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Page 1: Skolkovo  Innovation Center

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SKOLKOVO

SKOLKOVO INNOVATION

CENTER

VERONA, OCTOBER 2011

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CURRENT RUSSIAN SITUATION

Time

Tech

nolo

gy m

atur

ity /

mar

ket a

ccep

tanc

e

The “Gap”: Research not linked to market Little early-stage financing or services Result: little commercialization

Basic Research

Applied Research

Entrepreneurs

Early

Late

Mid

Private Equity

IPOs

Large Corporates

Commoditization of Technology

VC

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SKOLKOVO ECOSYSTEM

Time

Tech

nolo

gy m

atur

ity /

mar

ket a

ccep

tanc

e

Basic Research

Applied Research

Entrepreneurs

Early

Late

Mid

Large Corporates

Commoditization of Technology

VC

Skolkovo Institute

Innovation Center1. 5 clusters2. Technopark3. R&D Centers

City Infrastructure

GOAL: CLOSE THE GAP WITH TOOLS FOR EFFICIENT COMMERCIALIZATION

CORE ELEMENTS

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DIVERSIFY AND GROW THE RUSSIAN ECONOMY THROUGH INNOVATION AND ENTREPRENEURSHIP

CREATE GLOBALLY-COMPETITIVE KNOWLEDGE-BASED COMPANIES

FULLY-INTEGRATE RUSSIAN SCIENCE AND TECHNOLOGY INTO THE GLOBAL ECONOMY

DEVELOP HUMAN CAPITAL THROUGH WORLD-CLASS RESEARCH AND EDUCATION

SKOLKOVO IS A STRATEGIC DEVELOPMENT INITIATIVE DESIGNED TO:

THE MISSION OF SKOLKOVO

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Skolkovo Foundation is a development agency focused on growing high technology companies in Russia

Focused 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 PhD’s), 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

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WHAT SKOLKOVO IS, WHAT SKOLKOVO IS NOT

We 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-ups

We 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

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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 Foundation

2. 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 markets

5. Information and PR support

KEY ADVANTAGES OF BECOMING A SKOLKOVO RESIDENT

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Applicant

1

Filling out an electronic form

Registration on the website:http://app.i-gorod.com

Skolkovo Foundation

2 Application evaluation on formal grounds

Expert Board

3 Consideration by Expert Board

Criteria:• 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 days

RESIDENT STATUS ASSIGNMENT

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Applicant

1

• Investment Memo;• Project Execution

Plan & Timetable;• Financial Plan;• Technical Description

Submit Document Package

Relevant Cluster

2 Prepares document package for Grant Committee

Selection Criteria:• Skolkovo residents

only;• Convincing

business case (market potential; enterprising team)

• Co-investor

~ 2 months

Investment Office

3 Reviews project and prepares Grant Committee recommendations

• External technical expert review;

• Market review;• Use of funds

review;• Review of team

and technology

Grant Committee

4 Makes Grant decision (and/or required project changes)

• 10 committee members including 5 independent;

• 2 times a month in-person meetings;

• Applicant participates in project presentation

FAST AND TRANSPARENT GRANT-MAKING PROCESS

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Standard Skolkovo procedures

Information exchange regular protocol

Investment processes coordination

Physical placement in Skolkovo

Participation in project management

Systematic joint legislative initiatives

Lobbying (GR)

Equity &/or R&D collaboration with

start-ups

Character of collaboration with Skolkovo

Current status:9 R&D centers with total no. of employees of ≈ 540, budget of ≈ $200M

Current status:Volume of corporate venture investments is $30 million

Current status:26 start-ups supported, the sum of attracted investments is about $42 million

Regular venture activities

Regular research activities

Strength of Relationship

Company type of business in

Skolkovo

KEY CORPORATE PARTNERSHIP ACTIVITIES

Key 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

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SKOLKOVO VALUE PROPOSITION FOR KEY PARTNERS

Alignment with business

strategic issues

IP ProtectionEnsuring demandStrategic business promotion hub

Connecting to ecosystem

EducationHR

ResearchStart-ups infra

Infrastructure Cross border (monetary, customs, visas)Facilities (living, transport, telecoms, etc)

IncentivesTax benefits

Co-financing with Skolkovo

Seeing 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 PARTNERS

RUSSIAN 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: