A socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Private and Family Business in Russia 2018

The study carried out by PricewaterhouseCoopers (PwC) is based on a survey of 2,953 owners and senior executives of private and family businesses in 53 countries, including Russia. The survey was conducted in 2018 in the form of interviews and questionnaires. The study shows that business owners today are becoming increasingly concerned about innovation, disruptive technologies, and digitalization which are crucial components of modern business environment. In the context of these phenomena, matters like strategic planning, the company’s mission, and professional development of its leaders and employees start to be seen from a different perspective. Private and family businesses remain the economy’s main asset and guardians of tradition and fundamental values, as they safeguard and accumulate craftsmanship, shape a positive public attitude to entrepreneurship, and advance worthy causes.

As they grow, private companies sooner or later have to start looking for new sources of growth and ways to expand and diversify their activities. However, when they go beyond a single sector or market, they are faced with resource shortage, understaffing, social and cultural differences, etc. According to the data collected by PwC, as few as 8% of Russian private companies (compared to 26% of companies globally) operate in multiple economic sectors and multiple countries simultaneously.

Among the main challenges faced by their company in 2018 Russian respondents name economic conditions, the necessity of complying with regulations, competition on the internal market, and the need to introduce innovations in order to retain leading positions. Besides, compared to 2016, a greater number of Russian private and family businesses (27%) now feel that they are vulnerable to digital revolution. To meet all these challenges, private and family business owners have to maintain the balance between profitability and strategic development goals, such as catering to the needs of society, fostering innovative economy, or fulfilling their personal ambitions.

Based on the results of their research, the PwC analysts have formulated a set of guiding principles for private and family business owners. One of these principles is to involve millennials in the process of running the business, because millennials are thoroughly cognizant of the current trends in disruptive technologies and digital innovations and their impact on business. Also, business owners should treat company goals and values as a unique asset and a social resource and should formalize them as a vision document.

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