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Last week RVC (formerly known as Russian Venture Company) presented its updated development strategy for the coming years. The state-owned fund of funds, whose mission is to support venture activity and stimulate innovation in the country, considers that Russia’s venture market “has established itself” after three or four years of accelerated growth.
Virtually non-existent a few years ago, Russia’s venture market neared $1 billion in total transaction amount in 2012, RVC underscores.
Meanwhile RVC has noticed a significant decrease in the relative share of its own capital injections for the past few years, which indicates that the national venture industry is less and less dependent on taxpayer’s money
A “correction,” however, is necessary “in the medium term.” RVC has set for itself the goals of stimulating venture investment at earlier investment stages, where capital is still lacking, and favoring segments other than IT and e-commerce, which have concentrated the lion’s share of venture investments so far.
The state-owned organization will also aim to increase the share of innovative products and services in Russia’s GDP. This share currently amounts to 11% to 15%, depending on estimates – a far cry from 30% or more in advanced countries.
The organization’s new strategy until 2020 aims to further stimulate the development of the domestic venture market while addressing its imbalances and favoring its global integration.
RVC expects that by 2016 Russia’s venture funds and venture divisions of direct investment funds will reach 300 billion rubles (approximately $10 billion).
“While competition is getting harder across the globe, technological change is accelerating every year. For Russia to join the world’s technologically advanced countries, there is practically no alternative to following the global trend and leveraging the country’s scientific, technological and human potential” in this perspective, said RVC President Igor Agamirzyan.
RVC currently has a portfolio of 13 funds amounting to 27.67 billion rubles (approximately $8.4 billion) in total. The state-own organization also plays a notable role in stimulating industry events, training and evangelization programs and media.
The official document on RVC’s plans for 2014-2016 can be downloaded here.
This story was originally published by VentureBeat syndication partner East West Digital News.