The IT industry accounts for the overwhelming majority of venture investment in Russia, or 85%, according to Sergei Safonov, PwC Financial Sector Advisory Leader, who spoke on December 18 at a presentation of the venture market development strategy at TASS.
“A significant part of venture investment in Western countries also goes to IT. However, it is less than in Russia, only 50%,” the expert said.
Safonov added that 15% of venture investment in Russia goes to projects in medicine, biotechnology, aviation and space technology and other industries.
“State-run companies are usually the source of Russian venture investment. At the international market, the boosting venture investment activity is related to the global increase in commercialized innovation. It is important for Russia to participate in these processes.”
He pointed out the fact that the global venture investment market peaked in 2017. In Russia the peak time was earlier, in 2013.
“In the past year, we have witnessed a small growth in venture investment in Russia. With structural changes in the market, we can achieve a significant growth of this investment. This is the objective of the venture market development strategy developed by Russian Venture Company. It can bring mid-term and long-term results. We should expect them within five to ten years,” the expert concluded.