Skolkovo Innovation Center

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Skolkovo Innovation Center . Verona, October 2011. Current Russian Situation. The “Gap ”: Research not linked to market Little early-stage financing or services Result: little commercialization. Private Equity IPOs. Large Corporates Commoditization of Technology . - PowerPoint PPT Presentation

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Skolkovo Innovation Center Verona, October 2011

Skolkovo# 0

Current Russian SituationTimeTechnology maturity / market acceptanceThe Gap:Research not linked to marketLittle early-stage financing or servicesResult: little commercializationBasic ResearchApplied ResearchEntrepreneurs EarlyLateMidPrivate Equity

IPOsLarge Corporates

Commoditization of Technology VC## 1

Skolkovo EcosystemTimeTechnology maturity / market acceptanceBasic ResearchApplied ResearchEntrepreneurs EarlyLateMidLarge Corporates

Commoditization of Technology VCSkolkovo InstituteInnovation Center5 clustersTechnoparkR&D Centers City InfrastructureGoal: Close the Gap with Tools for Efficient Commercialization

Core Elements

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Diversify and Grow the Russian economy through innovation and entrepreneurshipCreate globally-competitive knowledge-based companiesFully-Integrate Russian science and technology into the global economyDevelop human capital through world-class research and educationSkolkovo is a strategic development initiative designed to:The Mission of Skolkovo

## 3Skolkovo Foundation is a development agency focused on growing high technology companies in RussiaFocused on building an innovative ecosystem and populating it with start-ups

Total Skolkovo Center will have 31,000 employees and 21,000 residents

Innovative ecosystem developed for 3 communities Skolkovo Institute of Science and Technology (SkiTech) in cooperation with MIT (1,200 students, 500 professors and PhDs), R&D centers of blue-chip corporations (~50) and start-ups (~1,000)

Skolkovo campus operating as a nearly tax free economic zone (no profit tax, no VAT, reduced social tax rate)

What is Skolkovo?Skolkovo Innovation Center is to become an innovation hub that will stimulate innovative entrepreneurship##

What Skolkovo is, what Skolkovo is notWe provide financial grants

We are not-for-profit

We finance and support R&D and early-stage companies

We are a platform for international collaboration in R&D and technology transfer

We support and finance innovative R&D and technology start-upsWe are not an investment fund; we do not invest, take equity stakes or board seats

We do not finance production or advanced commercial operations

We are not a sales agent

We are not limited to only Russian technology ; in fact our mandate is to enhance 2-way tech transfer ## 5

1. Increase your capital efficiency:a) Tax benefits (No profit tax, no VAT, 14% Social taxes)b) Apply for non-dilutive financing from the Skolkovo Foundation2. Enjoy lower administrative burden:a) Quota-free recruitment of foreign employeesb) No import duties on hi-tech equipment 3. Technopark services:a) Access to Centers of Shared Facilities and Applied Research Centersb) Consulting services (accounting, legal, intellectual property, business trainers services)4. Obtain better access to markets:a) Tight links to global leaders (= information on future technology requirements)b) Help in accessing international financial markets5. Information and PR supportKey advantages of becoming a Skolkovo resident## Applicant1

Filling out an electronic formRegistration on the website:http://app.i-gorod.comSkolkovo Foundation2Application evaluation on formal groundsExpert Board3Consideration by Expert BoardCriteria:Completeness of documents;A legal entity founded in accordance with the legislation of the Russian Federation;Fits cluster priority areas (available at Skolkovo website).Criteria:Competitive advantages over worldwide benchmarks; High potential of commercialization; Technical feasibility;Project team has knowledge and experience for success.10 Experts selected randomly from the database in the relevant research area (currently 571 experts)~ 20 daysResident status assignment## Applicant1Investment Memo;Project Execution Plan & Timetable;Financial Plan;Technical Description

Submit Document PackageRelevant Cluster 2Prepares document package for Grant CommitteeSelection Criteria:Skolkovo residents only;Convincing business case (market potential; enterprising team)Co-investor~ 2 monthsInvestment Office3Reviews project and prepares Grant Committee recommendationsExternal technical expert review;Market review;Use of funds review;Review of team and technologyGrant Committee4Makes Grant decision (and/or required project changes)10 committee members including 5 independent;2 times a month in-person meetings;Applicant participates in project presentationFast and transparent grant-making process## Standard Skolkovo proceduresInformation exchange regular protocolInvestment processes coordinationPhysical placement in SkolkovoParticipation in project managementSystematic joint legislative initiativesLobbying (GR)

Equity &/or R&D collaboration with start-ups Character of collaboration with SkolkovoCurrent status:9 R&D centers with total no. of employees of 540, budget of $200MCurrent status:Volume of corporate venture investments is $30 million

Current status:26 start-ups supported, the sum of attracted investments is about $42 millionRegular venture activitiesRegular research activitiesStrength of RelationshipCompany type of business in SkolkovoKey corporate partnership activitiesKey Partners industry leaders typically create and operate an R&D center in Skolkovo, co-invest in promising Skolkovo start-ups or offer early commercialization opportunities to Skolkovo startups## Skolkovo Value Proposition for key partnersAlignment with business strategic issuesIP ProtectionEnsuring demandStrategic business promotion hubConnecting to ecosystemEducationHRResearchStart-ups infraInfrastructureCross border (monetary, customs, visas)Facilities (living, transport, telecoms, etc)IncentivesTax benefitsCo-financing with SkolkovoSeeing corporations as a major vehicle to build and launch ecosystem mechanisms, Skolkovo is tailoring its value proposition as an answer business long-term needs and concerns.

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Key partnersRussian companiesInternational companies

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Preselected 204 start-ups as residents of the free economic zone

Grants for $150 million approved

Agreements with 18 venture funds for $234 million of co-funding have been signed.

Agreements on creation of 9 corporate R&D centers signed: 540 people, total budget over $200 million

Key results achieved Executive summary as of 20 October, 2011:##