Обзор рынка прямых и венчурных инвестиц

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Transcript Обзор рынка прямых и венчурных инвестиц

Venture Capital in Russia as the Instrument of Financing the Innovative Enterprises Oksana Mironova

Project Manager

Russian Association For Direct and Venture Investment

Российская Ассоциация Прямого и Венчурного Инвестирования

Funds in Russia 1994-2004

14 12 11 10 8 10 37 39 37 36

Collected funds Closed funds Total funds

37 8 8 27 6 4 19 3 3 4 4 3 11 2 2 1 0 1994 1995 1996 1997 1998 1999 2000 2001 4 39 43 5 50 8 60 50 40 30 20 2 1 2002 2003 10 1 2004 0

Российская Ассоциация Прямого и Венчурного Инвестирования

Sources of Capital

3%

1994-1998

$ 2,94 bln

1999-2004

26% $ 1,02 bln 97% Russian Foreign 74%

Российская Ассоциация Прямого и Венчурного Инвестирования

Companies financed

Investments

1994-1998 1999-2004 TOTAL 163 190 353 Total investment (bln dollars) 1162 Average deal (mln dollars) 7,1 1304 6,8 2466 7

Российская Ассоциация Прямого и Венчурного Инвестирования

Distribution of Investments by Stage (1994-2004)

Later stages

1999-2004 1994-1998

Restucturization Growth Early Seed and startup 0 100 200 300 400 500 600 700 800

Российская Ассоциация Прямого и Венчурного Инвестирования

Distribution of Investments by Field (1994-2004)

Other Construction Agriculture Financial services Transportation Chemical materials Light industry Industrial equipment Consumer market Power production Medicine Biotechnology Electronics Computers Telecommunications

1999-2004 1994-1998

0 50 100 150 200 250 300 350

Российская Ассоциация Прямого и Венчурного Инвестирования What are the Investments You Need?

$100 000 - $500 000 24% $500 000 - $2.5mln

19% Less than $100 000 23% $2.5mln - $5mln 8% More than $5mln 8% Hard to say 18%

Российская Ассоциация Прямого и Венчурного Инвестирования Has the Enterprise Addressed Venture Investors?

Yes - got the financing 1% Yes - did not get the financing 9% No - what is this?

90%

Российская Ассоциация Прямого и Венчурного Инвестирования Factors Complicating the Investment

Level of managers 16% Leaving the company 16% Risk estimate 6% Managers' "thriftiness" 13% IP protection 6% Cost of the companies 43%

Российская Ассоциация Прямого и Венчурного Инвестирования

Venture Fair – Ground for Communications Congress block Exposition of the Companies

Российская Ассоциация Прямого и Венчурного Инвестирования

Distribution of Participating Companies by Field Chemistry and new materials 10% Биотехнологии 8% Construction 5% Industrial equipment and electronics 35% Other 15% Medicine 8% Computers 19%

Российская Ассоциация Прямого и Венчурного Инвестирования Origins of the Projects

Internet Media advertising Credit departments of banks Consulting companies Direct marketing Venture fair Personal recommendations 0 2 4 6 8 10 12 14 16

%

Russian Association of Direct and Venture Investment (RAVI) www.rvca.ru

www.rvf.ru