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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
3
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: