Sheer enthusiasm: on what there live technological startups to Russian Federation

Russian technological startup, what it? Than is engaged, on what lives, what problems has, what idea nourishes? It would seem, to whom as us, investors, to know answers to all these questions. How many pitches heard, how many projects analysed, than still we can be surprised?

It appeared

that is possible. The research "Startup Barometer" of 2018 conducted with support to FRII and Ernst & Young Global Ltd, found many interesting moments. 300 founders received on the basis of poll businesses results caused ambiguous interpretation. Optimists estimated a maturity the Russian startup the industries, pessimists focused attention on its defects. Here three "naked" facts, caused the hottest discussions .

Fact No. 1 : 71% of the Russian startups are based on own means, without the aid of institutional investors (venture funds, business angels, development institutes , crowdsourcing platforms etc.) .

O? If to compare the received picture to the international practice, the divergence will be enormous. To United States of America, for example, especially in innovative hubs (A silicon valley, Boston, Los Angeles or Seattle), among earning startups the share of the attracted investments comes nearer to 100%. That is we do not repeat the best world practices. Moreover, in process of growth of companies the situation especially does not change: the main source of means for 40% of companies there is an initial financing, 33% develop at the expense of revenue. External investors, not being founders, are only at 30%.

to

Shortcomings of such deal are quite obvious to

, so, and opportunities for transition to other league. As the world practice shows, sprinters — those who escaped forward literally on start become unicorns only and could make sharp jump in development. Strategy of the stayer will not provide to victory team in competitive fight. For concentration of forces the serious dope — money investors is necessary.

That can be in it good? Probably, advantages are not so noticeable, but they are. Companies at early stages without revenue are ready to be responsible for own risks, without shifting responsibility to professional participants of the market. And at them it turns out! Yes, they do not dart off as Bolt Useyn, but are able to protect breath at marathon distances as Kimetto Dennis.

Besides founders do not get to dependence and keep a share in companies that stimulates them further to increase turns and to develop business. They have no "lasso" which dictates them growth rates and exit conditions. For them and the exit can be in the long term simpler as founders usually accept lower price on which investors never would disagree.

For those who is on that the parties of barricades — professional investors, there are too many positive moments. First of all it is opportunities for a further institutionalization of the venture market which open against such quantity of the underfunded startups. "Startup" showed the Barometer: almost at a half of those startups, having financing, the main source of the external capital — is the private non-core investor. At 27% — a business angel. Funds are included in business only at 24% of respondents.

it is obvious to

that existing venture structures do not cope with a situation: probably, startups also would be ready to attract money from the outside, but cannot as non-core sources on all do not suffice, and profile not especially willingly invest in projects of early stages. That is in the market obviously there is the free niche demanding other than classical mechanisms of financing (for example, non-bank mortgage crediting or factoring).

Fact No. 2 : 33% of faunder are concentrated not on sale and not on search investors, and on … to development products! Though thus the most serious problem businessmen call shortage of money (45%).

Paradox? It is possible. Why in the absence of money necessary for growth not to switch attention to searches of new clients or investors? Especially as faunder after all businessmen, instead of programmers (a question not in education, and in their status in relation to own project). Having concentrated on product, businessmen thereby get to a vicious circle: to test product and its demand in the market sale can only.

at

A now let's look at the same situation on the other hand. It is known that the majority of the invested projects do not come to funds independently. Usually everything occurs in a different way: investors monitor the market and find who has a potential. Noticing interesting team, they take it "on a radar" and attentively trace — until the project will not grow to the necessary sizes. It is not excluded that founders of businesses are absolutely right, all the efforts directing on development products: if the result is qualitative, investors will find them. And if so, why to distract and be engaged in their search independently? Hypothesis quite deserving attention.

Fact No. 3 : the Russian startups do not hurry to enter the international market. About 70% of respondents noted that receive within the country from 75% to 100% of all income.

than it can be connected by

C? First of all with lack of ambitions and beliefs in the opportunities. According to data "Startup the Barometer", only 1% of respondents admitted that already tried it to make, but at them it did not turn out. Secondly, it is elementary — with ignorance of language and insufficient mobility. The European businessman will easily break from a familiar spot and will go to the Silicon Valley whereas ours 100 times will reflect: and whether there is a game of candles, maybe, a titmouse in a hand after all more reliably? And birches behind a window there it will not be exact, one palm trees yes cactuses.

At first sight frankly sad picture which says that in the Russian technological market there are no significant successful businesses. If the potential of demand is limited by local border, especially will not run up. The Russian market is too small and weak to provide liquidity to investors, and many projects do not receive investments just because do not sell abroad.

That to it will be objected by optimists? Actually concentration in the house market can be a consequence of a certain pragmatism, a sensible assessment of the forces and starting competences. Yes, I do not know English and I do not understand how at them the market there is arranged. Why to me this crane if my potential audience here exceeds the population France? Especially as my service is attached to a local ecosystem, the legislation and features of economy. On a wave 54-FZ I will develop and I will sell million online cash desks which outside Russian Federation are necessary to nobody. Or I will go to automate the markets to which oh as modern technologies, for example, construction are necessary. And it, by the way, 7,5 trillion rubles a year. Eventually on domestic products and import substitution for the present too nobody cancelled focus.

Interpretation is more important than the fact. Everyone can choose that party of a medal which is pleasant to it more. And not only owing to rational arguments. Where risks are especially high, it is worth relying on intuition.