“Chubais is to blame for everything”: are there any objective reasons for reorganization or liquidation of Rosnano
According to the report of the World Intellectual Property Organization, Russia is recognized as one of the world leaders in spending money on nanotechnology along with the United States and China. This does not mean that the Russian Federation is a technological leader. This means that a huge amount of money is being spent on nanotechnology from the budget.
Yesterday, a meeting was held in the Kremlin on the development of the Russian innovation system with the participation of representatives of the Expert Council under the Government. Apparently, innovative state projects do not solve the tasks.
“I would not exclude both associations and, possibly, the liquidation of individual institutions,” said Deputy Prime Minister Arkady Dvorkovich at the end of January.
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There is a possibility that Rosnano and Skolkovo will cease to exist. However, it turns out that in the case of Rosnano not everything is so simple. According to Kommersant experts, this state corporation occupies a unique niche, overfulfills the profit plan and really creates conditions for the development of high-tech production, and not just distributes grants.
According to experts, in spite of the enormous money invested in the innovation sector, Russia will not achieve its stated development goals at the current pace. More than two trillion invested in the industry in order for the share of innovative goods and services to be 25% by 2020, but now it only slightly exceeds 8%, and nothing foreshadows a quick explosive growth.
The head of Rosnano, Anatoly Chubais, was reminded of an unfortunate video that sold on the Internet, where he boasts that the company “has a lot of money, just a lot of money,” recalled the scope of the New Year corporate party and the recent bankruptcy of the largest Rosnano factories in Novosibirsk and the Irkutsk region.
Claims against Rosnano were also made by anti-corruption Alexei Navalny. He stated that even during the creation of this corporation in 2007, its true “goals” - “fiction”, “sharashka”, “drank budget”, “positions for muddy people” and so on — were clear.
However, Rosnano fulfills the assigned tasks. According to the plan, she had to suffer losses until next year, but showed a profit (8.2 billion rubles) in 2014, slightly larger numbers are expected by 2015. Rosnano is the only Russian development institute whose responsibility is not to issue grants, not to create startups, but to build large high-tech industries.
The main mistake of Rosnano was an attempt to keep up with Elon Musk, the head of Tesla Motors and the manufacturer of solar panels SolarCity, experts of Kommersant believe .
Rosnano tried to enter the e-book market with the project Plastic Logic. To create it in the fall of 2010, Rosnano bought for 7.1 billion rubles. 44% of the shares of Irish Plastic Logic Holding. Reader was developed and released, but sales did not go - in the production of Rosnano readers it lost 3.3 billion rubles.
Thus, 27.5 billion rubles were wasted. According to the assessment of the Open Government report, these mistakes at the very beginning of work led to a loss of more than 35% of the value of the investment portfolio in 2012-2013 and serious write-offs.
Top managers of Rosnano and Skolkovo were under investigation due to financial items: they are accused of misuse of funds. Former Vice-President of Skolkovo Alexei Beltyukov for 22 million rubles issued to State Duma Deputy Ilya Ponomarev is arrested on the run and ex-General Director of Rosnanotekh (now Rosnano) Leonid Melamed under house arrest, Svyatoslav former director general Ponurov.
After the arrest, Melamed and Ponurov left the country and five former and current top managers did not return, media reported, some of them were charged in absentia.
According to the report of the expert council under the President of Russia, the Skolkovo Foundation, on average, corresponded to KPI (Key Performance Indicator - an indicator of success) in 2009-2014 by 96%. In 2014, 45% of 1070 projects were able to achieve revenue, and residents of the fund received 645 patents instead of 200, said the company.
The RVC KPI performed at 90% in 2011-2014. Moreover, over time, its indicators have grown and in recent times below 100% do not fall.
In Rosnano, the average percentage of KPI for 2009-2014 is 103%.
In general, the older the organization, the better for them with the implementation of their tasks, which is logical. For example, the Bortnik Fund, founded in 1994, managed the tasks by an average of 109%.
The Skolkovo advisory council compared the Hong Kong Hong Kong Science & Technology Parks Corporation ( HKSTP , started work in 2001) and the German Adlershof (founded in 1991). It turned out that “Skolkovo” next to them looks decent even with its small six-year work experience.
For example, Skolkovo has almost three times more participants (1,400) than each of these structures, and the share of private funds attracted is the same - 13%. Skolkovo is seriously lagging behind in terms of revenue (about 30 billion rubles versus about 50 billion rubles from Adlershof) and spends much more (96 million rubles a year per job compared to 49 million rubles from HKSTP).
Experts explain the lag in the last two indicators by the fact that Skolkovo is still creating its own infrastructure.
RVC can be compared to its New Zealand counterpart, the New Zealand Venture Investment Fund ( NZVIF ), founded in 2002. The RVC established four years later has already twice the average investment size (60 million rubles) and approximately the same amount - about 160 - of investments for 2014. By the way, PwC studied the work of the New Zealand and other foreign analogues of our state funds, and, in the opinion of the auditing company, Russian structures look good even against this background.
Not only Rosnano appeared in the most advantageous light, but for some reason it was compared with the British private foundation 3i Group plc , which also exists since 1945. Due to such an impressive working life, the British have three times more (336 projects) investments per year, and the internal rate of return reaches 6.3% versus -52% for Rosnano, which has just started its work. In terms of the level of operating costs to the value of assets, the Russian structure also lags behind the western ones: in 2014, Rosnano has 3.4%, with an average value of 1.4% by analogy.
“Foreign institutions in one voice warned us that the biggest mistake that could be made in relation to these funds was the expectation of quick results. One investment cycle in the venture capital market lasts about ten years, so it is too early to talk about the results of the work of Russian innovation development institutions, ”summarizes the director of the corporate finance department at PwC in Russia, Andrei Ekimenko. However, the government obviously understands this too.
Yesterday, a meeting was held in the Kremlin on the development of the Russian innovation system with the participation of representatives of the Expert Council under the Government. Apparently, innovative state projects do not solve the tasks.
“I would not exclude both associations and, possibly, the liquidation of individual institutions,” said Deputy Prime Minister Arkady Dvorkovich at the end of January.
')
There is a possibility that Rosnano and Skolkovo will cease to exist. However, it turns out that in the case of Rosnano not everything is so simple. According to Kommersant experts, this state corporation occupies a unique niche, overfulfills the profit plan and really creates conditions for the development of high-tech production, and not just distributes grants.
According to experts, in spite of the enormous money invested in the innovation sector, Russia will not achieve its stated development goals at the current pace. More than two trillion invested in the industry in order for the share of innovative goods and services to be 25% by 2020, but now it only slightly exceeds 8%, and nothing foreshadows a quick explosive growth.
Errors "Rosnano"
The head of Rosnano, Anatoly Chubais, was reminded of an unfortunate video that sold on the Internet, where he boasts that the company “has a lot of money, just a lot of money,” recalled the scope of the New Year corporate party and the recent bankruptcy of the largest Rosnano factories in Novosibirsk and the Irkutsk region.
Claims against Rosnano were also made by anti-corruption Alexei Navalny. He stated that even during the creation of this corporation in 2007, its true “goals” - “fiction”, “sharashka”, “drank budget”, “positions for muddy people” and so on — were clear.
However, Rosnano fulfills the assigned tasks. According to the plan, she had to suffer losses until next year, but showed a profit (8.2 billion rubles) in 2014, slightly larger numbers are expected by 2015. Rosnano is the only Russian development institute whose responsibility is not to issue grants, not to create startups, but to build large high-tech industries.
The main mistake of Rosnano was an attempt to keep up with Elon Musk, the head of Tesla Motors and the manufacturer of solar panels SolarCity, experts of Kommersant believe .
Rosnano tried to enter the e-book market with the project Plastic Logic. To create it in the fall of 2010, Rosnano bought for 7.1 billion rubles. 44% of the shares of Irish Plastic Logic Holding. Reader was developed and released, but sales did not go - in the production of Rosnano readers it lost 3.3 billion rubles.
Thus, 27.5 billion rubles were wasted. According to the assessment of the Open Government report, these mistakes at the very beginning of work led to a loss of more than 35% of the value of the investment portfolio in 2012-2013 and serious write-offs.
No purpose spending
Top managers of Rosnano and Skolkovo were under investigation due to financial items: they are accused of misuse of funds. Former Vice-President of Skolkovo Alexei Beltyukov for 22 million rubles issued to State Duma Deputy Ilya Ponomarev is arrested on the run and ex-General Director of Rosnanotekh (now Rosnano) Leonid Melamed under house arrest, Svyatoslav former director general Ponurov.
After the arrest, Melamed and Ponurov left the country and five former and current top managers did not return, media reported, some of them were charged in absentia.
KPI
According to the report of the expert council under the President of Russia, the Skolkovo Foundation, on average, corresponded to KPI (Key Performance Indicator - an indicator of success) in 2009-2014 by 96%. In 2014, 45% of 1070 projects were able to achieve revenue, and residents of the fund received 645 patents instead of 200, said the company.
The RVC KPI performed at 90% in 2011-2014. Moreover, over time, its indicators have grown and in recent times below 100% do not fall.
In Rosnano, the average percentage of KPI for 2009-2014 is 103%.
In general, the older the organization, the better for them with the implementation of their tasks, which is logical. For example, the Bortnik Fund, founded in 1994, managed the tasks by an average of 109%.
Comparison with foreign counterparts
The Skolkovo advisory council compared the Hong Kong Hong Kong Science & Technology Parks Corporation ( HKSTP , started work in 2001) and the German Adlershof (founded in 1991). It turned out that “Skolkovo” next to them looks decent even with its small six-year work experience.
For example, Skolkovo has almost three times more participants (1,400) than each of these structures, and the share of private funds attracted is the same - 13%. Skolkovo is seriously lagging behind in terms of revenue (about 30 billion rubles versus about 50 billion rubles from Adlershof) and spends much more (96 million rubles a year per job compared to 49 million rubles from HKSTP).
Experts explain the lag in the last two indicators by the fact that Skolkovo is still creating its own infrastructure.
RVC can be compared to its New Zealand counterpart, the New Zealand Venture Investment Fund ( NZVIF ), founded in 2002. The RVC established four years later has already twice the average investment size (60 million rubles) and approximately the same amount - about 160 - of investments for 2014. By the way, PwC studied the work of the New Zealand and other foreign analogues of our state funds, and, in the opinion of the auditing company, Russian structures look good even against this background.
Not only Rosnano appeared in the most advantageous light, but for some reason it was compared with the British private foundation 3i Group plc , which also exists since 1945. Due to such an impressive working life, the British have three times more (336 projects) investments per year, and the internal rate of return reaches 6.3% versus -52% for Rosnano, which has just started its work. In terms of the level of operating costs to the value of assets, the Russian structure also lags behind the western ones: in 2014, Rosnano has 3.4%, with an average value of 1.4% by analogy.
“Foreign institutions in one voice warned us that the biggest mistake that could be made in relation to these funds was the expectation of quick results. One investment cycle in the venture capital market lasts about ten years, so it is too early to talk about the results of the work of Russian innovation development institutions, ”summarizes the director of the corporate finance department at PwC in Russia, Andrei Ekimenko. However, the government obviously understands this too.
Source: https://habr.com/ru/post/298536/
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