVC investments in each fund will be 1.5 billion rubles. Attracted external co-investments will amount to at least 0.5 billion rubles. during the first 12 months of operation of each fund, as well as an additional 0.2 billion rubles. over the next 6 months. Thus, the total volume of funds will reach at least 6.6 billion rubles.

Funds are created in three industry areas: information technology, biomedicine and industrial technology. Investment priorities have been developed taking into account the interests of implementing the “road maps” of the National Technology Initiative, as well as stimulating the commercialization of the results of research and development of companies participating in the Skolkovo Foundation.

The funds intend to invest in Russian technology companies capable of becoming world leaders in their market segments. The share of such investments should be at least 50%. It is planned that the total number of companies invested by each fund will be at least eight, including early-stage projects and mature companies. In this case, the volume of investments in each company will not exceed 10% of the total investment obligations. Management company funds became Skolkovo - Venture Investments LLC, a joint company of RVC and Skolkovo.

2016: Alexander Povalko is appointed general director of RVC

Cooperation was to be carried out in several areas:

• educational programs for entrepreneurs involved in the field high technology and innovation;
• programs aimed at supporting and accelerating the development of small innovative companies, including joint organization and holding of investment competitions and other events that contribute to the implementation of this task;
• cooperation in the creation and development of a system for collecting and preparing analytical information on investment activity in the Russian venture market (similar to the MoneyTree™ study produced by PwC jointly with the National Venture Investment Association and Thomson Reuters in the USA);
• providing consulting support to small innovative and technological companies, as well as Russian and foreign venture funds investing in innovative and technological projects.

To implement the Memorandum of Understanding, PwC and RVC created working group, which will prepare recommendations for joint activities, programs and projects, their implementation, as well as monitor and analyze cooperation within the framework of the Memorandum.

Igor Rubenovich Agamirzyan, General Director of the Russian Venture Company, noted:

“When transferring a country to innovative path development we are in dire need of mastering best practices international venture market and innovative technology entrepreneurship, access to the know-how of this business. In Russia, all the necessary competencies and tools must be concentrated in a short time both for attracting venture investments and for conducting them independently. However, that's not all. We also urgently need the emergence of high-quality and affordable - at a price and throughout the country - consulting services the widest range for Russian innovative companies. This is where interaction with colleagues from PricewaterhouseCoopers can be very useful. We are confident that the Memorandum signed with PwC is only the first step in our long-term and mutually beneficial cooperation.”

Audit of the Accounts Chamber

As a result of the consideration on July 16, 2010 of the results of the control event “Comprehensive audit of the effectiveness of management of property contributions of the Russian Federation” by the Board of the Accounts Chamber of the Russian Federation, chaired by Sergei Stepashin, a number of systemic problems were identified that directly affect the effectiveness of the functioning of RVC OJSC in the field of innovative economy and the formation of the venture environment.

As stated in the message on the official website of the Accounts Chamber of the Russian Federation, the planned control and indicative indicators of RVC's activities for 2009-2010. are not balanced with the goals and corresponding target indicators of the socio-economic development of Russia, defined in the Concept of long-term socio-economic development of the Russian Federation until 2020 and other strategic planning documents, including the Strategy for the Development of Science and Innovation in the Russian Federation for the period until 2015.

In particular, there is no system of indicators characterizing the effectiveness of the use of property contributions of the Russian Federation to the authorized capital of innovative companies. As established by the audit, the bulk of RVC’s financial resources were not invested in venture projects or innovative enterprises, but placed on deposits in banks. As a result, the Board decided to send the presentation of the Accounts Chamber of the Russian Federation to the Ministry of Economic Development of Russia, as well as a report on the results of the audit to the chambers of the Federal Assembly of the Russian Federation.

Investment in BrightSource Energy

The British fund RVC - Russian Venture Capital I LP - invested $10 million in the solar energy company BrightSource Energy.

Joining the IVP XIII venture fund

In September 2010, RVC announced the closing of a deal to join the late-stage venture fund Institutional Venture Partners XIII (IVP XIII). IVP formed a new $750 million fund with a focus on late-stage technology innovation companies in August 2010. RVC's investment in the IVP XIII fund amounted to $10 million. The deal was completed through the Russian Venture Capital II LP fund, which was registered on June 25, 2010. V .

“The joining of RVC to a late-stage international fund will allow us to achieve several strategically important goals at once,” said Yan Ryazantsev, director of the investment and expertise department of RVC. - Obtaining information about the methods and methodology of forming late-stage venture funds; access to extensive information about the most current (“hot”) deals on the venture capital market; development of a partner network by building relationships with other investors in the venture fund being formed; attracting fund partners into Russian technology market, as strategic co-investors and much more."

Joining an international venture fund is a popular way to improve investment skills, says Yuri Ammosov, scientific adviser Innovation Institute at MIPT. Singapore, he said, has invested venture capital money this way for 15 years and “it has helped him.” “IVP is one of the largest venture funds and getting there is quite difficult, so this is a great achievement for RVC,” adds the expert.

Resigned. They left the company with him financial director Olga Golikova and executive director Oksana Artyukhova. Alexey Vladimirovich Kuzmin was appointed the new general director of RVC, who remained in this position for several days.

Location

Russia : Moscow

Key figures

Agamirzyan Igor Rubenovich (General Director, Chairman of the Board of JSC RVC)

Industry Website

OJSC "RVC" (RVC) - state fund foundations and development institute of the Russian Federation, one of key tools states in building a national innovation system. Headquarters - in Moscow.

RVC was created in accordance with the order Government of the Russian Federation dated June 7, 2006 No. 838-r.

Owners and management

100% of RVC belongs to the Russian Federation, the size of the authorized capital is 30 billion rubles.

Chairman of the Board of Directors:

• Vardanyan Ruben Karlenovich- Chairman of the Board of Directors of a group of companies Troika Dialog(independent director).

Members of the Board of Directors:

• Igor Rubenovich Agamirzyan - General Director of RVC OJSC;
• Guriev Sergey Maratovich- rector of non-state educational institution "Russian Economic School"(independent director);
• Yigal Erlich - head of the Yozma venture program (independent director);
• Oskolkov Ivan Valerievich - director of the department Ministry of Economic Development of Russia ;
• Sitnikov Alexey Yurievich - Head of the Department of International Cooperation Non-profit organization“Fund for the Development of a Center for the Development and Commercialization of New Technologies” (Skolkovo Foundation);
• Udaltsov Yuri Arkadyevich - member of the board, director for innovative development OJSC RUSNANO.

Management Board of OJSC RVC

The board consists of seven people:

• Agamirzyan Igor Rubenovich, General Director - Chairman of the Board;
• Potapov Alexander Evgenievich, Deputy General Director - Executive Director;
• Korolev Nikolay Lvovich, Deputy General Director - Operations Director;
• Vvedensky Andrey Valerievich, Director of the Department of Infrastructure and Regional Development;
• Kuznetsov Evgeny Borisovich, director of the department for promotion of innovations and social programs;
• Ryazantsev Yan Vladimirovich, director of the investment department;
• Tsygankov Mikhail Arnoldovich, chief investment portfolio manager.

Activity

RVC invests through private venture funds created jointly with private investors. The total number of funds formed by RVC OJSC has reached twelve (including 2 funds in foreign jurisdictions), their size is 26.1 billion rubles. The share of RVC OJSC is more than 16 billion rubles.

The priority areas for investment of venture funds formed with the participation of RVC OJSC are determined in accordance with the List of critical technologies approved by the President of the Russian Federation, which includes:

• security and counter-terrorism;
• living systems (understood as biotechnology, medical technology and medical equipment);
• industry of nanosystems and materials;
• information and telecommunication systems;
• rational environmental management;
• transport, aviation and space systems;
• energy and energy saving.

• Closed mutual fund OR(V)I "VTB - Venture Fund" (RUB 3.061 billion);
• Closed mutual fund OR(V)I "Bioprocess Capital Ventures" (RUB 3 billion);
• Closed mutual fund OR(V)I Maxwell Biotech (RUB 3.061 billion);
• Closed mutual fund OR(V)I “Leader - Innovations” (RUB 3 billion);
• Closed mutual fund OR(V)I "Tamir Fishman CC Venture Fund" (RUB 2 billion);
• Closed-end mutual fund OR(V)I "S-Group Ventures" (RUB 1.8 billion);
• Closed mutual fund OR(V)I “New technologies” (RUB 3.061 billion);
• Closed-end mutual fund OR(V)I “RVC Seed Investment Fund” (RUB 2 billion),
• LLC Infrastructure Investments RVC (500 million rubles, it is planned to increase the authorized capital to 2 billion rubles);
• LLC Biopharmaceutical Investments RVC (500 million rubles, it is planned to increase the authorized capital to 1.5 billion rubles);

Funds in foreign jurisdictions

• Russian Venture Capital I LP;
• RVC IVFRT LP.

At the beginning of June 2012, RVC funds invested in 118 innovative companies, including the manufacturer of solar energy stations BrightSource, the Symbiotel IP telephony project, Innalabs “inertial navigation systems”, the manufacturer and integrator of satellite monitoring and transport management systems OJSC Russian navigation technologies", equipment for seismic exploration of the Seismoshelf company, biotechnological company OncoMax, etc. Cumulative volume invested funds - 10.2 billion rubles.

In 2012, RVC, together with the Fund for Assistance to the Development of Small Enterprises, the Fund for Infrastructure and Educational Programs Rusnano"and "Russian Bank for Support of Small and Medium Enterprises" (" SME Bank") established the first rating of innovative companies in Russia TechSuccess.

RVC has signed 27 cooperation agreements with regions of the Russian Federation.

Criticism

In July 2010, the board of the Accounts Chamber of the Russian Federation reviewed the results of a comprehensive audit of the effectiveness of managing property contributions of the Russian Federation. The press release of the Accounts Chamber of the Russian Federation about the board meeting states:

“In general, the planned control and indicative indicators of the activities of RVC OJSC for 2009-2010 are not balanced with the goals and corresponding target indicators of the socio-economic development of the Russian Federation, defined in the Concept of long-term socio-economic development of the Russian Federation until 2020 and other strategic documents planning, including in the Strategy for the Development of Science and Innovation in the Russian Federation for the period until 2015. There is no system of indicators characterizing the effectiveness of the use of property contributions of the Russian Federation to the authorized capital of innovative companies. The bulk of the financial resources of RVC OJSC are not invested in venture projects or innovative enterprises, but are placed on deposits in banks.”

According to the regulatory body, RVC preferred to allocate funds not to its core activities, but to deposits in banks: during the specified period, a total of 5.45 billion rubles were invested in venture projects. from the authorized capital of RVC, and the remaining funds, more than 25 billion rubles, remained in bank deposits.

see also

Notes

Links

Wikimedia Foundation.

2010.

Alexander Povalko

According to the order of the general meeting of shareholders, Alexander Povalko, who worked in the Ministry of Education of the Russian Federation and was a member of the board of directors of RVC, was appointed as the new general director of OJSC Russian Venture Company (RVC) and the chairman of the board of directors of the company, according to the website of the Ministry of Economic Development. “RVC is faced with the task of developing new strategy development taking into account the following key points

. First, as a project office, RVC must bring support and implementation mechanisms to full-scale deployment and operational capacity. Secondly, it is necessary to continue the integration of RVC and the Skolkovo Foundation, especially in terms of organizing venture financing of Skolkovo projects,” said Oleg Fomichev, Chairman of the Board of Directors of RVC and Deputy Minister of Economic Development of the Russian Federation.

At the end of June, the board of directors of RVC Igor Agamirzyan, who served as CEO and Chairman of the Board of Directors of the company since April 2009.

An open competition was announced to fill the position of RVC General Director. The selection of a new candidate was carried out by the Ministry of Economic Development, which oversees RVC. Three main contenders took part in the competition: Deputy Chairman of the Government of the Samara Region, Minister of Economic Development, Investment and Trade of the Samara Region Alexander Kobenko, Deputy General Director of the Innovation Promotion Fund Pavel Gudkov and Deputy General Director of RVC Evgeny Kuznetsov. Kobenko won the competition, and in October, Deputy Prime Minister Arkady Dvorkovich, as news agencies reported, “gave instructions to prepare a directive to the board of directors for the appointment of Deputy Prime Minister - Minister of Economic Development, Investment and Trade of the Samara Region Alexander Kobenko.”

Reference Alexander Povalko from 2012 to 2016 served as Deputy Minister of Education and Science of the Russian Federation, oversaw the development and implementation of the state strategy in scientific, technical and innovation areas and the education system. From 2008 to 2012 was deputy director of the Russian Federation for Youth Affairs, Deputy Head of the Federal Agency for Youth Affairs. From 2007 to 2008 served as director of the strategic planning department of RENOVA-StroyGroup CJSC.

Graduated from the Moscow Aviation Institute named after. Ordzhonikidze with a degree in Radio Engineering, as well as State University them. Maimonides majoring in Applied Mathematics.

RVC was created in 2006 on the initiative of the Ministry of Economic Development, which oversees the company, the only shareholder is the state. The company's authorized capital is 30 billion rubles, and its goals are to form a venture investment industry and assist the state in the development of the Russian innovation industry. RVC is a fund of funds, i.e. it invests not directly in projects, but in funds in which it always attracts private co-investors.

In 2015, the creation of a project office for the National Technology Initiative (NTI) - a long-term strategy for the country's technological development, aimed at creating new global markets by 2035.