Russia is going to compete with Silicon Valley

Kommersant: The Ministry of Economic Development has prepared plans to support technology startups in Russia with the American Silicon Valley, writes Kommersant. The initiative is part of the government's strategic program “Takeoff – From Startups to IPOs.”

The plans envisage the provision of state support to technology startups at all stages of their existence: from the emergence of a project idea to the company's listing on the stock exchange through the IPO procedure (initial public offering). sale of shares). The Ministry of Economic Development and Trade expects its measures to increase the number of public technology companies in Russia.

The first results of the program should appear in 2023, when the startups participating in it begin to go public. By 2024, there should be at least 30 of them. The entire program is designed until 2030.

Support for technology startups is proposed to be divided into three stages: pre-acceleration and acceleration (providing assistance in a special institution through training and provision of seed funding) , the development of a mature company and support for a stable business.

It is assumed that on the basis of the state program a “seamless” digital environment will be created, in which development institutions will be able to exchange information about companies and results to provide more effective assistance. It is also expected that the Skolkovo fund and other development institutions will take part in the first accelerator stage, and tax incentives will be provided to the first investors in projects.

At the second stage, the authors provided for concessional lending at the key rate of the Central Bank through SMEs. the bank and the SME Corporation. In the third phase, government subsidies will be allocated to offset up to 50 percent of the costs of the IPO procedure.



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