210 billion rubles in 5 years: what did the state funds spend
A report on investments by Rusnano, the Russian Venture Company, Skolkovo, the Innovation Assistance Fund, the VEB Innovation Fund and other state funds has been published on the website of the Russian government . For 5 years, these organizations have invested about 210 billion rubles. in 20,000 innovative companies.
At the same time, the revenue of startups that received state support amounted to 839 billion rubles, of which 71 billion rubles. accounted for export. Officials say that thanks to investments in Russia, it was possible to create the third largest venture investment market, with a total volume of $ 480 million.
“The created development institutes managed to solve the set tasks of creating a system for searching, selecting and supporting promising innovative projects. At present, the primary task affecting the efficiency of the created innovation infrastructure as a whole is to stimulate demand for innovative products supported by companies' development institutions, including their active involvement in import substitution programs in the most important sectors of the Russian economy, ”the government report says.
This year, the budget of the Innovation Assistance Fund increased 2.2 times, amounting to 8.5 billion rubles. The Fund’s funds are used to finance startups in the early stages of development.
Nevertheless, the total volume of venture investments in Russia decreased by 26% in 2014, amounting to $ 480.9 million in dollar terms, writes Secretmag.