New Opportunities for Developing Russian Venture Market to Ensure Technological Sovereignty

Abstract

Technological sovereignty of Russia can largely be ensured by the creation of innovative developments by small technology companies, which are traditionally widely supported by venture funds and investors in world practice. In our opinion, the Concept of Technological Development for the period up to 2030 does not pay enough attention to the tools for developing the venture industry. Therefore, based on the analysis of successful experience in the formation and development of venture markets in the USA, EU countries and Israel, a classification of mechanisms for supporting venture investments has been developed, namely consulting, legal, financial, tax, communication, ecosystem, elements of which can be used in the Russian economy to implement innovative projects of technological sovereignty. Borrowing successful practices involves gradual institutional transformations and a comprehensive assessment of the effectiveness of the implemented state programs. The article provides some recommendations in terms of implementing state policy to stimulate venture investment in Russia in the areas of supporting talent, developing institutions, financial and tax measures. It is possible to implement a wide range of educational programs for the heads of small technology companies and business angels, provide tax incentives to private venture investors (exemption from capital income tax, compensation for business angels of the investment amount), assist and simplify the procedure for small companies to enter the stock exchanges of Russia and friendly countries, conduct accelerators for small technology companies, including export ones and in the interests of the defense industry. It is necessary to develop various forms of cooperation between participants in the venture industry, both interregional (organizations of the “quadruple helix”) and international (exchange of experience, creation of joint venture funds with friendly countries).