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MIL OSI Translation. Region: Russian Federation –

As part of the reform of development institutions, a system of seamless integration of measures to support technology startups has been formed. This was announced by First Deputy Prime Minister Andrei Belousov at a meeting with President Vladimir Putin on the implementation of the messages to the Federal Assembly.

We are talking about the end-to-end acceleration of the process of creating startups (acceleration) – from forming teams and creating companies to bringing products to the market, making a profit and entering an IPO, or receiving investments from strategic investors.

The seamless integration system includes ANO NTI Platform, innovation development institutions – the Russian Direct Investment Fund, as well as subsidiaries of VEB.RF – the Innovation Promotion Fund, Skolkovo, and the Fund for Infrastructure and Educational Programs.

At the end of 2020, these organizations signed a memorandum, and at the end of January 2021 – binding legal agreements. “Now startups that fall into the orbit of support at an early stage, for example, the Fund for the Promotion of Innovations, will not lose momentum and will be picked up by other institutions,” said the first deputy chairman of the Government. Now, according to him, a unified information environment is being created for the exchange of data on startups and their projects – with the consent of the companies themselves.

In addition, in accordance with the instructions of the President, for the first time in Russia, a public-private investment fund of funds is being created. The ten largest Russian private companies are involved in this work. Eight private investors have already signed an agreement to establish the Fund of Funds. It is planned to contribute 10 billion rubles each – from the side of private business and from the state. RDIF acts as a partner of the fund on behalf of the Russian Federation.

Currently, the Government is working with the leadership of the State Duma committees to promptly introduce targeted changes to the legislation necessary to create such investment institutions. In addition, a package of amendments to the legislation is being prepared, taking into account the feedback received as a result of the enforcement of the so-called law on the right to risk.

“The issues of accelerating investment and technological development are decisive for sustainable long-term growth of the Russian economy. They, of course, remain at the center of our work, and we will make every effort to achieve success, ”concluded Andrey Belousov.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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