What Is Skolkovo

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  • 1. What is Skolkovo? Russian initiatives to support national innovation ecosystem Ilya Ponomarev , Chairman, Hi-tech Development Subcommittee, State Duma Advisor for commercialization , Skolkovo Foundation 30 / 11 /2010
  • 2. President’s call for modernization
    • Medvedev’s “4i” initiative
      • Infrastructure
      • Institutes
      • Investment
      • Innovation
    • Presidential address to the parliament in 2009 was focused on innovation
      • Most fashionable discussion topic
    • Pres. Obama “reset” policy assumes that US and Russia are building common values
      • Creating a compatible innovation ecosystem is a perfect example
  • 3. Myth #1. Russia’s ecosystem lacks finance
    • Government created numerous financial institutions
      • Equity financing
        • Rusnano – $10b investment company
        • Russian Venture Corp – $1b fund of funds
        • Rosinfocominvest – $150m PE fund
        • Bortnik Fund – seed and pre-seed grants
      • Debt financing
        • Vnesheconombank
      • Infrastructure support
        • Hi-tech parks
        • Special economic zones
        • Skolkovo Foundation as an entry point
    • Many large businessmen are thinking about investing in hi-tech
    • Some VCs are formed, many with foreign capital
  • 4. Real problem with finance
    • No exits within the country
    • Lack of internal demand
      • Foreign technologies usually preferred over Russian
      • Government is absent
    • Deficit of physical infrastructure
      • Inexpensive offices
      • Business services
      • Quality housing
    • No experienced investors
  • 5. Myth #2. All is needed is some legislation changes
    • Russia’s legislation made a significant progress during recent decade
      • Corporate law
      • Securities law
      • IP regulation is copied from German IP law
      • Tech transfer law (similar to Bayh-Dole Act)
    • Skolkovo Law unveils possibility to solve many issues “manually”
      • Taxation
      • Immigration
      • Construction permits
  • 6. Real problem with legislation
    • Law enforcement
    • Some Russian laws are incompatible with usual approach legal acts:
      • VC regulations – to be fixed soon
        • No LLP form
        • VC funds in Russia are regulated as mutual funds
      • Corporate legislation – options, stock series
      • Technology transfer act – bureaucratic
    • In some Acts bad wording leaves room for unfavorable misinterpretation
      • Software VAT exemption act
      • Privacy protection act
    • Main points of immediate attention
      • State procurement act
      • Internet crime liability definition
      • Bankruptcy regulations
      • e-Payment systems
      • Miscellaneous industry-specific acts ( telecom , advertisement , mass-media , …)
  • 7. Myth #3. Russia’s R&D is full of projects
    • Huge Soviet legacy of technological ideas
      • Primarily in places like Novosibirsk Akademgorodok
    • No practical knowledge of handling IP rights
    • High desire to get involved in commercial activities, but
      • No experience
      • Unadequate self valuation
      • No desire to follow the market and find niches
  • 8. Main problem of Russia’s innovation ecosystem – human resources
    • No entrepreneurs, even less –experienced serial entrepreneurs
      • High entrepreneurial potential of Russians is focused on avoiding govt regulations
      • Russians are willingly taking economic risks, but current institutions punish such behavior
    • Lack of international business experience and proper connections
      • No success stories to follow
      • Language barrier
    • Education reform is controversial
      • Education, research and industry are disconnected
      • Heavy impact of brain drain
      • Demographic crisis of 1990s starts to hit
      • No adequate business schools, professors with first-hand experience
    • Negative legacy
      • Decreased level of people’s geographical mobility
      • Excessive concentration of business activity in Moscow, colonial policies towards other regions
      • Housing and utilities deterioration
  • 9. Objectives of Skolkovo
    • To develop Russian innovation ecosystem by creating a universal entry point to
      • Globalize Russian businesses
      • Localize international businesses to start R&D and hi-tech manufacturing
    • Create in Russia new companies and/or their divisions, to develop new hi-tech services and products
    • Attract foreign specialists and support local talents in hi-tech
  • 10. Key principles
    • Project is managed by a non-for-profit Skolkovo Foundation, governed by a special law
    • Project participants receive set of business services as well as certain incentives for companies with revenues up to 3 bln. Rbl.:
      • 0% profit tax
      • 0% VAT (optional)
      • 0% property tax
      • 14% social payments
      • 0% custom duties
    • Each structure unit of Skolkovo is an independent business with its own P&L
      • Each department is supposed to grow into self-sustainable operation
      • Each service is to be provided on competitive basis
    • Business model is developed as a private-public partnership, but assumes separation of public and private funds
      • After a while Skolkovo Foundation should become independent of state funding
  • 11. Источники финансирования Сколково
    • Федеральный бюджет
      • Преимущественно средства бюджета направляются на инфраструктуру / капитальные затраты
    • Средства девелоперов
      • Инвестируются в объекты недвижимости на территории Сколково
    • Корпоративные средства
      • Спонсирование элементов экосистемы
      • Инвестиции в проекты напрямую или через фонды
    • Гранты (в т.ч. РФФИ) и заказы
    • Инвестиционные фонды
      • Вкладывают в компании, аккредитованные Сколково
  • 12. Виды деятельности технополиса СКОЛКОВО ОБЪЕКТЫ НЕДВИЖИМОСТИ ИННОВАЦИОННЫЕ ПРЕДПРИЯТИЯ КОНСАЛТИНГ, ОБРАЗОВАТЕЛЬНЫЕ И НАУЧНЫЕ УСЛУГИ Три разных вида бизнеса предполагают три разных типа инвесторов : от профессиональных девелоперов до венчурных фондов
  • 13. On-site project components
    • Office premises
    • Labs and small-scale manufacturing
    • Residential space
    • Shared facilities and services:
      • Prototyping centers
      • Financial services
      • Business incubators
      • Customs
      • IP support
      • Security
    • New technology university (“Russian MIT”)
    • Social and recreation space
      • Cafes and restaurants
      • Medical care
      • Schools and kindergartens
      • Entertainment
  • 14. Admission
    • By decision of Skolkovo Foundation Board, based on simple and transparent Admission Policy
      • By recommendation of accredited partners (funds, hi-tech parks, business incubators, etc.)
    • Different types of residents with different set of incentives:
      • Intl. hi-tech companies (?)
      • R&D centers of Russian/intl. low-tech companies
      • Mature Russian hi-tech companies ( ?)
      • Hi-tech startups
    • Different types of partners ( ? ) :
      • Hi-tech parks and SEZ
      • Investment funds
      • Banks and investment consultants
      • Marketing companies
      • Consulting and legal companies
      • Patent attorneys
    • Participants should comply with Skolkovo mandate:
      • Based on new technology
      • Match one of 5 presidential priorities
      • Have link with a university
      • Be international
  • 15. Skolkovo as an innovations hub
    • Skolkovo is not just a special territory, it is a development tool for the whole country
      • Up to 2014 residents are not required to be physically located in Skolkovo
      • Admission is not a formal bureaucratic procedure, but decision of competent Skolkovo Foundation Board
        • 50% Russians, 50% foreigners
      • Simple application at Skolkovo web site and 5 minutes presentation to the Board
      • Board does not verify the quality of the project, but makes the binary yes/no decision, whether it complies with Foundation mandate
      • Regional network is based on hi-tech parks and SEZs
  • 16. Commercialization chain Education Research Business incubators Commercialization Investments Real estate PR & marketing
  • 17. Education
    • Objective – to create and manage a new technical university to create innovative environment and provide residents with high quality talent pool:
      • Initially graduate and post-graduate
      • Partnership between MIT and Bauman university
  • 18. Research
    • Objectives:
      • To create a network of leading-edge R&D labs as joint projects between foreign and Russian scientists
      • To coordinate research activities to achieve highest chances to commercialize
      • To provide equipment for dedicated and shared labs
    • Technological clusters according to the 5 presidential priorities
    • Coordination with Science Council chaired by Alferov and Kornberg
  • 19. Commercialization
    • Objectives:
      • Search for promising technologies both inside and outside Russia
      • Consult entrepreneurs to create proper product lines
      • Assist in creating companies
      • Introduce start-ups to potential customers and investors
      • Facilitate proper IP protection
    • Supervised units:
      • Technology brokers/business development companies
      • Patent attorneys
      • Consultants
      • Training and mentorship programs, internships
      • Project competitions
      • Skolkovo rep offices inside Russia (hi-tech parks and SEZs)
      • Skolkovo rep offices overseas
      • Market research
    • Dedicated Investment Council
  • 20. What are bus.dev. companies
    • Tech. broker/business development company – private organization, which is
      • working on creation of new businesses and/or IPs,
      • babysitting inexperienced entrepreneurs,
      • doing matchmaking between entrepreneurship, investors and potential customers,
      • assisting in entering new market/jurisdiction
    • Tech. brokers receive mandate to represent Skolkovo on a certain territory or in certain industrial domain
    • Tech. brokers minimal costs are compensated; but real money comes from upside
    • Each legal entity, created with assistance of tech. broker, transfers some of its equity to a dedicated Skolkovo Foundation commercialization fund/endowment
      • No participation in existing companies
      • Broker in fact invests services as an equity
    • Tech. broker is entitled to 20% of fund’s upside upon exit
  • 21. Investments
    • Full scale of investment tools
      • From pre-seed stage to mature stages
    • Components:
      • Cloud of business incubators
      • Network of partner funds
      • Skolkovo cluster funds (5 special purpose finance units)
    • Coordination with Rusnano and RVC
  • 22. Работа инкубаторов
    • Возможно существование сети инкубаторов с разной бизнес-моделью
      • Наличие / отсутствие инвестиций
      • Берет / не берет equity
      • Индивидуальные / коллективные офисы
    • Фонд Сколково предоставляет помещение бесплатно / по льготной ставке
      • Ограничение по времени на достижение согласованных параметров участия инновационных компаний
    • Частная управляющая компания привлекает средства на текущую работу инкубатора согласно своей бизнес-модели
  • 23. Major milestones
    • Skolkovo Regulation Act – September 2010
    • Skolkovo business model – October 2010
    • Rep offices in Silicon Valley and Boston – 2010
    • Admission of projects – from December 201 0
    • Nation-wide projects competition - 2011
    • University deployment plan – February 2011
    • Skolkovo construction – 2011-2015