Saint-Petersburg The second largest city in Russia located on the Neva River at the head of the Gulf of Finland on the Baltic Sea. 2010 - Population is 4, 848, 700, (3. 39% of the total Russian population)
Start-Ups In Figures Investment at seed stage - $ 19, 51 mln (0, 8%) Investment in North-West Region - $ 40, 40 mln (1, 62%) Governement support: grants of RUR 300 000 (£ 6000) Most popular spheres: IT, retail, services
Starting up Pros: Location (close to EU) High market potential (niches) Business incubators for innovative products Cons: Suitable team Not fully developed infrastructure Lack of financing Lack of professional advice Undeveloped entrepreneurial culture
Starting up Opportunities: Incubators & help for non-innovative businesses New attitude towards micro & start-up businesses High unigrads potential Threats: Unstable economy Political risks Intellectual property legislation
Stages Idea Financing Functioning
Stage 1 Idea
“Idea pattern”includes: • Business plan • Team-building (NETWORKING) • Testing of product (creating a prototype if necessary, investigating the market, potential consumers, completing the first order)
Information sources: where to get missing info? Saint-Petersburg Less costly: • Business incubator – The first city businessincubator, BI Ingria • Business angels organisations – St. Petersburg Organisation of Business Angels • Universities • Special Events – For ex. : Theory and Practice – internet resource that contain info about such events in St. Petersburg
More costly: • Consultants and coaching
The first city business-incubator Services: • Renting scemes; • Communication facilities & services, the Internet; • Access to the information databases? ? ? • Free accounting & legal services; • Training programs and seminars; • Promotion through incubator’s web-site & internal advertising; • Assistance in organization of business events, exhibitions and forums.
St. Petersburg Organisation of Business Angels Process of getting money: • • • First step: applying Second step: interview & assessment Third step: guiding while implementing the idea
Key questions of the form (besides general info): 1. Which problem of consumers do you solve with you commercial proposition? (defining target audience and their problem) 2. How this problem is already solved in the world/your region? (description of the market, business model, competitors, team, licensees) 3. Investments (how much have you already invested, potential income, how much do you want, what aims you reach having got the investments) 4. Which kind of help does the project needs? (money, partners, in promotion, consulting)
Special Events – For ex. : Theory and Practice:
Stage 2. Financing
1 • Your own/family/friends capital 2 • Banks 3 • Private grants and government support 4 • Partners 5 • Funds of outside investors 6 • Accelerator
Your own/family/friends capital ü without interest (or with minimal interest) ü without the paperwork ü within a short period of time
Banks Russian banks don’t lend to start-up üException: business opened with a franchise
Collateral High interest rates 3 -6 month of operating activity
Private grants and government plan support • Business documents • Certificate of entry in the register of small businesses • Certificate of state registration of an entrepreneur • Copies of constitutive documents permitted activities conditions of getting funds • agriculture • public services • Manufacturing • Construction • Education • inbound tourism • health • Creation of working places and its preservation in 12 months • quarterly and annual reports over the next 3 years
Partners High level of availability Low level of freedom
Funds of outside investors low level of accessibility low level of freedom
Stage 3. Start of Functioning
Adopting to reality or trouble-shooting • Implementation (? ) of your business plan into real conditions of environment • Adjustments of business model
Adapting business to reality • Where to place business? 1. Business incubators: Ингрия и Кристалл (soon will be the 3 d with working areas) 2. Innovation & technological centres (12 in SPb) 3. Special economic zones (2 in SPb) 4. Universities` laboratories (huge problem in SPb)!!!!
Adapting business to reality • Where to get advice? 1. Business incubators 2. Innovation & technological centres 3. Consulting agencies 4. Innovation stimulating Funds
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