Business culture in Russia is way below global standards, Sergei Polyakov, General Director of the Foundation for Assistance to Small Innovative Enterprises (FASIE), said addressing the Congress of Nanoindustry Enterprises organized by Rusnano’s Fund for Infrastructure and Educational Programs.
“There are good scientists in Russia but they do not necessarily become good entrepreneurs. This is a huge mistake when an originator of an idea makes attempts to monetize it. Global experience has shown that scientists should not be involved in business activities but have to continue to develop technology, while others should engage in sales,” the expert noted.
According to him, the problem is that the Russian market is narrow, and creating an innovative company that could make profit in the domestic market is difficult. Russia’s innovation market is mostly about purchasing companies. This is worth trillions of rubles, but receiving these finances is often complicated.
It is possible to set up unicorn companies (startups with a valuation over $1 billion) in Russia, according to Polyakov. Yet, these companies find it hard to operate solely within the Russian jurisdiction as they have to promote their products abroad, the expert concluded.