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Venture Capital in Russia and its effect on
development of Small and Medium
Enterprises.
Presented by:
Alexander Y. Zagornov
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2005 Plekhanov Readings
Plan
 Introduction
Overview of the Venture Capital market in Russia
Problems faced by VC in Russia
Problems faced by SMEs when looking for VC investments
Future improvement
Conclusion
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2005 Plekhanov Readings
Venture Capital description
Venture capital is risk bearing capital for companies or projects with a
more than average risk-profile.
The provider of the risk-bearing capital –the venture capitalist obtains coownership of the investee company.
Characteristics of the Venture Capital
 investee companies does not provide collateral to the venture capitalist
 emphasis is on future cash-flows more than on past balance sheet figures
 venture capitalist’s expertise in assessing risks involved is his only
guarantee
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2005 Plekhanov Readings
Small and Medium Enterprises in Russia
Other, 19.0%
Scientific, 5.0%
Retail & Public
catering, 49.0%
Construction,
12.5%
Industry, 14.5%
 It can be seen that Scientific and industrial SMEs are heavily underdeveloped
in Russia, accounting for less than 20% of total
 Retail & Public catering takes up almost 50%, which is shocking tacking into
account the intellectual potential which was left after USSR
Source: U.S. Department of Commerce Technology Administration Office of International Technology
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2005 Plekhanov Readings
Venture Capital investments in Russia 1994 – 2004
and international overview
1994-1998 1999-2004
163
190
353
1157.3
1292
2449.3
7.1
6.8
6.95
Companies Financed (#)
Total Amount of
investments in $ mln
Total
Average deal $ mln
Although this figures can seem high, they are incredibly low when compared to USA
and Europe: $120
$100
Venture Capital Investments in
USA - $ bln
Europe - € bln
$80
$60
$40
$20
$0
1997
1998
1999
USA
2000
Europe
Source: Russian Agency of Direct Venture Investments, Russian Venture Capital Association
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2005 Plekhanov Readings
Problems Faced by Venture Capital Investors in
Russia, when investing in SMEs
Leaving the
Risk
company
estimate
16%
6%
Managers'
Level of
"thriftiness"
managers
13%
16%
IP protection
6%
Cost of the
companies
43%
Source: Russian Agency of Direct Venture Investments
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2005 Plekhanov Readings
Problems Faced by SMEs in Russia, when looking
for VC investments
1999-2004
1994-1998
Later stages
Yes - got the
financing
1%
Yes - did not
get the
financing
9%
Restucturization
Growth
Early
No - what is
this?
90%
Seed and
startup
0
100 200 300 400 500 600 700 800
Source: Russian Agency of Direct Venture Investments
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2005 Plekhanov Readings
Future Improvements
 Smarter Taxation policy
 Development of the local venture funds with a partial governmental
capital
 Introduction of the Dutch model – government insures part of the
investment
Development of the secondary stock market
 Stimulation of the Russian financial institutions to participate in VC
investments into SMEs.
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2005 Plekhanov Readings
As a conclusion
Russia
European Countries
EBRD
72%
Insurance
9%
Private
8%
Pension Funds
24%
Other
8%
Other
1%
Reinvested Capital
Gains
Corporate
9%
10%
US Government
Agencies
27%
Government
Agencies
5%
Banks
27%
Source: Russian Venture Capital Association
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2005 Plekhanov Readings
Thank you for your
attention,
Questions are welcomed
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2005 Plekhanov Readings
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