What is Skolkovo? Russian initiatives to support national innovation ecosystem Ilya Ponomarev ,  Chairman, Hi-tech Develop...
President’s call for modernization <ul><li>Medvedev’s “4i” initiative </li></ul><ul><ul><li>Infrastructure </li></ul></ul>...
Myth #1. Russia’s ecosystem lacks finance <ul><li>Government created numerous financial institutions </li></ul><ul><ul><li...
Real problem with finance <ul><li>No exits within the country </li></ul><ul><li>Lack of internal demand </li></ul><ul><ul>...
Myth #2. All is needed is some legislation changes <ul><li>Russia’s legislation made a significant progress during recent ...
Real problem with legislation <ul><li>Law enforcement </li></ul><ul><li>Some Russian laws are incompatible with usual appr...
Myth #3. Russia’s R&D is full of projects <ul><li>Huge Soviet legacy of technological ideas </li></ul><ul><ul><li>Primaril...
Main problem of Russia’s  innovation ecosystem – human resources <ul><li>No entrepreneurs, even less –experienced serial e...
Objectives of Skolkovo <ul><li>To develop Russian innovation ecosystem by creating a universal entry point to </li></ul><u...
Key principles <ul><li>Project is managed by a non-for-profit Skolkovo Foundation, governed by a special law </li></ul><ul...
Источники финансирования Сколково <ul><li>Федеральный бюджет </li></ul><ul><ul><li>Преимущественно средства бюджета направ...
Виды деятельности технополиса СКОЛКОВО ОБЪЕКТЫ  НЕДВИЖИМОСТИ ИННОВАЦИОННЫЕ ПРЕДПРИЯТИЯ КОНСАЛТИНГ,  ОБРАЗОВАТЕЛЬНЫЕ И НАУЧ...
On-site project components <ul><li>Office premises </li></ul><ul><li>Labs and small-scale manufacturing </li></ul><ul><li>...
Admission <ul><li>By decision of Skolkovo Foundation Board, based on simple and transparent Admission Policy </li></ul><ul...
Skolkovo as an innovations hub <ul><li>Skolkovo is not just a special territory, it is a development tool for the whole co...
Commercialization chain Education Research Business incubators Commercialization Investments Real estate PR & marketing
Education <ul><li>Objective – to create and manage a new technical university to create innovative environment and provide...
Research <ul><li>Objectives: </li></ul><ul><ul><li>To create a network of leading-edge R&D labs as joint projects between ...
Commercialization <ul><li>Objectives: </li></ul><ul><ul><li>Search for promising technologies both inside and outside Russ...
What are bus.dev. companies <ul><li>Tech. broker/business development company – private organization, which is  </li></ul>...
Investments <ul><li>Full scale of investment tools </li></ul><ul><ul><li>From   pre-seed stage to mature stages </li></ul>...
Работа инкубаторов <ul><li>Возможно существование сети инкубаторов с разной бизнес-моделью </li></ul><ul><ul><li>Наличие /...
Major milestones <ul><li>Skolkovo Regulation Act  –  September  2010 </li></ul><ul><li>Skolkovo business model  –  October...
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What Is Skolkovo

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What Is Skolkovo

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

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