How to attract investment in Russian innovations
Conference "Technology Exchanges of Russia and the West: how to attract investment in Russian innovations?"
i-Russia.ruOn March 22, 2011, the conference "Technology Exchanges of Russia and the West: How to attract investment in Russian Innovations?" was held in Moscow. The conference dedicated to technology exchanges of Russia and the West was organized by MICEX, the Digital October Center and the Russian Nanotechnology Corporation.
At the first panel discussion, representatives of various companies discussed whether the existing technology exchanges meet the needs of growing innovative companies and whether Russian exchanges are competitive compared to foreign platforms. Senior Vice President of Nasdaq OMX Jenny Rosberg told about the history of the company, which, as she explained, became the first platform where electronic trading began to take place.
In order to make it easier for participants to work, they are provided with information, communications, and emphasis is also placed on the need for transparency of companies.
MICEX Vice President Gennady Margolit agreed that in Russia only open, "transparent" companies have a chance to find investors. He admitted that so far the Russian stock exchange is not associated with platforms for trading with innovative companies. "But at the same time, all the modernization plans, the directions that have been set, show that there are prospects in Russia. It can't be otherwise. And the exchange as an element of a complex system is trying to do something," he said.
According to the vice president of the company, together with Rusnano, the Innovation and Investment Market (RII) project was created, which takes into account the specifics of high technologies. Margolit said that RII spends a lot of time working with young companies that are just entering the stock exchange. Thus, following the principle of "openness", MICEX imposes additional requirements on innovative companies to disclose information, Margolit added.
Artur Isaev, General Director of the Human Stem Cell Institute, noted that there is nothing terrible in the requirement of "openness". However, he believes, despite the prospects for the development of an innovative economy, there is a problem in the complexity of evaluating high-tech companies: "There are no analysts, investors who would have a background, who would have competence in this area."
According to Mikhail Abyzov, Chairman of the Board of Directors of the RU-COM Group, the problem in finding investors for innovative companies is that funds for projects are distributed by state development institutions such as Rusnano, the Skolkovo Innovation Center and the Russian Venture Company.
Because of this, the structures have a fear of taking risks, since we are talking about state capital. To correct this situation, a long-term investment logic is needed, which should be based on the domestic market. "In Russia, it is necessary to foster a culture of serial entrepreneurship, as well as tolerance to mistakes – the right to second and third chances," Abyzov also added.
Anatoly Chubais, CEO of Rusnano, objected that the development institute, which he directs, distributes funds on market conditions. However, he acknowledged that various factors hinder innovation in Russia, including such as the imperfection of the tax code, lack of competition, corruption, and environmental regulation. Despite all the obstacles, hundreds of innovative companies have emerged in Russia in recent years.
Liana Pepelyaeva, Deputy Chairman of the State Duma Committee on Financial Market, participating in the discussion, said that now the Ministry of Economic Development is considering a by-law on state subsidizing the costs of innovative companies to conduct an IPO if it is successful.
The speeches of the conference participants can be viewed on the official website of the event.
Portal "Eternal youth" http://vechnayamolodost.ru24.03.2011