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What Is Skolkovo
 

What Is Skolkovo

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    What Is Skolkovo What Is Skolkovo Presentation Transcript

    • 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
    • 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
    • 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
    • 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
    • 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
    • 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 , …)
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • Commercialization chain Education Research Business incubators Commercialization Investments Real estate PR & marketing
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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
    • 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