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Russian Innovations in Eastern Markets
How to build work with Asian countries Russian Venture Company
Deputy General Director for Finance and Investment, Member of the Board of RVC
In the context of the transformation of the global economy, national venture ecosystems simply cannot develop within closed boundaries. One of the conditions for their effectiveness is an open partnership with international players. Therefore, it is quite natural that the work of RVC on international business platforms, project support and promotion of Russian technology companies in foreign markets is playing an increasingly important role every year.
A significant part of the achievements at the international level today is provided by the eastern directions of RVC development. The Asian region today is a real locomotive of the world economy.
RVC’s key priorities in the Asian region today are focused in China, India, South Korea and Singapore. In addition, we maintain a partner network in countries such as Malaysia, Vietnam, Cambodia, Japan. In these countries, a powerful modern industrial and scientific base has now been created and huge financial and investment resources are concentrated. Special attention is paid to the fact that the region is not only and not so much the “world workshop”, but also the center of the global demand for raw materials and primary resources. These countries make quite serious claims to world technological leadership, the formation of the technological basis of the economy of the future. And this is not just an increase in demand for innovation and new technologies. This, in most countries of the region, is one of the key elements of the new state economic policy and a priority for regional investment institutions. All these factors determine the eastern direction of development of Russian state development institutions, innovation and technology companies as a promising and broad “window of opportunity”. Although, of course, these markets have their own specifics, and working with them requires a seriously developed systematic approach.
We are actively working with government institutions in these countries, as their influence on investment and technology policy is decisive. In China, the venture capital industry of which has today become one of the largest in the world in terms of capital, our cooperation with the Ministry of Science and Technology of China plays an important role, and in South Korea with the Korean Technical Venture Fund and the Korea Institute of Technology Development.
At the same time, one of the main problems for the development of cooperation in Asian markets is the low level of awareness of the parties about each other’s specific capabilities, existing institutions and tools that allow these opportunities to be mutually beneficial. That is why RVC pays special attention to the promotion of such opportunities, including through the participation and organization of specialized events designed to overcome existing information barriers.
Since 2015, RVC has regularly interacted with Asian business at such global platforms as the Innoprom forum, the Global Business Summit, and the BRICS trade fair. In 2017, portfolio companies of RVC funds took part in the Korean High-Tech Business Week, the Second Smart Cities India Conference, and the Second Chinese-Russian Forum “Investments in Innovation”. At the same time, participation in these events brings significant results. The first specialized Russian-Chinese forum organized by RVC attracted very close attention of Chinese investors to Russian developments, and representatives of 16 investment funds and financial institutions, major participants in the innovation ecosystem of China, including Shenzhen Capital, TUS Holding, CASIC, Magic Stone, became active participants. Alternative.
The second important area of our work is building direct contacts with investors, corporations and venture associations at specialized platforms in Asian countries. This allows us to resolve issues of mutual support of companies when entering the international market. In China, RVC actively cooperates with the Venture Committee of the All-China Association for the Financial Promotion of Science and Technology, the Zhongguancun Private Equity and Venture Capital Association, as well as investment and financial structures such as the Shanghai Stock Exchange, China Equity, Hiway Capital, Bank of Harbin and others. In India - with the Indian Association of Technoparks and Business Incubators (ISBA). In Singapore - with technology platforms SWITCH (Singapore Week of Innovation and Technology) and TechInnovation, the National Research Foundation (NRF), the Singapore Business Federation, as well as with the newly created Singapore government agency SGInnovate. We have been cooperating with the Singapore ecosystem for the fifth year, traditionally presenting the best Russian developments at the exhibition as part of the Singapore Week of Innovation and Technology, this year it will be held on September 18-20, where five high-tech startups from among the graduates of the GenerationS accelerator will present their projects.
Active work in these two areas allows us not only to build interaction with our Eastern partners, but also within the framework of cooperation to position Russian ecosystem projects for investors in the region: the startup accelerator GenerationS, the project of private high-tech leading companies “National Champions” and TechUp rating. And it should be noted that today these domestic programs are already attracting the close attention of venture investors, government institutions and private technology companies.
We have gained a good momentum in the development of the eastern vector of our international cooperation, and, summing up this very brief survey, I would like to say something else.
In the modern economy, changes are taking place very, very quickly. Investors are keenly following technical innovations, and Asian investors are among the leaders in these issues today. More recently, they have actively invested in the development of the service sector online to offline, and now they are actively shifting the investment focus towards artificial intelligence, robotics, big data, financial technology, education and medicine. The “Orient Express” technology investment is gaining speed and Russian innovations now have every chance not only to look at this process “from the platform”, but also to get additional resources for their own development.