A study by the Higher School of Economics showed that small businesses in Russia mainly finance innovative activities from their own funds, while government subsidies more often go to large actors. Antonina Levashenko, Head of International Best Practices Analysis Department at the Gaidar Institute, commented to Nezavisimaya gazeta on the situation related to innovations’ financing in Russia.
“In Russia, various methods of financing are available to innovative enterprises, that is, companies can create innovative products without using their own funds, but, for example, through forms of government support. There are a large number of funds to support startups, such as the Internet Initiatives Development Fund, the MPI Foundation, the NTI Sovereign Technologies Fund, and the Russian Foundation for Information Technology Development,” the expert noted.
She believes that in 2024 there will be growing interest of venture investors in technology innovation companies and growth in the number of investments in technology companies by 46% compared to 2023.
In addition, Antonina Levashenko emphasized that the state can support small technology companies in paying taxes, customs duties providing subsidies, grants, loans, credits and contributions to the authorized capital. Also, based on the Federal Law on the Development of SMEs, startup companies can be provided with special tax regimes, preferential payment procedures for privatized property, etc.