Mishustin announced the need to create industrial venture funds in Russia

In Russia, it is necessary to form industry venture funds to help startups go public, Prime Minister Mikhail Mishustin said at the Digital Industry of Industrial Russia (CIPR) conference.

As the prime minister noted, there are many talented young people and interesting start-ups in Russia, for which the government allocates grants to support.

“But they need help finding a customer. I believe that it is necessary to form industry-specific venture funds and remove barriers so that these funds can receive funds from our citizens and companies freely enter the stock exchange, ”said Mishustin (quote according to TASS).

The government, the prime minister added, will be preparing a “separate action plan” to implement this initiative.

On May 31, Vedomosti wrote that the government had prepared a whole range of measures to develop the venture capital market to support the IT industry. In April, Minister of Digital Development Maksut Shadayev also announced the development of such measures. Venture investments, he said, should replace the institution of grants, which are now being given to promising Russian IT companies.

Today, on June 1, the leaders of the industrial centers of competence (ICC) created a year ago will report to Mishustin, and “decisions will be made to correct further movement,” Maxim Parshin, deputy head of the Ministry of Digital Development, said on May 31.

In October 2022, Deputy Prime Minister Dmitry Chernyshenko, who oversees the direction of the digital economy, stated that the ICC had requested 190 billion rubles from the state. for the development of Russian software. According to him, the requested amount is calculated for three years, it is comparable to the annual costs for the purchase of foreign licenses by companies.