101130 AmCham - Skolkovo and innovations in Russia

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Transcript of 101130 AmCham - Skolkovo and innovations in Russia

  • 1.What is Skolkovo? Russian initiatives to support national innovation ecosystem Ilya Ponomarev ,Chairman, Hi-tech Development Subcommittee, State Duma Advisor for commercialization ,Skolkovo Foundation 30 / 11 /2010

2. Presidents call for modernization

  • Medvedevs 4i initiative
    • Infrastructure
    • Institutes
    • Investment
    • Innovation
  • Presidential address to the parliament in 2009 was focused on innovation
    • Most fashionable discussion topic
  • Pres. Obama reset policy assumes that US and Russia are buildingcommon values
    • Creating a compatible innovation ecosystem is a perfect example

3. Myth #1. Russias ecosystem lacks finance

  • Government created numerous financial institutions
    • Equity financing
      • Rusnano $10b investment company
      • Russian Venture Corp $1b fund of funds
      • Rosinfocominvest $150m PE fund
      • Bortnik Fund seed and pre-seed grants
    • Debt financing
      • Vnesheconombank
    • Infrastructure support
      • Hi-tech parks
      • Special economic zones
      • Skolkovo Foundationas an entry point
  • Many large businessmen are thinking about investing in hi-tech
  • Some VCs are formed, many with foreign capital

4. Real problem with finance

  • No exits within the country
  • Lack of internal demand
    • Foreign technologies usually preferred over Russian
    • Government is absent
  • Deficit of physical infrastructure
    • Inexpensive offices
    • Business services
    • Quality housing
  • No experienced investors

5. Myth #2. All is needed is some legislation changes

  • Russias legislation made a significant progress during recent decade
    • Corporate law
    • Securities law
    • IP regulation is copied from German IP law
    • Tech transfer law (similar to Bayh-Dole Act)
  • Skolkovo Law unveils possibility to solve many issues manually
    • Taxation
    • Immigration
    • Construction permits

6. Real problem with legislation

  • Law enforcement
  • Some Russian laws are incompatible with usual approach legal acts:
    • VC regulations to be fixed soon
      • No LLP form
      • VC funds in Russia are regulated as mutual funds
    • Corporate legislation options, stock series
    • Technology transfer act bureaucratic
  • In some Acts bad wording leaves room for unfavorable misinterpretation
    • Software VAT exemption act
    • Privacy protection act
  • Main points of immediate attention
    • State procurement act
    • Internet crime liability definition
    • Bankruptcy regulations
    • e-Payment systems
    • Miscellaneous industry-specific acts( telecom ,advertisement ,mass-media ,)

7. Myth #3. Russias R&D is full of projects

  • Huge Soviet legacy of technological ideas
    • Primarily in places like Novosibirsk Akademgorodok
  • No practical knowledge of handling IP rights
  • High desire to get involved in commercial activities, but
    • No experience
    • Unadequate self valuation
    • No desire to follow the market and find niches

8. Main problem of Russiasinnovation ecosystem human resources

  • No entrepreneurs, even less experienced serial entrepreneurs
    • High entrepreneurial potential of Russians is focused on avoiding govt regulations
    • Russians are willingly taking economic risks, but current institutions punish such behavior
  • Lack of international business experience and proper connections
    • No success stories to follow
    • Language barrier
  • Education reform is controversial
    • Education, research and industry are disconnected
    • Heavy impact of brain drain
    • Demographic crisis of 1990s starts to hit
    • No adequate business schools, professors with first-hand experience
  • Negative legacy
    • Decreased level of peoples geographical mobility
    • Excessive concentration of business activity in Moscow, colonial policies towards other regions
    • Housing and utilities deterioration

9. Objectives of Skolkovo

  • To develop Russian innovation ecosystem by creating a universal entry point to
    • Globalize Russian businesses
    • Localize international businesses to start R&D and hi-tech manufacturing
  • Create in Russia new companies and/or their divisions, to develop new hi-tech services and products
  • Attract foreign specialists and support local talents in hi-tech

10. Key principles

  • Project is managed by a non-for-profit Skolkovo Foundation, governed by a special law
  • Project participants receive set of business services as well as certain incentives for companies with revenues up to 3 bln. Rbl.:
    • 0% profit tax
    • 0% VAT (optional)
    • 0% property tax
    • 14% social payments
    • 0% custom duties
  • Each structure unit of Skolkovo is an independent business with its own P&L
    • Each department is supposed to grow into self-sustainable operation
    • Each service is to be provided on competitive basis
  • Business model is developed as a private-public partnership, but assumes separation of public and private funds
    • After a while Skolkovo Foundation should become independent of state funding

11.

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12. , : 13. On-site project components

  • Office premises
  • Labs and small-scale manufacturing
  • Residential space
  • Shared facilities and services:
    • Prototyping centers
    • Financial services
    • Business incubators
    • Customs
    • IP support
    • Security
  • New technology university (Russian MIT)
  • Social and recreation space
    • Cafes and restaurants
    • Medical care
    • Schools and kindergartens
    • Entertainment

14. Admission

  • By decision of Skolkovo Foundation Board, based on simple and transparent Admission Policy
    • By recommendation of accredited partners (funds, hi-tech parks, business incubators, etc.)
  • Different types of residents with different set of incentives:
    • Intl. hi-tech companies (?)
    • R&D centers of Russian/intl. low-tech companies
    • Mature Russian hi-tech companies( ?)
    • Hi-tech startups
  • Different types of partners( ? ) :
    • Hi-tech parks and SEZ
    • Investment funds
    • Banks and investment consultants
    • Marketing companies
    • Consulting and legal companies
    • Patent at