Central regions | Finance, business | Technology & innovation

Kortik-Service, RVC’s accelerator for regional innovators

20 Sep '12
Russian Venture Company’s Infrastructure Fund (RVC InfraFund), technology and investment corporation Kortik and Peresvet Bank are setting up a new business accelerator, Kortik-Service, to focus on innovation companies across Russia’s regions, the official Russian Venture Company (RVC) website reports.

According to Yan Ryazantsev, the RVC director for investment, “the key area Kortik-Service will focus on will be the creation of regional centers capable of incubating innovative companies from the very early stages and enabling them to adapt to what customers of innovation products and investors expect from them.”

Mr. Ryazantsev also said that this activity should result in “projects raising VC investments and finding strategic investors.” To meet industry’s pent-up demand for specific innovation products and solutions the new business accelerator will hold national and regional contests aimed at selecting development teams which will then be asked to offer their solutions to specific technology problems that industrial customers have.

Svetlana Reznik, the RVC InfraFund director, said that Kortik-Service “will not only package projects but will also screen projects in accordance with customers’ technical specifications, and will take up technology transfer, innovation development planning and daily project support.”

The new company is expected to back the pre-seed and seed stages of innovation business development with an eye to raising later-stage investments from VC funds, the source says.

Under plans, by the end of this year Kortik-Service will open three regional innovation centers in Krasnodar (South Russia), Ufa (Bashkortostan, Volga area) and Chelyabinsk (Urals). Next year, four more centers are slated for opening in Kaluga and Voronezh (both in Central Russia), St. Petersburg (North-West) and Yekaterinburg (Urals).

The regional innovation centers will be established in collaboration with VC funds run by Sberinvest, a fund management company set up by Russia’s Sberbank and believed to be experienced in spawning and financing venture projects. Projects to be nurtured at Kortik-Service’s regional centers will then be able to seek funding from those Sberinvest-controlled funds at later stages.

On a list of Kortik-Service’s potential customers are Gazprom (gas production), RusHydro (hydroelectric power production), Bashneft (oil production), Transneft (oil transportation), Surgutneftegaz (oil and gas), MRSK (electricity), FSK UES (electricity), Magnitogorsk Steel and other large-scale domestic industrial groups representing Russia’s leading economic sectors.
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