Business-FM > October 07, 2009 > 17:16 > Interview with the Minister of education and science Andrei Fursenko

PRESENTER: Russia is a leader in nanotechnologies. So Dmitry Medvedev sees our country. On how in this country nano-developments will be realized, which created in Russian scientific centers and universities, the Minister of education and science Andrei Fursenko told my colleague Ilya Kopilevich at the international forum "Rosnanotech-2009".

KORR: Andrei Alexandrovich, speaking about the program of nanotechnologies development in Russia, there are two main vectors in this area, these are scientific developments and productions, which by the way can use as Russian workings, as created anywhere. Last year we discussed it with many people. There is not yet such a form, legal form for creating commercial branches at our state scientific centers, where intellectual property of a state center would transform to concrete designs, concrete projects, which are appearing at the market already.

Andrei FURSENKO: First off all, there is. The law was approved, and today it is the law of direct action, so already today there is an opportunity to realize this law. The other thing is that it is written in the law that from the side of state institutes, higher school, intellectual property is brought in. To bring it in, it should be shaped. For this certain efforts are needed from the organization itself. Organizations have not still had a goal to formalize non-material actives. Firstly, it demands money, secondly, it is not very easy. In the first place, the evaluation of intellectual property, as a rule, does not start from the cost price, but from the market perspectives. The right evaluation starts from how large the profit can be received as a result of usage of this intellectual property.

KORR: Who evaluates, strictly speaking?

Andrei FURSENKO: We have firms, which evaluate, but they are more used to evaluating real estate.

KORR: I.e. here we have a mechanism of independent evaluation?

Andrei FURSENKO: Of course. The evaluation should be market. Strictly speaking, finally this arrangement, and here the second side starts: it is impossible to develop business on one intellectual property. Money is needed. And some technological infrastructure is needed - rooms, devices. And that is why we are working with small business, together with the Ministry of economic development we are working on a normative document which would let these small enterprises on privileged conditions rent areas of their university or institute. The same as getting access to scientific equipment. It is a difficult question, because as soon as privileged conditions start, anxiety starts too, that there is corruption.

KORR: And a nanotechnology is itself very thin.

Andrei FURSENKO: It is impossible to manage without it. And we have arranged that on a certain circle of directions, under control, naturally, we would make this decision. There is one more constituent, this is live money, without money?

KORR: May I right at this word interrupt you with the question: has some circle of investors been formed around universities, around scientific centers, commercial investors, which are ready to go in with money, connecting it with developments and to transform all that into?

Andrei FURSENKO: I would like to speak about it. We can extract three groups of investors. The first are state investors. There is a fund of assistance to development of small enterprises in a scientific and technical sphere, which you know, that has always worked with small enterprises, and we have arranged that part of grants of this fund will oriented exactly at support of these new small enterprises. If a small enterprise is created, then simultaneously this fund will give a small grand for the work start.

KORR: What size of money can come from here?

Andrei FURSENKO: 1 million rubles for 1 concrete project.

KORR: And what resources does the whole fund have for these purposes?

Andrei FURSENKO: For these purposes it is allowed to spend up to one billion a year. This is not very big money, but not very small as well. Simultaneously we have arranged that all venture funds, which are created with participation of RVC, maybe "Rosnano". Arranged that we, perhaps, would create a sowing fund. This fund will finance the very primary stage of development of venture projects, including financing venture projects, which appear with creation of such small enterprises. Besides, there are private investors. I always say that we do not have a lack of money, we have a lack of projects.

KORR: Nevertheless, it is interesting about private investors. These are large companies, which are directly interested in the results of these workings, or these are invest venture funds, too?

Andrei FURSENKO: Different.

KORR: If concrete production companies Hewlett Packaprd, Nokia, would come and?

Andrei FURSENKO: You know, these large companies, as a rule, are interested on the next stages. They are interested in that small company, which has already showed the result, would show the product, product oriented exactly at the sector of these companies, so that this product, this company could be bought. It is, too, happening in the whole world. What is happening to small business? Very few small companies turn into large. As a rule, the standard instrument is the following: a small company finds its way to the market, shows the perspective of its product, and after that there is a strategic investor, which buys this company. Sometimes it leaves the company in minority. Sometimes this company is bought fully, with a license, with the product, and is built into the structure of this large company.

KORR: I understand, that we a little go away to the sphere of futuristic, because the process of creating such innovative enterprises in Russia in on the zero cycle yet. But it is interesting, in the future in case of buying such a company, who will share profits?

Andrei FURSENKO: Founders. It means that someone who founded them will get them, a university, a scientific center. Apparently, physical people who are, too, interested to be always founders, and those investors which exist. Sometimes interested, sometimes not. We have such a psychology - "mine". A small candle factory is better than participation in some global business. This problem is sometimes a disaster. But nevertheless I believe that ambitious breakthroughs take place on the stage, when a qualitative rebuilding happens.

KORR: I see. So, while among investors, you listed state funds, as RVC, as "Rosnano", let's say: state venture funds, which are ready to participate in some shares. Private are not because of lack of money. And who are all these private investors, if not large companies, working?

Andrei FURSENKO: No, firstly, there are financial institutions. There are venture funds, which are interested then in resale, because venture funds are always interested in resale.

KORR: This sphere has not been developed yet here?

Andrei FURSENKO: You know, that is not quite right. Venture business is a business which does not suffer noise. Actually, the situation is not that bad, there is quite large capitalization.

KORR: Let us make some noise. We know, that "Troika-Dialog" quite openly organizes investments to the venture sphere.

Andrei FURSENKO: We have tens of venture funds working here in Russia. I do not think that you have heard a lot about them, but actually? Let is remember, that such a famous company as IBS, it passed a certain stage exactly due to venture investments. It managed further to sell its share in a venture fund, but it took place. That is why I say that, perhaps, it is not very correct for me to name them. Let them name themselves. It is such a thing, a very delicate one. Someone buys, someone sells, I am interested in business development. And these questions, I think, they are secondary.

KORR: Fine. The volume of this private venture capital, can it be evaluated somehow?

Andrei FURSENKO: These are billions of rubles today.

KORR: With these investments, by the way, the production of such companies should already take some share in our GDP.

Andrei FURSENKO: I think that in IT-market almost all companies to some extent have passed through venture financing. Many pharmaceutical companies, which work nowadays, to some extent, too, received direct investments. Maybe from business-angels, maybe, from venture funds, but they received them more or less.

PRESENTER: It was the interview of the head of the Ministry of education and science Andrei Fursenko, which he gave at the international forum, dedicated to nanotechnologies development to my colleague Ilya Kopilevich.