The state Duma on Friday approved in the first reading the project of the Ministry of economy on support for high-risk innovative projects. These amendments are expected to protect a business venture when working with budgetary funds — at the expense of new approaches to the evaluation of success of development institutions and risks of investments in venture projects. The MPs pointed out that for a real reduction of risk investors will require amendments to the Criminal code.The state Duma adopted in first reading the draft law of the Ministry of economy on support for high-risk innovative and technological projects. It is necessary to reduce the risk of criminal prosecution when the venture investment with the budget.Earlier problems of investors in the venture projects pointed out the first Deputy Prime Minister Andrey Belousov: “the Eight failures, but two good luck that they overlap, but we have, unfortunately, the legislation is so arranged that in the eight failures with budget money, you can get 20 years in total. So, naturally, all run from that venture financing”.Approved the draft makes changes to the law on science and scientific-technical policy. They introduce the principle of the process audit state venture funding, as well as requirements for risk assessment methodology (all the features will be described in the regulations). The government will determine the acceptable level of risk based on the amount of financing startups, the prospects for their commercialization, and provide internal control.When evaluating the effectiveness of the venture capital Fund will use a portfolio approach that will allow us to evaluate the totality of investments: the Fund will be considered successful when the price of the portfolio, individual projects may be unprofitable, said representing the draft MPs, the Deputy head of the Ministry of economy Oksana Tarasenko. For the second reading, the Agency intends to propose the introduction of requirements about “positivity portfolio,” while the contributions of budget funds to the authorized capital of development institutes.The deputies pointed out that the second reading of the project may require a more substantial edit. In their opinion, the technological concept of the project is “unreasonably broad that leads to legal conflicts” with the provisions of the law on science and the Civil code. Deputies reported the need for more study of the mechanisms of evaluation of the effectiveness of funds and minimize the risks associated with the withdrawal of budget funds. The economy Ministry promised to consider the observations: in particular, the Agency intends to abandon the term “technological project”, expanding the definition of “innovative project” due to the possibility of failing economic effect. “The project will allow the conscientious participants in the process quietly investirovats in startups and support high-tech Russian companies,”— said Oksana Tarasenko. Earlier, the economy Ministry pointed out that development institutions are responsible for the use of budget funds on a General basis, while innovative activity has a high risk of not achieving results. State support is distributed mainly in the later stages of innovation projects is less risky, and less disruptive, which hinders the development of innovation noted in the Advisory Council of the Committee on science of the state Duma.Diana Galievich crisis changed the investment market in startupcafe next
