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

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, 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, and 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 5000 people working in Russia and abroad. In addition, it works in close cooperation with 160 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

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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The Venture Economy in Developing Countries
3 June 2021
09:00—10:15
KEY CONCLUSIONS
The venture economy in the Russian Federation is just starting to gain traction

We have some venture experience. <...> There is a national technological initiative for a large ecosystem that incorporates a large portion of tech entrepreneurship — Andrei Belousov, First Deputy Prime Minister of the Russian Federation.

For the Russian market, taking into account its stage of development, such [venture, – Ed.] investments are undoubtedly useful, because they fill a certain niche that has yet to be completely filled because of the current stage of private investment development — Anatoly Braverman, First Deputy Chief Executive Officer, Russian Direct Investment Fund (RDIF).

Unlike the US, <...> the [startup investment culture in the, – Ed.] Russian Federation is still under development — Anatoly Braverman, First Deputy Chief Executive Officer, Russian Direct Investment Fund (RDIF).

Any startup can enter the international market

All successful startups are founded on an idea, regardless of whether they sell goods or services. If this product is a unique match or fit to the consumer behavior of a certain country or culture, then, of course, I think they must focus first on the local market and strengthen their position to create value in a sustainable way. When they reach a certain healthy level, they can then risk entering foreign markets — Faris Sohail Faris Al Mazrui, Head of Mubadala's Russia and CIS Investment Program.

Startups need to start thinking about global development from the very beginning. <...> In part, when we and our colleagues in the Emirates invest in certain projects, we always consider how we could bring them to foreign markets, especially to the Emirates. The same is done with our Japanese and Chinese partners — Anatoly Braverman, First Deputy Chief Executive Officer, Russian Direct Investment Fund (RDIF).

Competition is important for the development of the venture economy

That very same theoretical and illusory ‘perfect competition’ drives a major part of the demand for innovation — Kirill Androsov, Executive Director, Atlas Asset Management Pte. Ltd.

An effective ecosystem is a free ecosystem, a free market economy. Competition <...> is the most important element of a free market economy — Leonid Boguslavsky, General Partner, RTP Global.

ISSUES
The role of the government in the development of the venture economy

Despite large amounts of capital, the state plays a role in attracting talent. After all, that kind of competition results from the presence of many bright and innovative ideas — Kirill Androsov, Executive Director, Atlas Asset Management Pte. Ltd.

When entrepreneurs, investors, and the state unite to address issues and enter into partnerships, then you have an effective economy. The government does not create barriers nor harsh regulations, as often occurs in certain countries, including Russia — Leonid Boguslavsky, General Partner, RTP Global.

We have a whole spectrum of necessary government support measures for the innovation economy. It wouldn't be fair to say that there are radically unoccupied sectors, perhaps with the exception of instruments to fund early-stage projects. <...> The measures are all there, but the speed at which the innovation economy is growing leaves much to be desired — Kirill Androsov, Executive Director, Atlas Asset Management Pte. Ltd.

Insufficient legal framework

If you were to ask me now, which singular federal executive body is responsible for the innovation agenda in Russia, who is responsible for the innovation strategy, I would struggle to answer that question — Kirill Androsov, Executive Director, Atlas Asset Management Pte. Ltd.

SOLUTIONS
Developing funds of funds

The market of investors in funds of funds <...> is undoubtedly in good shape and continues to grow — Anatoly Braverman, First Deputy Chief Executive Officer, Russian Direct Investment Fund (RDIF).

It is vital that we gain experience evaluating tech entrepreneurship markets, results, and evaluating added value <...> here, I count on the creation of funds of funds — Andrei Belousov, First Deputy Prime Minister of the Russian Federation.

Creating a competitive environment and supporting startup development

The key conclusion that we have reached is that, at this point in time, the focus should be shifted from development institutions and government support measures to developing competition in our economy — Kirill Androsov, Executive Director, Atlas Asset Management Pte. Ltd.

On the subject of takeovers, we have started working in this area. It consists of an entire set of elements, including the creation of a special product for ‘growing’ the startup to a stage where it would be ripe for acquisition by a large company — Andrei Belousov, First Deputy Prime Minister of the Russian Federation.

Government support and improving the legal framework

I believe that this is an irreplaceable part of our culture. All of the players have to understand, the state has to tell us where to go, we need these sort of projects to serve as beacons <...> That is, major projects, market projects, ones that are clearly major parts of the market, that, from our point of view, draw out breakthrough technologies — Andrei Belousov, First Deputy Prime Minister of the Russian Federation.

The first thing that needs to be done <...> is creating a friendly regulatory environment that favours intellectual activity, rights to intellectual activity and the results thereof — Andrei Belousov, First Deputy Prime Minister of the Russian Federation.