Andrey Belousov: Government Creates Startup Data-Sharing System for “Seamless Support”
A system of seamless integration of support measures for technology startups has been formed as part of reforming development institutions. This was announced by First Deputy Prime Minister Andrey Belousov at a meeting with President Vladimir Putin on the implementation of the messages to the Federal Assembly.
It is about the end-to-end acceleration of the startup process (acceleration)—from forming teams and creating companies to bringing products to market, generating profits and launching an IPO, or raising investment from strategic investors.
The seamless integration system included ANO Platforma NTI, innovative development institutions—the Russian Direct Investment Fund, as well as VEB.Russia’s subsidiaries Innovation Assistance Fund, Skolkovo, and the Fund for Infrastructure and Educational Programs.
A memorandum was signed by these organizations at the end of 2020 and binding legal agreements—at the end of January 2021. “Now, startups that get into the orbit of support at an early stage, such as the Innovation Promotion Foundation, will not lose momentum and will be picked up by other institutions,” the First Deputy Prime Minister said. “Now, with the agreement of the companies themselves a unified information environment is being created to share data on startups and their projects.”
In addition, in accordance with the President’s instructions, a public-private investment Fund of funds is being set up for the first time in Russia. Ten of Russia’s largest private companies are involved in this work. Eight private investors have already signed the agreement to set up the Fund of funds. The plan is to contribute RUB 10 bln from private businesses and from the state. The Russian Direct Investment Fund is a partner of the Fund on behalf of the Russian Federation.
The government is currently working with the leadership of committees of the State Duma to promptly introduce the point-by-point legislative changes needed to create these types of investment institutions. In addition, a package of legislative amendments is being prepared to take account of the feedback received from the enforcement of the so-called Right to Risk Act.
“The issues of accelerated investment and technological development are decisive for the sustainable long-term growth of the Russian economy. They certainly remain at the heart of our work, and we will make every effort to succeed,” Andrey Belousov concluded.