To ensure the development of venture capital in Russia in the late 1990s, it was necessary to drastically reduce the refinancing rate. It was necessary to restore public confidence in corporate securities and the stock market as a whole, to make the market more transparent and democratic. This is well understood by the pioneers of venture business in Russia, which merged in March 1997, the Russian Association of venture financing (RAVI). As its main task is proclaimed lobbying venture capital in the Duma and the Government, including - preparation of the draft law "On the venture investment." After the 1998 crisis in Russia, finally, gradually began to take shape the political and business climate favorable to venture capital and private equity.
A number of steps taken by the venture industry and government agencies at various levels, have contributed to the development of small and medium business (in particular, in the field of high - tech), which, in turn, gave impetus to the development of the Russian economy as a whole. With the support of the government, private sector and international organizations have been established structure of scientific - research sector of the market type, such as parks, innovation and technology centers, legal and consulting company. There were also new tools and mechanisms related to the operation of budgetary and extra-budgetary funds to support basic and applied research and development of competitive funding, protection of intellectual property.
Venture capital institutions in Russia So far, the main venture "players" in this country - foreign investors. Formation of national venture capital industry is not as fast as we would like. Formation of the Russian venture fund with participation of national capital is in its infancy, although in this work are willing to participate and domestic pension funds, and insurance companies and banks. The absence of an appropriate legislative framework does not allow them to effectively use their funds in this sector of the economy.
However, recently taken some steps to remedy the situation. By order of the Government of the Russian Federation from March 10, 2000, created the first "fund of funds" - Venture Innovation Fund (VIF), whose mission - to help create a regional / sector funds with Russian and / or Western capital. The stock market and venture capital investment The shares of the company on the stock exchange - an essential element of the venture process.
But as long as the domestic stock market is speculative and is not ready to perform its basic function - to attract investors in the funds through the placement of their shares. Of course, international exchanges, in principle, for the Russian companies are not closed, but the placement of shares in foreign markets requires a lot of preparation. One of the few successful Russian projects that can solve the problem of secondary stock quotes ventures, - project of St. - Petersburg Currency Exchange "The market growth of St. - Petersburg." Problems of potential participants in the Russian venture process Despite having a promotion today in the venture business in Russia, in addition to the above, there are a lot of problems.
The main are: the impact of the overall situation in the global business venture, the problems of Russian companies - venture capital investment candidates and issues of venture investors in the Russian market. The situation in the world economy, the recent collapse of the so-called. "New economy" of the advanced countries, have forced investors, including venture capital, to tighten requirements for applicants funds. At this stage, investors prefer projects with low potential, but a moderate risk of which is easier to implement the "going out".
Investments in such projects are classified as "short" money, the return of which is expected in 2-3 years. But the profitability of these investments is low, compared to investment in high - tech companies, where returns can be expected only after 5 - 7 years against the background of low predictability of the market and result. Such is now the trend in the world, which is why in the most difficult position are the company - applicants from the field of high-tech.
However, such strict requirements for investors to companies, in turn, can become a "boomerang" and in response to deprive investors of prospective business, and, therefore, profit. Problems applicants investment and venture capital investors in Russia