On the practical venture

Until recently, Russia had decided to complain about the lack of funds for venture capital investments. In recent years, there was another problem: many market players complain that the money is already there, but the quality of projects from bad to worse. Illusions do not feed. We also felt that the quality of projects in Russia is small. To see the reverse, it took three years. For an existing real money supply of venture we have a good choice. Return projects exported from Russia in the 1990s, there is even rooted in the Soviet Union. At the time, the authors went to implement the ideas in the U.S., Germany or Great Britain, received grants, creating prototypes. Some come back because they did not find understanding and money, while others - because it is all their own, others just miss the Russian speaker. Observing this, you understand the quality of people who at one time we lost - very high quality. Such return pleasantly. We try to invest in projects that can touch it. "Dotcoms" without real prospects based on fashion trends - not our topic. Still, Russia - a country of real opportunities in all senses of the word. Someone, focusing only on the associative array, say that the modernization of existing plant - it does not venture. However, this is a practical and pragmatic Russian venture capitalism. Not theoretical. Questionable projects ripoffs "there" without regard to Russian realities - not for us. We do not nosimsya with fashion trends create the next Facebook, though many have rushed into this niche. We like companies that have a unique product and market-friendly, but not the strength to go on the market. And this breakthrough should be tomorrow, not next day. Not entertain illusions, and in a competitive niche did not climb. For example, nanotechnology is trying to bypass - in this field and so it is, whom to play. We understand the importance, political and social significance of these trends for the country and for all of us. But the point of our company - to make a profit, and only through profits and growth of the monetary value of venture capital firms, we can realize its social role. Be smarter. Other than that - in the approach to the selection of venture teams. Now in vogue concept smart money - «smart money" when the investor brings to the project will not only finance but also some additional competency examination. For us, the "smart money" - this is when every person in his place better than we know what he's doing. The ideal situation - when the team does not need our expertise, only money. Clearly, in such risky areas as venture capital, always pulls to do manual control. But it is important to seek and find with the project, and people. Venture - an emotional thing, and his team must have a non-material incentives, in addition to the money that it receives from us, and especially wages, appointed managers. In a sense, the team should be nowhere to go but to do this project. A lot of relationships. This approach has its difficulties: it turns out that in our structure are involved in two dozen CEOs, financial director, commercial and technical directors, etc. And the stage where we just went in and invested - a "candy-buketny period" - is long gone, and now a kind of "bytovuha", and it should be tolerated. And many have to act tough. A risky business affects the style of work: sometimes just a missed call could jeopardize the relationship, and they, in turn, the entire project. If we consider that in our projects, we typically are not the only investor relations even more importance is increasing. It happens that at the entrance we have not assessed the prospects for both the project and the team. This is a normal risk. But the constant work with multiple projects and continuing with the view "from outside" teach us to listen and hear. Now we bring to projects that already have invested. Some of them may have to close. But the rest will bring a great income - much more natural losses. And this year we will show real results, and begin a new cycle.