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Internet Initiatives Development Fund of IIDF

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+ Internet Initiatives Development Fund (IIDF)

The Internet Initiatives Development Fund (IIDF) was created by the Agency of strategic initiatives in March, 2013 according to the proposal of the president Vladimir Putin. Key tasks of IIDF – a financial and expert support of projects on the Internet at all stages of development, search and selection of startups and their subsequent bringing to high degree of a maturity.

The fund estimates the cost of the shares in portfolio projects belonging to IIDF for February, 2019 at 5.5 billion rubles. In total in a portfolio about 350 operating IT startups as consider them in IIDF capitalization exceed 20 billion rubles, and by the end of 2019 can reach 30 billion[1].

2020: Rostelecom will invest 2 billion rubles in IIDF. This money will be invested in 50 startups

Rostelecom will invest 2 billion rubles in IIDF Invest, having received in exchange in fund a share in the amount of 31.03%. IIDF Invest will allocate the raised funds for investments into new innovation projects and additional financing of the perspective companies in already available portfolio of startups. Told it to IIDF on January 21, 2020.

On January 14, 2020 it became known of investment of Rostelecom into  the Internet Initiatives Development Fund (IIDF). According to the results of the transaction which was closed on January 13 "subsidiary" of telecommunication state operator — Bashtelekominvest — became the owner of 18.36% of IIDF invest (the investment structure of IIDF, owns shares of more than 350 IT startups).

Wrote Vedomosti with reference to the SPARK this systems about this transaction. Representatives of IIDF and Rostelecom confirmed to the edition this information, but did not begin to open financial terms of agreement.

According to newspaper sources, the cost of the transaction could be 1 billion rubles. In December, 2019 wrote RBC that Rostelecom discusses a possibility of investment of 1 billion rubles into IIDF.

On January 21, 2020 in IIDF explained that this transaction was the first stage of investment of Rostelecom into IIDF invest. The second stage as noted in IIDF, started on January 20, 2020 and will come to the end until the end of a month.

The source of RBC in the venture market spoke to the edition that the IIDF tried to stretch the investment horizon for nine years (at the term, normal for the market, five-seven  years then shares in the companies are on sale) and expected restart of fund or additional financing from the state. 

In accordance with the terms investments, representatives of Rostelecom will be a part of investment committee "IIDF Invest". The vice president for business development of Rostelecom  Alexander Ayvazov and the vice president for information technologies of Rostelecom Kirill Menshov will become them.

The investment committee \"IIDF Invest\" will include the vice president for business development of Rostelecom Alexander Ayvazov and the vice president for information technologies of Rostelecom Kirill Menshov
The investment committee "IIDF Invest" will include the vice president for business development of Rostelecom Alexander Ayvazov and the vice president for information technologies of Rostelecom Kirill Menshov

Commenting on Vedomosti on the first stage of investment of Rostelecom into IIDF Invest, Alexander Ayvazov said that the company is going to strengthen work with startups and begins a new stage of cooperation with IIDF, having become the co-investor of a portfolio.

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Task of the company — to find startups which can fill up an ecosystem of the innovation digital services and eventually stimulate growth of business of the company in the new directions — Alexander Ayvazov said to Vedomosti.
»

He also noted that the IIDF has an examination, unique for the Russian market, and an effective command which is ground on the solution of the most difficult business challenges.[2]

Besides, Ayvazov paid attention that, interacting with technology projects, as a result, Rostelecom mainly set up cooperation with those which arrived to it from IIDF and IIDF Invest. Moreover, in 2018-2019 Rostelecom managed to work with the organizations in the "fighting" mode: to watch jointly the choice of projects, their acceleration, adoption of investment solutions.

As a result, Rostelecom came to a conclusion that the IIDF and IIDF Invest built rather efficient mechanism on work with a large number of projects, but do not deal with point stories, and created the diversified portfolio. The last, according to Ayvazov, for Rostelecom very important as on a number of competences the company really is the expert and can even share them with the market, but on a row – no.

«
Thus, having looked at investment and acceleration approaches of IIDF and IIDF Invest and quality of their work, Rostelecom made the decision on investment into fund. However the company decided not to make any changes to investment focus of fund, its system of adoption of investment solutions – in general its rules of the game as IIDF Invest is just valuable those rules which developed at it which result it in efficiency, - Alexander Ayvazov noted.
»

At the same time he paid attention that Rostelecom realizes that not all companies which will receive investments of fund will be interesting to it in terms of purchase and interaction. However, according to him, it does not cancel a broad spectrum of interests of Rostelecom both as investor and as partner and as buyer concerning portfolio companies of fund.

The director of IIDF and IIDF Invest Kirill Varlamov said that the IIDF and IIDF Invest are going to change a little the investment paradigm, having increased for the companies at an early stage of development the check to 5 million rubles and financing acceleration in addition, for the companies for the growth phase - to 65 million rubles.

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At the expense of means of Rostelecom of investment will be enclosed approximately in 50 companies during 2020 and 2021. The fund on the same technologies, as earlier – artificial intelligence, clouds, VR and medical innovations will be focused, - Kirill Varlamov informed.
»

In what new companies as of January 21, 2019 IIDF Invest is already going to enclose investments Kirill Varlamov did not tell. However he noted that partnership about Rostelecom opens a new chapter in development of fund.

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We will restart an investment cycle and we will fully start investing money in young perspective technology startups over again. In turn IT entrepreneurs will get access to unique examination of corporation, - Kirill Varlamov informed.
»

According to the president of Rostelecom Mikhail Oseevsky, the purpose of strategic partnership of the company with IIDF — to increase efficiency of the innovation activity, to find new points of growth of business and to expand an ecosystem of digital services.

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Technologies develop so promptly that these points of growth can be unevident, just daring ideas today, but already tomorrow they will begin to submit the markets" — Mikhail Oseevsky noted.
»

Speaking about attraction in IIDF Invest any else, in addition to Rostelecom, investors, Kirill Varlamov did not exclude a possibility of their emergence. According to him, there is a probability that they will appear at fund in February, 2020. At the same time among investors with whom conducts negotiations of IIDF Invest, in particular, of the company from Asia and also private investors.

2019

Completion of active investment — new investments only from sale of shares of portfolio projects. Reduction of employees

The Internet Initiatives Development Fund (IIDF) completes a phase of investment and is focused on development of portfolio IT startups, TASS the message of fund reported in February, 2019.

«
"A part of activities of IIDF will be optimized: the fund will suspend educational programs with universities and schools and also will reduce work on support of startups in a number of regions. At this IIDF will continue to be engaged in legislative activity: in particular, now experts of fund participate in preparation of changes in the law "About Information" which will provide freedom of the circulation of data in the market".
»

The IIDF will reduce about 35 people from 150 working in fund. Investments into the new companies are still possible, but from the means received from sale of present projects, the IIDF calls model "fund of an infinite loop".

The IIDF invests 31.1 million rubles in 13 startups

On February 4, 2019 IIDF reported that on January 24, 2019 on its platform commands of the next set of different regions of Russia came around. Traditionally acceleration program is expected three months.

775 applications were submitted for participation in the 17th set of an accelerator. Obligatory selection criteria — not less than two key participants of a command of a startup, a product (MVP, ready to sales), perspective market size for implementation of a product and also existence of Ltd company at a stage of an execution of the transaction.

From this set of IIDF totally invests 31.1 million rubles in 13 companies: 12 startups will receive 2.5 million rubles everyone (in exchange for a share in 7%), one command attracted money only for the program of acceleration in the amount of 1.1 million rubles (for a share of 3%). The purpose of each startup — in three months of acceleration to show growth of revenue many times and to apply for seed-investments from IIDF and/or other investors.

Eight more startups pass Accelerator of IIDF without the investment attraction from fund, independently paying the program. From them three commands are internal startups of one of the Russian software developers of SKB Kontur. And two companies pass the acceleration program of a stage seed which main value — preparation for full scaling of business.

In Accelerator of IIDF IT entrepreneurs will improve quality and quantity characteristics of the business — from confirmation of value of a product before search of a niche where clients will pay for use of service, from increase in revenue up to growth rate. Also the program is directed to emergence in founders and key team members of the professional competences necessary for active business development.

If in the previous set of an accelerator a considerable part of commands was from Moscow, then in the current Accelerator of IIDF commands from regions — Tomsk, Krasnodar, Khabarovsk, Samara, Krasnoyarsk, Yaroslavl, etc. prevail.

Startups of the 17th set of Accelerator of IIDF on the industries:

Solutions for business

  • Worker (Tomsk) — service helps customers to find the qualified contractors on different installation and construction works. The customer interacts only with Worker, and service itself calculates the cost of works, looks for contractors, interacts with them and controls terms.

  • DeskAlerts (Novosibirsk) is the software allowing the companies to deliver crucial information to the employees to any corporate devices: PC, phones, tablets, etc. For example, the missed information on the updated details or rules of work with clients can lead to financial losses. DeskAlerts guarantees that the message will not be ignored.

  • BID (Yaroslavl) is artificial intelligence for the industry. The company develops hardware and software systems for the large industrial companies which allow to reduce the cost of diagnostics and control of products, the equipment or infrastructure facilities by 30-50% due to automation of manual processing of data with the help of artificial intelligence.

Equipment, transport and logistics

  • TOscan (Moscow) — B2B-service allowing the companies to learn with vehicle fleet the cost of routine maintenance of cars from official dealers online, to receive a discount and to register in TO. Service selects the most advantageous offer for the price and location and also conducts the history of service in a personal account.

  • Rustrans.info (Chelyabinsk) is the marketplace in the field of transport services allowing the companies and individuals to find transport for transportation of goods or people. Additional services are available to clients (for example, the order of loaders, translators, guides), and transport companies can use marketing services, call center, to receive a business intelligence.

Finance and insurance

  • "Joint Case" (Krasnodar) — the service helps bank and insurance agents, realtors, auto repair shops and other b2c-entrepreneurs to sell additional services and to interact with clients. For example, using service the realtor can issue not only a mortgage insurance, but also the CMTPL on the client's car. Thereby the field of activity extends and the average bill increases. At the same time users of service receive cashbacks from each transaction of the clients.

  • Insurewesell (St. Petersburg) is the service for marketing automation directed to involvement of target audience in insurance, finance and medicine. Allows to keep track of behavior of visitors of the website, to group them in similar parameters and to do the individual offer for each group, thereby increasing conversion in the paying client.

Educational technologies

  • Hello World (St. Petersburg) is online school of programming for children of 8-16 years. Feature of service — only individual lessons with the teacher that increases efficiency of occupations. And training happens far off on Skype therefore children from any place in the world can study. The school has clients in five countries — Russia, Germany, India, Lithuania, Finland.

  • "The genius of negotiations online" (Krasnoyarsk) is the training game exercise machine which gives the chance in practice to resolve any difficult situations of employees in communication with clients. Training takes place on the job, from any device and takes 30 minutes a day. Modularity of a game allows to adapt a product for requests of any company.

  • "The fund of development of online education" (Moscow) — the project is engaged in online education: from implementation of online content with leading companies, experts and universities before promotion of rates on educational platforms. FROO trains in future professions, online of master programs and specializations for vuzov helps with the organization of the corporate universities for business, creation.

Retail

  • Bartello (Moscow) is mobile service for the instant order and payment of drinks and food in bars, clubs and restaurants of Moscow. Now it is not necessary to catch the waiter or to outvoice music, and to make the order using the application. For example, from the moment of the order for a bar counter to its readiness there will pass only 4-6 minutes. Service on transactions from perfect orders.

  • SweetClub (Moscow) is a global marketplace of confectionery. The project has rights of creation, production and sale of sweets with images of heroes of the international animation studios.

  • "ART BRIDGE" (Samara) is global online hypermarket of works of art. The feature of service — is not present narrow specialization, pictures are on sale without margin, at the prices from masterful artists. For February, 2019 tens of thousands of pictures from more than thousands of artists are available. Thanks to "ART BRIDGE" of a picture become available both at the price, and on ease of the choice.

  • GetSmart (Khabarovsk) is B2B service which helps to solve a problem of acceptance of cryptocurrency. In a case with GetSmart online stores allows to accept cryptocurrency as payment and transfers it to fiat money. ICO projects can automatically charge the necessary quantity of tokens, confirm the investor's personality, charge bonuses.

Internet of Things

  • HOMMYN (Moscow) — the company offers all components to make the smart house without wires. Management of heating, climate, lighting, multimedia, complex security and video surveillance. At all this it is possible to manage from the smartphone. Devices can be bought and installed on one, sets or a "turnkey" system. HOMMYN makes both the equipment, and necessary software for management of it.

Layfstayl

  • Bbsit (Moscow) is the service providing services of babysitters (the nurse for an hour) and allowing parents to release time for any occupations. Nurses have a multi-stage interview and further training. They can sit with children, take away them in a school/garden, meet from sports activities.

  • Fitstarter (Moscow) is service of armoring of tennis courts and search of partners in a location. Fitstarter allows tennis clubs to reduce losses from not sold leisure hours to 100 thousand rubles a month, and to tennis players to reserve suitable free court in convenient time and to find the closest sparring partner.

2017

3.18 billion rubles are invested in 367 startups

Since the beginning of operating activities of IIDF invested 3.18 billion rubles in 367 startups. Portfolio value, as of May, 2017, for 41% exceeds the volume of invested funds and is estimated at 4.36 billion rubles of IIDF — the most active venture fund of Russia, 43% of venture transactions in 2017 fall to the share of fund.

It is slightly more than a half of the companies in a portfolio of fund — 187 startups of Moscow, 39 — of St. Petersburg. In top-5 regions on number of the companies which entered a portfolio startups from the Sverdlovsk, Novosibirsk and Tomsk regions also enter — together their share makes nearly 13%. In terms of invested funds also Moscow and St. Petersburg are in the lead (55% and 19% respectively), Perm Krai, the Novosibirsk and Voronezh regions from which startups in total attracted nearly 14% of investments of IIDF follow.

In an industry section the most part of investments Fonda fell on the companies which work in the field of artificial intelligence and machine learning): the share of such technologies in a portfolio made 13%. About the same money attracted the companies working in the field of e-commerce. In industry top-5 HealthTech and FinTech also entered.

Among the first in revenue startups in a portfolio of IIDF (data for 2017):

  • "Life button" (240 million rubles),
  • Cinemood (207 million rubles),
  • FlowWow (290 million rubles),
  • UBIC Technologies (nearly 100 million rubles),
  • Eldis (32 million rubles).

Turnover of the leader of the kraudinvestingovy market — StartTrack company ("subsidiary" of IIDF) — in 2017 exceeded 800 million rubles, the total turnover of the platform during all the time overcame a level in 1.5 billion rubles.

More than 95% of the companies from a portfolio passed an internal accelerator of IIDF. Those who at the exit could reach the delivered KPI attracted a next round of sowing campaigns investments — to 25 million rubles. Are among such companies, for example:

  • Stafory (Robot of Vera),
  • Hot WiFi,
  • Brandquad,
  • UNIM,
  • HoloGroup,
  • Sticker.Place,
  • Pharmznaniye,
  • KidsWay,
  • DocsInBox,
  • Zig-Zag,
  • UseDesk,
  • Eldis,
  • TalkBank,
  • Convead,
  • MMOGuard, etc.

More than 80% of startups from a portfolio of IIDF continue to work. 63 companies actually stopped the activity, 15 more submitted the application for liquidation of the company to tax: in total 111.3 million rubles, or 3% of total amount of investments were invested in them. Revenue of nearly 25 companies monthly grows in a portfolio of IIDF for 20% and more: the aggregate value of a share of fund in such "star" startups approaches 3 billion rubles (as of May, 2017).

Industry track (VR track)

Gazprom Neft and the Internet Initiatives Development Fund (IIDF) started in March the program of industrial partnership for development of a specialized track of virtual reality (VR) [3] of the Accelerator [4]

The startups having ready VR products or prototypes for the solution of applied tasks in the field of the industry in general and oil production in particular can submit the application for participation in a track on virtual and augmented reality (VR/AR). The most successful projects graduates of an accelerator which showed the best results of growth will be able to apply for investments of IIDF at the rate to 30 million rubles and integration of the solutions into real production processes of Gazprom Neft.

Priorities for Gazprom Neft which can be solved by means of VR technologies, – personnel training, preliminary testing of engineering solutions and holding remote meetings in real time.

Within partnership participants of startups will be able to work on platforms of two technoparks of Gazprom Neft in St. Petersburg and Omsk, to study experience of the colleagues who already implemented VR projects on production. After startups undergo acceleration in IIDF and will prove, working based on technopark, Gazprom Neft will make the decision on application of the most perspective products in the company.

"VR and AR technologies – one of the priority directions of investment for IIDF. By estimates of Goldman Sachs, by 2025 the world market of solutions based on VR and AR technologies will make more than 13 billion dollars, and by 2020 will reach 25 billion dollars. Large business in the Russian Federation already implements solutions of virtual and augmented reality in production, and in the near future these solutions will become available also to small and medium business", - Borisov Evgeny, the associate director on development of IIDF said.

2016

The IIDF and Innopolis start the first IoT-polygon

Основная статья: Innopolis SEZ

"Opening" will become the partner of IIDF in a technology stack on Internet of Things

The Otkrytiye bank will act as the partner of a technology stack of Internet Initiatives Development Fund in Internet of Things (IoTInternet of Things). The bank will be focused on such directions as Smart City and the Industry 4.0 within which specially created task force from among the staff of Otkrytiye will participate in selection of projects in the Accelerator.

Technology stack on Internet of Things – a part of a lot of work of IIDF on development of domestic technologies in the field of IoT and the industrial Internet. Together with partners the Fund will select, invest and develop interesting projects in the field from perspective integration into different sectors of the Russian economy. Partners will select as young startups for participation in the Accelerator of IIDF on IoT, and more mature commands for the subsequent stages of investments, search of strategic partners, scalings of business and an output to the new markets. To the most mature projects of IIDF it is ready to provide investments to 320 million rubles and also the help in scaling of business and a contact to big strategic customers from various sectors of the economy.

In addition to industry expertize and assistance in the organization of sales Otkrytiye will be able to offer participants of the Accelerator an opportunity of use of the existing bank landscape for testing of new products and technologies which will be created by participants. Besides, experts from Otkrytiye Bank will supervise the selected projects: hold master classes in creation of banking products, help to create the offers satisfying consumers, start A/B testing using the existing infrastructure of Otkrytiye and, thus, to keep projects to final a pitch sessions on end of the Accelerator.

Work with projects is supposed in several directions at once: creation of client offers on the basis of Big Data (for example, joint start of new marketplaces), studying of the user behavior, layer management of credit risk and also promotion and targeting of campaigns in digital-channels.

The main strategic priorities of Opening in the field of innovations consist in development of digital-services for the main business segments - individuals, entrepreneurs, large and medium corporate business – and also in creation of unique user experience, including using Big Data. Along with commands which are engaged in classical bank remote services as a part of Opening the projects which are focused on the innovation services - Rocketbank (for retail clients) and Point work (service for entrepreneurs). Also new projects, such as marketplace - peremena.open.ru for promotion of a mortgage product line or travel.openbank.ru for travel and promotion of the new bank card of Travel continue to be started.

2015

Creation of an accelerator of medical startups

On December 15, 2015 "The national center of informatization" and the Internet Initiatives Development Fund (IIDF) announced cooperation in search span and preparation of the startups which are engaged in development of medical IT systems. The best teams will be able to expect investment and technology support and participation in large infrastructure projects of informatization of domestic health care.

In January, 2016 the NCI and IIDF will begin to select and train the most perspective developers for a specialized accelerator of medical startups. Preference will be given to the commands creating solutions in the field of the multifunction medical devices, gadgets, information systems and services allowing  a message remote monitoring of key indicators of health and also to analyze medical images and large volumes of specialized information.

The NCI and IIDF will select the most perspective developers of medical IT systems
The NCI and IIDF will select the most perspective developers of medical IT systems
"Our cooperation with IIDF will provide to developers access to unique examination in the field of informatization of health care and will combine efforts of market participants. It will help to reduce terms of development and deployment of the innovative solutions intended for the Russian health care", – the head of NCI Alexey Sividov said.

According to the development director of IIDF Evgeny Borisov, the joint project with NCI will help to support the developing startups and to integrate them into process of informatization of the Russian health care in which more than 5 billion rubles are annually invested.

Investment of 500 million rubles into the Big Data projects

On November 24, 2015 the Internet Initiatives Development Fund (IIDF) announced plans for investment of 500 million rubles into beginning developers of technologies of the analysis of data bulks (Big Data). The accelerator of startups intends to look for in this segment of partners for the big Russian companies.

About intentions of IIDF to invest half a billion rubles in the Big Data projects the Vedomosti newspaper was told by the representative of fund Sergey Skripnikov. According to him, selecting projects for financing, needs of strategic investors among the large Russian companies will be considered. Skripnikov did not begin to tell their names and only noted that by November 24, 2015 the IIDF already found four applied tasks which investors want to solve.

The IIDF invests half a billion rubles in the startups which are engaged in the analysis of data bulks
The IIDF invests half a billion rubles in the startups which are engaged in the analysis of data bulks

The representative of IIDF reported that the so-called laboratory of Big Data which will be engaged in technology development of the perspective companies will be created, namely — assistance in involvement of the necessary employees, purchase and setup of the equipment, development of software products.

The IIDF is ready to invest to 2 million rubles in several tens of projects in exchange for 7 percent shares in their business. The maximum amount of investments in one startup with the checked business model will make 324 million rubles on condition of receiving to 50% of a share in this company, Sergey Skripnikov told.

The chairman of the board of IBS IT integrator Sergey Matsotsky says that in the Russian Big Data market there are projects in which it is possible to invest 500 million rubles. Product development can cost several hundred thousands of dollars, and in these companies engineers and mathematicians who in the Russian market are are of the greatest value, the entrepreneur is sure.[5]

Start of an accelerator of startups in the field of cybersecurity

In October, 2015 the IIDF announced start of an accelerator of startups in information security field (cybersecurity) together with partners of RT-Inform (IT subsidiary of Rostec) and I-Teco with assistance of the Ministry of Telecom and Mass Communications. The project will be implemented as one of tracks of already existing accelerator of IIDF. According to the director of IIDF Kirill Varlamov, in his framework about 10 startups conducting developments in the profile industry are going to select and to provide them financing and expert support.

Premises to start of such initiative Varlamov calls high growth rates of the world market of solutions for providing Information Security – more than 15% a year and also growth of annual damage from cyber crime in Russia.

Nikolai Nikiforov (on a photo on the right) and Kirill Varlamov tell about an initiative of creation of an accelerator
Nikolai Nikiforov (on a photo on the right) and Kirill Varlamov tell about an initiative of creation of an accelerator

Partners are going to invest in development of cybersecurity startups in total about 1 billion rubles within two years. Varlamov notes that the designated amount is not limit: if any projects are especially successful, then the question of investing in them additional resources will be considered.

At the same time from the specified amount it is going to finance not only startups which will get to an accelerator. In parallel the IIDF considers several separate large deals of 300-400 million rubles which are going to be carried out within the coming several months. One of them – investment more than 200 million rubles in Group-IB.

The startups which are selected in an accelerator will receive initial investments of 2 million rubles from which a part will be received money, and a part – in type of service of an accelerator. Those from them which will show good indicators of growth on initial stage will be able to receive further financing which volume and share of participation of partners in it will be defined in each separate case.

Will directly finance startups of IIDF and I-Teco, and RT-Inform is going to act more likely as the strategist and to give to commands expert support.Kamil Gazizov, the CEO of RT-Inform, said that his company is ready to give to also selected collectives an opportunity to develop on pilot projects of his company.

At the same time, RT-Inform does not exclude also financial participation in any startups with the subsequent acquisition of a share in them. This is Gazizov connects with the fact that in Rostec there are serious plans for development of the cybersecurity direction, and for it it is important to be sure that technologies which are implemented, are either solutions of Rostec or Rostec has on them some rights: "we do not want to depend on somebody regarding security", he noted.

In turn, the Ministry of Telecom and Mass Communications will be able to give to the project support in a part of legal regulation. Varlamov explained that there are good ideas and startups whose technologies could help people, but often is absent the regulations regulating use of these technologies. According to the Minister of Communications Nikolai Nikiforov, his department is ready to dialog in this area as sees the task in continuous improvement of regulation for the benefit of the industry and citizens and creation of new niches for development of technologies.

The IIDF notes that their strategy does not assume acquisition of control in the financed companies: as well as in a case with other tracks, the fund considers acquisition in share startups in the amount of 25-50%, Varlamov says.

150 projects are financed

As of April, 2015 the fund financed 150 projects, including 104 transactions in 2014. Till 2017 the IIDF was going to invest about 6 billion rubles in 400 companies.

In 2015 priority the fund designated the directions of investment for itself:

Among strategic partners of IIDF there is a mobile operator Yota, Rambler&Co, Rostelecom,Interrao, Microsoft, Svyaznoy and other companies.

2014: the 1st place in Europe on number of transactions in the I quarter

According to the report of Dow Jones, IIDF won first place in Europe on number of transactions in the first quarter 2014.

2013: Creation of fund led by K. Varlamov and connection of financing from Sberbank

In March, 2013 the President Russia Vladimir Putin held a meeting of the supervisory board Agency of Strategic Initiatives (ASI) – the structure created by the government in 2011 for the purpose of support of business projects in the social sphere.

During the meeting Putin announced creation within ASI of fund of support of entrepreneurial initiatives on the Internet.

"Its main objectives are a financial and expert aid to the entrepreneurs implementing socially significant online projects and also assistance to training of young Internet leading, to formation of skills of business at them in network", - the president said.

According to Putin, expressed at a meeting of ASI, "it is necessary to teach young entrepreneurs to create the hi-tech companies, to bring them to the market, to work actively on their development". The interaction mechanism with initiators of these projects, their contacts with investors, should be the most transparent, he added.

The new fund, according to the president, should develop a system which will give the chance to everyone "vote ruble for the most perspective, innovation and creative projects", and the fund will be additional support to the best of these projects.

Besides, "it is necessary to look as far as our legislation gives enough opportunities for effective work on this direction", Putin noted.

"In the concept of activity of fund it is necessary to put the approach providing simple and clear interaction to honey with business, investors, organizers, administrative structures. This concept should contain answers to all basic questions: what support of fund it is possible to expect what to do, where to address and so on and so forth", - the president told.

At the same time Putin warned participants of a meeting "against excessive hobby all the new and new ideas":

"They, of course, are necessary, but the most important after all – to organize what is already developed, already acquired, recognized as absolutely reasonable for implementation".
"All of us are ready to generate any beautiful ideas, and to bring them to the end result there is not always enough persistence, skill, some other components. But it is necessary to make it. Otherwise it is not worth a pin for all our efforts on this direction. I think, you agree: quantity of intentions you will not change a situation. Real affairs as I already told are necessary", - the president added.

The CEO of ASI Andrey Nikitin noted that during creation of new fund "it is extremely important to find a niche in which the fund would not be crossed with institutes of development and would bring the maximum benefit to Russian startups and online projects".

However Nikitin stated other in comparison with Putin a position about project stages in which he will invest fund:

"We communicated to those who already started startups, already typed cones today, and saw that in this business there is such concept as Death Valley. This term means such situation when to eat simply the idea, and there is no implementation yet, in this case large funds, as a rule, are afraid to come to the project. As a result young people throw this idea and cease to be engaged in business. At a stage of the start we will also support such projects[6]".

Direct the created fund Kirill Varlamov, the CEO of Naumen company is appointed (develops software and renders services of automation of contact centers). The supervisory board of fund was headed by the CEO of ITAR-TASS Sergey Mikhaylov.

According to the CEO Kirill Varlamov (March, 2013), in the next three years in fund it will be invested to 6 billion rubles, and the fund will receive 2 billion in the first year.

Here is how the Kommersant newspaper described discussion of the amount of financing:

- What should be the volume of this fund? — the president took an interest. — How many there money should be, to put it briefly?
- We considered... — having a little hesitated, Kirill Varlamov told. — the amount about six billion rubles Turns out... For three years.
- For three years? — kindly mister Putin asked again.

This amount did not make the shocking impression on it. More likely, it was even pleasant to it. So it was visible to it that young people from ASI are configured seriously and are not exchanged for a trifle.

However the digit made an impression on German Gref. He just grunted — first of all, apparently, to attract attention.

It managed it.

- Oh, I see, Herman Oskarovich wants... — somehow even the president was delighted.

He, probably, intended to finish with the word "express". But Alexander Shokhin finished for him:

- Invest!
- It is very big money — the head of Sberbank said. — We are engaged in such work too. So it is not your blue ocean... You are going to invest someone else's money in startups. It is not your money... It is very big money... Scale is very serious...

And he two more times repeated that it is very big money.

Some members of the supervisory board were surprised, having seen this day in Novo-Ogaryovo German Gref. The matter is that it was only at the first meeting of council. Then to it, probably, it became uninteresting. And here it suddenly appeared on the fifth. Only now it became clear why.

- I will try to cope — Kirill Varlamov told.

This young man for the first time appeared at a meeting at one table with the president, and to it was, of course, and so not easy. And after it was opposed by such person as German Gref, it became very difficult for it.

- I understand about what the speech — mister Varlamov continued. — last year I got an award as the best IT entrepreneur...

Arguments at it was not so, probably, much.

- So Herman Oskarovich did not frighten you?! — the president asked again it.
- Big tasks do not frighten us — mister Varlamov answered.

The position of the head of Sberbank did not frighten mister Putin too. Moreover, he thought up, it seems, punishment for the fact that that tried to offend his wards.

- Let's integrate we experience and Herman Oskarovich's care with your optimism and a pressure — he offered.

German Gref, apparently, did not test enthusiasm.

- Herman Oskarovich, you will take part so? — the president already without smile specified.

The head of Sberbank did not answer seconds ten and looked at the president, at Kirill Varlamov as if selecting between them.

- So — the president laughed again. — Began to consider... Seven went to mind, six went crazy... Will you participate in general?

Meanwhile German Gref decided to go, probably, all the way. He called, however, without condemnation, ASI by bureaucratic structure. Then with condemnation told that her employees are not responsible for the end result. Generally, it told everything for the sake of what arrived here.

- If we try to create institute of development from ASI, then it is, probably, the wrong way...
- Well, I will ask Kirill Viktorovich (Varlamova. —) it is accurate and clear to Kommersant to state tasks of fund — the president offered.

Mister Varlamov once again said what he already told. Except other, it was talked about training of the specialists capable to work with startups.

- You cannot teach because at us to learn there is nobody — already without ceremony German Gref sharply said.
- It is necessary to help children to adjust work — mister Putin finished this story. — And some money will be necessary... Participation of such financial institution as yours, will be appropriate.

It German Gref, probably, most of all was also afraid[7].

2012: Vladimir Putin voices the idea of creation of fund

Vladimir Putin stated an initiative to create similar fund in November, 2012. Then it gave as examples of projects which can expect investments "different communities, digital libraries, the websites of citizens' and charitable initiatives, portals of distance learning, eventually, just useful games which are instantly purchasing hundreds of thousands and even millions of users worldwide".

Notes

  1. IIDF completed active investment — new investments only from sale of shares of portfolio projects
  2. Rostelecom received 18% of Internet Initiatives Development Fund
  3. the Industry track (VR track) - it is a part of the acceleration program where, in addition to passing of the main program for business development acceleration, applicants have an interaction opportunity with the largest industry experts
  4. Friiakselerator of IIDF – the program for the accelerated business development on the Internet. The program includes consulting, educational, marketing and legal support of Fund, access to more than 250 best experts of the market, the individual tracker and also work with other successful commands.
  5. the IIDF will invest 500 million rubles in Big Data
  6. Putin announced creation of fund for Internet startups for 6 billion rubles
  7. of German Gref connected to the Internet