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Elecard Group President's Proposal Approved by Russian Prime Minister Dmitry Medvedev

December 27

Russian Prime Minister Dmitry Medvedev sustained the proposal of Elecard Group President Andrey Posdnyakov to replace grant support of small and medium-sized businesses with venture capital financing

Last Tuesday, Russian officials and representatives of all the country's regions met in a meeting of the presidium of the Presidential Council for economic modernization and innovative development of Russia. The topic of the meeting that was presided by the Russian Prime Minister Dmitry Medvedev and took place on the premises of Yandex was Informational Development in the field of Information Technology and Telecommunications.

Tomsk region was represented by the Elecard Group President and the Tomsk Region IT-cluster President Andrey Posdnyakov. During the meeting, while discussing the future development of small and middle-sized innovative businesses, Andrey Posdnyakov made a proposal to replace the grant support of such companies with the venture capital financing. The idea was supported by the Russian Venture Company CEO Igor Agamirzian, who also noted that the preseed and seed stages of financing should remain grant-funded.

In conclusion, Dmitry Medvedev sustained Andrey Posdnyakov's proposal as amended by Igor Agamirzian and said: «What we have been talking about here is what is eventually better – grants or venture financing. I think, as it has already been mentioned here, that it all depends on the current stage [of a company's development] – at some point grants are necessary for a kick start, but at a later stage the venture financing is by all means a more accurate way of financing.”

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