Development Institutions and Technology Holdings: Problems and Prospects of Interaction

The concept of technological development of the Russian Federation until 2030, approved by order of the Government of 20.05.2023 No. 1315-r, provided for the emergence of new subjects of technological development — technological holdings. The first technological holdings are planned to be created on the basis of the Skolkovo foundation. Financing of their activities is entrusted to the state corporation «VEB.RF» that was authorised to make risky (venture) investments. The paper analyzes the prospects for interaction between technology holdings and innovative development institutions. It is concluded that in the context of the isolation of the Russian technological market and the fall in venture capital investments, financing of technology holdings by development institutions may have a positive effect. However, it is necessary to avoid repeating the negative experience of directing public funds to the development of startups. To do this, venture capital investments should use public-private partnership mechanisms. It seems that the participation of private capital will provide an independent assessment of the attractiveness of investment projects and reduce the risks of losing invested funds. It is noted that the use of state funds to finance the activities of technological holdings is not the only task of the state. Today, the created technological holdings run the risk of being in a situation of legal uncertainty. Thus, it is necessary to develop and adopt regulations governing their activities. The state should also ensure the development of the infrastructure of the Russian technological market and the venture capital market. Infrastructure creation is a function of innovative development institutions. The attractiveness of participation in the activities of technological holdings can be increased by the state providing benefits and preferences to the participants.

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