Предпринимательский конкурс «Бизнес инновационных технологий» Дмитрий Репин ГУ-ВШЭ

Entrepreneurship: How Good are Conditions in Russia? Favorable market conditions Availability of risk capital High quality of human capital Public acceptance of well-intended failure Strong property rights + enforcement Adapted from Kuemmerle, 2005

Where is the problem? Brief research project at HSE: VC professionals survey Deal structure –Russian laws do not allow to structure the deal properly –Moving offshore typically allows to keep the incentives and control issues as they are in the West Exits –Little hope for technology IPOs –Not a big concern as other exit vehicles typically suffice Human factor –Major cited problem: enough money, but not enough competent people to run the businesses Paradox: Where is the high-quality human capital?

Business of Innovation and Technology (BIT) Entrepreneurial Competition Russian nationwide entrepreneurial competition, primarily based in 5 leading universities in Moscow Built on MIT $50K principles Entrepreneurial competition with most active student participation Integrated into the best technology and VC circles in Russia and in the West Stimulates development of technology entrepreneurship in Russia It is about people, not just technologies !!!

BIT Competition Prizes = $ st place: $ nd place : $ rd place: $ Boston, Nov 22, 2005: USRCCNE Boston BIT Reception Stanford, Nov 14-16, 2005: Silicon Valley Open Doors Berkeley, Nov 17-18, 2005 Intel Berkeley Challenge Winners of BIT-2004

BIT is Supported by Industry Leaders

BIT Competition Goals: Motivate & Teach

What You Need to Do? Opportunity Resources Team Business Plan Fits and gaps Ambiguity Exogenous forces UncertaintyCapital market context Source: Noubar Afeyan, New Enterprise MIT Sloan Model of the Entrepreneurial Process