The role of state in the system of Russian venture financing

The state is one of the stakeholders in the development venture capital industry, which effectively supported through small innovative sector and solves the problem of the introduction of new technologies in manufacturing process. However, since 1993 and until the late 1990s, Russia has developed venture capital industry itself on its own, without any active intervention of the state. This fact, was one of the constraints recovery factors in venture financing. Relying on successful foreign experience, it can be concluded that the nucleation and development of venture funding should occur with the active assistance of the state in this area.

In Russia, at the origins of formation of the venture capital industry was the EBRD, by idea of which in 1997 was created the Russian Association of Private Equity and Venture Investment (RAVI). RVCA activities, as well as other similar associations working in many countries, aimed at establishment and development of private equity and venture capital investments in a that country, as well as the formation of the necessary conditions for its development, namely:

• -    Attracting investments into the Russian market;

• -    Increase the level of training and innovative companies align them to the requirements of venture capitalists;

• -    The creation of a favorable business - environment for venture investment.

Since its origin, the Association has done a lot to promote equity and venture capital funding through personal enthusiasm and desire of employees to act in difficult Russian conditions. The main merit of RVCA is the increase in interest of Russian business community to venture financing and the launch of public-private partnership in this area. Among the most important activities carried out in this RVCA direction were the following:

• -    Carrying Russian Venture Forum – central conference on a national scale in the Russian private equity industry and venture capital investments and the venue's for meeting of leading investors, which held every autumn in St. Petersburg;

• -    Carrying Russian Venture Fair - an event where companies interested in attracting investments for development of its business, can present there project to attract the attention of investors operating in the market of equity and venture capital in Russia;

• -    Development of a network of coaching - Venture Enterprise, whose task -is training for entrepreneurs working with venture capitalists and selection of companies to participate in Venture Fair;

• -    Training for the business venture (holding regional workshops, the introduction of the leading universities of the country, a course on venture entrepreneurship developed by the European Association of Venture Capital);

• -    The creation of a series of information, analytical publications, as well as The translation of foreign literature that promote business and investment culture.

The most successful projects have become RVCA Venture Fair conducted since 2000 in St. Petersburg, as well as Venture Forum as a platform for meeting number one for expert in this field, as well as businessmen and government officials.

Russian Venture Fair is held with the active participation of RVCA, expert commission of which by the results of the contest selects the exhibitors. For selected companies specialists conduct training directed to work effectively with venture investors, fair provide exhibition space for informational posters and demonstration product samples. The catalog of the fair is provided, as well as oral presentations of companies and enterprises. During the Fair are implemented projects contests, the results of which awarded prizes to the best companies in various categories. In 2012, the Fair was presented 135 companies; total volume of investments required was more than $ 200 million. Experts say that every year we can see a gradual qualitative increase the level of competence teams innovative start-ups, growth of their managerial level, market ambitions, and consequently, an increase volume of investments required. This fact testifies "Maturation" of the Russian venture sector. Today, the structure of the Association including 56 Russian and foreign organizations.

One of the first really working mechanisms of state support was the creation of venture capital financing in 2000 to initiative of the Ministry of Science and Technologies of the Russian "Fund of funds "called Venture Innovation Fund, a task of which included participation as a co-founder of commercial venture Russian funds in order to separate their investment risks. Although talk about the success of this project is not necessary, because the overall the fund is small enough and besides the existing ten percent limit the total size of the fund to participate in the venture capital fund greatly complicates its activities. It should be noted that in developed countries the threshold for "funds" is about 40-50%. This was the main reason that in present time VIF became a co-investor only of two funds - corporate fund "Aerospace Equipment" and fund "technological capital", but actually was planned that it will support 10 VIF funds. According to concept, these funds have been called "regional and branch". This condition is mistaken, because the result of the experiment EBRD quite clearly showed that the money should not venture used for regional development. Furthermore, it is evident that worldwide venture capital firms tend not to the "center" or "regions" but to the largest educational institutions. It was necessary to formulate more specific requirements for funds to put in front of them a task to invest in new Russian technology firms and freely, not to impose their investment decisions. Also negative factor hindering the establishment of venture funds by VIF participation is that offshore structures, that are traditionally used in Russia for the funds, for ideological reasons prohibited, and create a kind of analogue of the American limited partnership under Russian law is impossible. The process of developing state policy in the field of venture funding has accelerated since 2002. Leadership in political process was belonging to the Ministry of Economic Development, Communications and industry and science. Special role played by the Ministry of Science and Industry, where was a project on "Development Concept venture capital industry in Russia ". Main directions of the Concept were devoted to- creating technology transfer agencies, the opening of ten new state technology funds, a change in the tax legislation and propaganda campaign to create "stories of success." Despite the radical nature of this transformation, this concept has remained the project. It seems to us today, concept did not have sufficient appeal to push the group of direct investment to create venture capital funds. The grounds of this are some poorly developed concepts, namely:

• - Recommendation, optional, not mandatory creating agencies to ministries, departments, local authorities and state research funds as well as the revision of

the tax regime for small technology companies;

• - Funding agencies as a residual, "on opportunities "cannot accommodate funding international organizations, as well as support from the private investors;

Small-role is assigned to the venture community, which create technology transfer agencies are most needed and that could take tasks such as training;

In the same 2004 German Gref suggested the creation of a "special economic zones "within which was a preferential tax regime and free customs regime. Special Purpose economic zones (SEZ) - help in technological business overcoming the barriers standing in the way of its development, namely simplification customs procedures and reducing the tax burden on companies with high-tech manufacturing. World practice shows that special economic zones underlie all technological clusters. Today, 120 countries are about three thousand SEZ within which employs about 50 million people, and their annual export turnover of about 600 billion dollars. Since of the proposal and, prior to its implementation adopted the law "On Special Economic Zones in the Russian Federation ", according to which has been declared competition for selection of applications for the creation of special economic zones techno- Innovation and industrial type. According to the results of competition held in November 2005 was identified six regions winners the right to create special economic zones: Lipetsk region and the Republic of Tatarstan (Elabuga) - zone of industrial lodging; Moscow (Zelenograd), Moscow Region (Dubna), St. Petersburg, Tomsk region (Tomsk) - Zone of Technical Innovation Type. In January 2006 between the Ministry of Economic Development, the highest executive bodies public authorities and executive and administrative bodies municipalities have signed agreements on the establishment of these zones. During the implementation of these agreements, a complex of activities, including:

• - Organized six regional bodies Agency for Special zones and supervisory boards of six special economic zones;

• - In Lipetsk, Moscow, Tomsk regions, the Republic of Tatarstan, St. Petersburg laws on preferential taxation residents, with the Tomsk Oblast and the Republic of Tatarstan went on federal law and abolished all local taxes for 10 years, although federal law recommended to do it for 5 years.

In November 20, 2007 was launched one of the first special economic zones for industry in the Republic of Tatarstan, where it will be high-tech products made petrochemicals orientation, as well as automotive components. 5 more special economic zones, each with its activity, are under development. In Zelenograd supposed to develop microelectronics in Dubna - physical nuclear technology, in St. Petersburg - information technology and analytical instrumentation, in Tomsk -"New Materials", and in the Lipetsk region - manufacture of household appliances, household electrical appliances and furniture.

In 2005-2006, the Ministry of Economic Development launched a project to network development business - incubators and public-private organizations venture capital funds, which investments should be directed to small Company working in scientific and technical sphere, 5 - 7 regions of Russia. The basis MEDT project were laid similar venture program in Great Britain and Israel. In order to provide additional benefits private investors in the Russian project introduced a "ceiling" on profitability state in which all profits in excess of this yield is transmitted to fund investors. As part of this project in 2006 was created 5 public-private funds in the form of high-risk venture investments based on a mix of funding: 25% - federal budget, 25% - the regional budget, 50% - private investment. The next step of ministry, that could have a serious impact on the dynamics of the industry, was the project of the Russian Venture Company (RVC), which was established in 2006 in the form of JSC with a 100% state participation. RVC is the main profile funding for IT companies / Technology, telecommunications, nano-and biotechnology, together with private capital. Its goal - to promote the formation of innovation system and modernization of the economy by investing in venture capital funds, the expense of which will be financed by about 200 "Startups" of Russian enterprises. Financial participation in the venture RVC Funds limited to 49% of its funds. Thus, the guide venture capital funds carry private investors and retain RVC necessary control over the intended purpose of such a fund. It is assumed that the size of each venture capital fund created with RVC involving limited amounts of 60 million to 1.5 billion rubles. That ensures adequate portfolio diversification of funds.

Furthermore, this program MRET has not been scheduled as costly, it is expected a full return on investment and a small profit of three percent per annum. Also, in order to invest in high-tech companies and of information technology under the auspices of the Ministry of Communications is created "Russian Investment Fund for Information and Communication Technologies "(RIFIKT). It is planned that 75% of the fund will be contributed to States, and 25% provide foreign investors. In the area of "seed" funding also there is support from the state in the form of the Foundation for Assistance to Small Innovative enterprises in scientific and technical sphere (Assistance Fund). The fund was organized in 1994 as a nonprofit public organization. In 2005 its budget amounted to 1.5% of expenditure budgets for civilian science. According to the Fund, supported by the enterprise mastered them production of more than 500 patented inventions, released on their products based on the tens of billions of rubles, their contributions to the state in the form of taxes exceeded 2.4 times the amount they received budget means for firms to create thousands of new jobs. Activities Assistance Fund is based on the following principles:

• -    The Foundation supports innovative small companies with intellectual property rights, but through an open competition;

• -    The project is not fully funded by the Fund;

• -    No more than half of the Fund shall be used to support projects of applicants from the Moscow region.

In many knowledge-intensive regions of the country has its own fund representation. Basic tools to support innovative companies were origin of "START" program, "TEMP", "PUSCK”.

"START" program aims to assist entrepreneurs in knowledge-based education funding company on her seed stage. This program is designed for the formation of the company for 3 years:

• -    The first year - and permanently free of charge by up to 750 rubles. for R & D, development of a prototype product, its testing, patenting, drafting a business - plan;

• -    Second and third year - further funding of the project together with extrabudgetary investor or the enterprise itself, to innovate. Positive result for the "Start" is considered promotion of new enterprise at the end of the third year to a level where its numbers is 5 - 2 0 employees (including core developers), and the volume implementation - not less than 600 thousand rubles. per employee per year. The "TEMP" is designed for existing small innovative enterprises with a view to assisting in the acquisition of licenses for new

technologies and technical solutions in the Russian scientific organizations.

The "PUSCK" works in since 2006 and aims to financing of innovative projects carried out by start-ups Based Development and manpower support Russian universities. General limit of budgetary financing of 30 million rubles. The facilities here are also submitted for co-financing.

Thus, Fund has become public tool acting as a "fund of the early stages." However, due to their small volume and the presence of multiple programs the fund does not completely close the niche of "seed" funding and the country has a set of "seed" projects that do not receive financing. One of the links in support of high-tech start-ups are industrial parks and business - incubators. Technopark business – incubator technopolis and represent the area where concentrated innovation infrastructure, ie a set of economic tools to enable the gradual transformation of the "raw" ideas commercial product and reproduction of innovative companies. Major customers of Technopark -is companies - residents staying in its territory and use its services. Technopark activity generally effective because, by various data, the market survive up to 70 -80% of companies that have passed through the industrial park, while up to 75% of start-ups outside industrial parks die first eighteen months of its existence. One of the most effective mechanisms for financing innovative companies in the industrial park is the "seed" or venture funding, alongside which can be used by means of public funds to support small innovative enterprises, guarantee funds on bank loans, loans on concessional conditions. Commonly used scheme and "informal venture" when Technopark takes stakes in companies, providing nonmonetary exchange funds and facilities, free or reduced access to infrastructure Technopark, highlights their team managers to help promote project. Profit-taking moment becomes "exit" when Technopark sells his stake of the company. In Russia currently has a number of industrial parks, business - incubators and innovation and technology centers, which were created in the late 1980s. The main sources of their funding contributions become founders and sponsors, commercial loans, grants, subsidies, reinvestment of earnings, receipt public funding through foundations. "First wave" of Russian industrial parks began to form at leading universities. Examples such as the MSU Science Park, Technopark Moskvoreche (MEPI), Technopark "Kurchatov" Technopark MEI Zelenograd Science and Technology Park (at MIET), Technopark "RITM" at the State Academy of innovation suggests that in this direction have been successful. The main forms of support university technology parks are providing premises and infrastructure. Funding was made in such industrial parks mainly due to budgetary funds, and venture capital is not received development.

In the late 1990s - early 2000s began to appear new parks, increasingly market-oriented form of management. The most famous are such technology parks as "Technopark Zelenograd "IT Park in Chernogolovka, Technopark" Idea "(Kazan) Russian programming center in Dubna. Their activities are aimed on the development of scientific and industrial enterprises, and funding made, as a rule, on the basis of public-private partnerships. One of the most important areas of public policy in development of venture funding is support for business angel sector as business angels are necessary help in the venture capital funds, providing screening and initial training projects. Understanding the crucial role of this group of private investors, together with CCI RVCA Russia supported the idea of creating SBAR - National Association of Business Angels of Russia.

"Экономика и социум" №5(24) 2016