Новые инструменты венчурного финансирования стартапов на ранней стадии развития на современном венчурном рынке России

Abstract

Today the Russian venture capital market is at the initial stage of its development. It is characterized by a high bureaucratic barrier, which does not fully satisfy the interests of various types of investors and start-ups. An integral part of venture capital entrepreneurship is a high level of flexibility and speed of decision-making, which significantly affects the future success and attractiveness of the transaction. That is why there is a need to improve existing instruments as well as to introduce new financial instruments into the Russian practice of making venture deals, which have already proven their effectiveness in the world’s developed venture capital markets. The aim of the study is to analyze features of applying new financial instruments (such as a convertible loan and its derivatives), which are actively used in the western venture capital market, as well as the possibility of implementing these instruments into the Russian market. The relevance of the study is defined by the importance of developing new financial instruments of the venture capital market for the transition of the Russian economy to an innovative path of development. The scientific tools used to conduct the study are presented by methods that allow both identifying general scientific dependencies (systemic, retrospective and content analysis) and determining specific solutions (statistical and financial analysis). The article provides a comparative analysis of the venture capital market in Russia and the United States, examines the structure and  direction of venture capital investments by sectors of the economy. Today Russian Government is discussing the issue of stimulating venture capital investments through the introduction of such financial instrument as a convertible loan. In addition to the convertible loan, there are two new derivatives such as SAFE (Simple Agreement for Future Equity) and KISS (Keep It Simple Security). These mechanisms are new for the Russian  venture capital market and they have not been implemented in the practice of making venture deals. These financing instruments will allow startups to receive investments in a short time, as well as at a low rate due to risks redistribution, while investors will receive flexible financial mechanisms that will let them influence the startup’s development strategy.