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OTKPblTOE AKU.~OHEPHOE 06LUECTBO «POCC"~CKASI BEH'IYPHASI KOMnAH"~h) 123242, r. MOCKBO, nep. Kcnpcaoac. A. 3, CTp. 1.

TeAe¢oH: +7 (495) 777-0104, ¢OKC: +7 (495) 777-0106 e-mail: info@rusventure.n.,r www.rusventure.ru

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OTKPblTOE AKUHOHEPHOE 05UJ.ECTBO «POCCH~CKASI BEH'lYPHASI KOMnAHHSlII 123242, r. MocKBa, nep. KanpaHoBa, A. 3, CTp. 1.

TeAecP0H: +7 (495) 777-0104, cPaKc: +7 {495} 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

2

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OTKPblTOE AKLJ,l.10HEPHOE 06l1J,ECTBO {(POCC~I1CKASI BEH'iYPHASI KOMnAH~S111 123242. r. MocKBa. nep. KonpoHoBO, A. 3. CTp. 1.

Tel\e¢loH: +7 (495) 777-0104. ¢loKc: +7(495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

MATEPV1AAbl K ({PEiV10HAAbHOi/i CECCV1V1

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06w,afl npononaorrerrsuocn, LJ,ItIKlla or «nocesa» p,o «asrxozia» 3aHItIMaeT 5-10 ner.

OTKPblTOE AKUIotOHEPHOE OEiUI,ECTBO [[POCClotiiiCKA5I BEH'-IYPHA5I KOMnAHIo151ll 123242, r. MOCKBO, nep. KonpoHoBo, A. 3, CTp. 1.

Te"eq,oH: +7 (495) 777-0104, !:paKc; +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

4

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OTKPblTOE AKUl10HEPHOE OSW,ECTBO {(POCCl1iiiCKA~ BEH'IYPHMI KOMnAHI1~ll 123242, r. MocKBa, nep. Kcnpcaoac. A. 3, CTp. l.

TeAecpoH: +7 (495) 777-0104, cpaKc: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

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TpeTbl-1M I<OMnOHeHTOM I-1HHosau.1-10HHoro npou,ecca asnaerca AH4><PY3Itlfl HHHoBau.I-1Vr, nOA KOTOPOVI nonpasvwesaerca pacnpocrpaaeune y»<e OAHa>l<Abl ocsoeuaoci, peall1-130SaHHoJli I-1HHOBaLl,V1I11, T. e. nplllMeHeHli1e I-1HHoBau,1-10HHbIX npOAYKTOB, YCllyr I-1JlIi1 TeXHOJlOrltlr::i B HOSblX MecTax J.1 YCIlOBV1flX.

BblAeJlfllOTCR ClleAYIOUJ,l1e sranei 3Bomo4HIII IIIHHOBa4HoHHoro npouecca.

3Tan 1 (nepsoe nOKOJleHl-1e ItlHHOSaLl,I-10HHOrO npou,ecca) - IlVlHeVrHblVi nonxozi K onpeneneaiuo I-1HHoBau,1i10HHOrO npou,ecca (1950-e - cepezinua 1960-x rOAOs): paaserrae, xoropoe nOATaIlKVlSaeTCl'i TeXHOIlOrl-1f1MIi1 (technology push-model), TO ecre npOCTOV! IlI'1HeVrHo-noclleAOSaTeJlbHblV! npou,ecc c ynopoM Ha POllb HVlOKP V1 OTHoweHV1eM I< pblHl<y JlV1Wb Kal< K nOTpe6V1TeJlfO pe3YflbTaTos npoH3soAcTsa

OTKPblTOE AKLI,I10HEPHOE 06W,ECTBO I(POCCI1~CKA~ BEH'iYPHA5I KOMnAHI1~ll 123242. r. MOCKSO. nep. KanpaHosa. A. 3. CTp. 1.

TeAecpoH: +7 (495) 777-0104. <poKe: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

9

3 n ~TPeTbe noxoneaae IIIHHoBau,lIIoHHoro npou,ecca - HaLJallO 1970-x - cepezuura 1980-x rOAOB}:

~!;'!fI}t{e"aR MOAellb (coupling model) - B 3Ha41t1TellbHOH CTeneHItI KOM6It1Hau,ItIR I III II nOKofleHIIIH C

r~ 6 v v 6

u,'e"tl'roM H8 CBR31t1 rexaonoruvecxax cnoco HOCTelll III B03Mo}t{HOCTelll C norpe HOCTRMItI pblHKa.

3Tan 4 (LJeTBepToe noxoneuae IIIHHoBau,lIIoHHoro npou,ecca - cepezinaa 1980-x roAOB - HaCTORUJ,ee BpeMR): RnOHCKaR MOAellb nepenosoro onsrra - OTIlVl4aeTCR TeM, 4TO axuearapvercs BHIIIMaHllle Ha napannensuvio AeRTellbHocTb ItIHTerpltlpOBaHHblX rpynn (OAHOBpeMeHHaR pafiora HaA ItIAeei1 HeCKOflbKItIX rpynn cneuaanacros, Aei1cTBYIOUJ,ItIX B HeCKOflbKIIIX HanpaBfleHItIRX) III BHeWHltle ropaaouransnue III BepTIIIKallbHble CBR3111.

3T8n 5 [nnroe nokoneaue IIIHHoBau,lIIoHHOro npou,ecca - H8CTORUJ,ee BpeMR - 6YAyw,ee): MOAeflb crpareru-recxax cereji (strategic networking model) - crparera-reckaa IIIHTerpau,IIIR III vcrauoaneuae cBR3eii. Orna-iaerca TeM, 4TO K n8p81lfleflbHoMY npou,eccy A068BIlRfOTCfl HOBbie cj>YHKU,IIII11, 3TO - npou,ecc BeAeHIIIR HV10KP C IIIcnOllb30B8HllleM HOBeHwIIIX IIIHcpopMau,1II0HHbIX rexaonorati.

np06AeMbi CPVlHOHCVlpOBOHVlJI VlHHOBOUVli1. Heo6xOAVlMOCTb VlCnOAb30BOHVl5I BeH'-typHOrO KOnVlTOAO.

OAH8 1113 OTfllll4111TeflbHbiX -repr 61113HeC8 B 061l8CTI1 BblCOKIIIX TeXHollorllli1 - BblCOK8R AOIlR sarpar Ha HHOKP B coeoxvnaow 06beMe IIIHBecTIllu,IIIi1. Ycnex 61113HeC8 B 3T0i1 cdiepe CYUJ,eCTBeHHO 38BIIIOIT OT 06beMa AOCTynHbix cj>IIIH8HCOBbIX cpeACTB. n03TOMY BeAyw,IIIMIII IIIrpOK8MIII BO MHorlllX cerwe-rrax esrcokoraxaonorwu-oru 61113HeC8 CTaHOBRTCR KpynHble «opnopauaa, 3aHIIIMafOw,lIIe 3H84111TeflbHbie AOfllll psuuca: xpvnuoe ItI cTa6111flbHoe npOlll3BOACTBO nonv-raer B03MO}t{HOCTb cyw,eCTBeHHO CHItI3111Tb 1t13Aep}t{KIII npOIll3BOACTBa, nOBblCIIITb Ka4eCTBO npOAYKu,1II1II (BO MHOroM 61larOA8pR WIIIPOKOMY cnexrpv HHOKP) ItI YCTaHOBI.1Tb OTpaClleBOH CTaHAapT, 4TO BeAeT K AallbHeHweMY pOCTy npI.16blllei1.

TeM He MeHee, napazioxc IIIHHoBau,1.10HHOH 3KOHOMI.1KIII 3aKJlfOLJaeTCR B TOM, '-ITO KpynHble rexuonora-recxae «opnopauaa He RBIlRfOTCR rapaHTOM YCTOH4111Boro pOCTa B 061laCTItI BblCOKIiIX TeXHOllorIllH, nOCKOllbKY I1X nOllo}t{eHl1e Ha pblHKe Mo}t{eT pe3KO YXYAWIIITbCR B npou,ecce «TeXHOIlOrI14eCKI1X pesomouafi», xorna Ha nepseui nflaH BblABl1rafOTCfl COBceM HOBbie TeXHOflon111 III HOBbie KOMnaHI1I1.

OCHOBHble nplllHu,lIInbl vnpasneuaa KpynHblx xcpnopauaa, onpenenmouiae xapaxrep IIIX pOCTa, HO TOPM03flUJ,lIIe I1HHoBau,1.10HHbli1 npou,ecc TaKOBbl:

• Opl1eHTaLJ,I,UI Ha TeKYw,ylO npl16blllbHOCTb B KpaTKocp04HOM nepnone 11 cyw,eCTBylOw,IIIH PblH04HblH cnpoc.

Cllep,CTBllle sroro - Hep,ocjH1HaHCl'lpOBaHl'le paspafioro«, «oropsie B HacToRw,I.1H MOMeHT MallO I'IHTepecylOT nOTpe611TellR B Cl1l1Y Hecq,opMl1pOBaHHOCTIII pblHKa;

• noasuueaae Kanl1Tall113aLJ,1II11 III YBell1'l4eHI.1e TeMnOB pOCTa. nOCKOllbKY no Mepe YBell114eHIIIR 060POTOB KOMnaHl111 eH He06xop,I1MO ece 6011bwe p,OXOp,OB ,D,llR nO,DAep>K'aHI.1R I1MelOw,IIIXCR TeMnOB pOCTa, TO KOMnaHI1R opae-rrapvercs npeIllMyw,eCTBeHHO Ha KpynHble,'4aCTO seceraa KOHCepBaTI1BHble pblHKIII;

• Tw,aTellbHblH aHalll'l3 11 nnaaupoaauue I1HBeCTI1LJ,110HHbIX npoekrcs. Pa60Ta ua HOBOM pblHKe noanaerca nporH03l1pOBaHf.11O 3Ha4f.1TellbHO cnosoree, III MeHep,>KMeHT npezmo-urraer pafiorars Ha Y>l<e OCBoeHHblX PblHKax.

KpOMe roro yeTKO BblCTpoeHH8R crparerua p83BItITI.1R TeXHOJlOflilyeCKoi1 «opnopaunu Mo}t{eT AaTb C60H npu npORBJleHI1Vl HOBblX IIIHHoBau,110HHbIX rexaonornti, xoropste VlMelOT CJleAYIOUJ,l1e oc06eHHOCTVl:

• OHI1 npouie, p,eweBlle, HO BHa4alle ofiecnevaeaior 60Jlee HIII3Koe Ka4eCTBO npop,yKLJ,I1I1;

• B Te4eHI1e nepsux HeCKOJlbKI1X ner 06ecne411BalOT 6011ee HI13KYlO ornasv Ha I1HBeCTIll LJ,III 11, 4eM {(KOHCepBaTI1BHble» npoexrsr;

• Ha Ha4allbHOM srane BHep,peHI1H OHI1 He Haxop,RTCR B coxvce I1HTepeCOB KpynHeHwl1X rpynn nOTpe611TeneH 11 nOJlb3YKlTCR cnpOCOM JlIIIWb Ha HOBblX 11 He3Ha411TeJlbHbiX no 06beMY pblHKax;

• PblHOK npopblBHblX TeXHO/lOrl1H 11 MeeT CKPblTblH nOTeHLJ,l1an 6blCTporo, a 4aCTO 11 aapsiauoro pOCTa.

OTKPblTOE AKU(.10HEPHOE 06U1ECTBO «POCC(.1~CKAs! BEH"IYPHAS! KOMnAH(.1S!n 123242. r, MOCKBO, nep. KonpoHoBo, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777-0104. cpaKc: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

10

-- .. ---.- .. -----~~~------------------------,

n03TOMY OCBOeHl<1e «nQAPbIBHbIX» ItIHHOBaLJ,It1V1 3a4aCTYfO He BXOAItIT B «parxocpo-u-ue KOMMeR4eCK;~r It1HTepeCbl kopnopauaji, AOMItIHI-1 pyfOUJ,ItIX Ha PbIHKe. MHOflt1e nO-HaCTOl'l UJ,eMY HOBaTopCKwe ~,e:elt1 AOBO.n,RTCl'l .n,o PblH04HOVI CTaAltl1t1 B He60JlbWVlX KOMnaHItIl'lX, ItIHa4e Ha3blBaeMbiX «crapr-aria ,It)~~ if

/'

aHfJl. start-up - CTapT}. . .

npaKTIt1Ka noxasstaaer, 4TO OCHOSHblM npenRTCTSVleM pa3SIt1H1R MaJlblX VlHHosaLJ,1t10HHbIX npe.n,npVlRTL-1V1 (Ml.1n), B oco6eHHOCTIt1 C «npopbISHbIMItI}) TeXHOJlOfltll'lMItI It1 HeCTpYKTypVlpOBaHHblMIt1 pblHKaMVl, RBJlReTCR HeAOCTaT04HOCTb cjmHaHCOBblX pecypcos. I.1x OCHOBaTeJlItI He pacnonaraior co6CTseHHblMVl cpencrsawu- ItI VlMefOT rpa npenarcraua Ha nYTVl nOJlY4eHVlfI KOMMep4eCKoro Kpe.n,VlTa:

• Clllt1WKOM BbICOK~e p~CK~ B C~lly Hec<j>opMVlpOBaHHOCTVl pblHKa;

• CpaBHI1TellbHO ,ll,OllrI1H CpOK ('-laCTO - 6011ee 2-3 ner) BbIXO,Li,a npoexra Ha npVl6bl/lbHOCTb;

• OTCYTCTB~e sanorosoro 06eCne'-leHI1.A, nOCKOllbKY OCHOSHblM SVI,ll,OM co6cTBeHHOCT~ VlHHOBaLl,VlOHHoro npennpasrua asnaerca I1HTeJlJleKTYaJlbHaR co6CTseHHOCTb, l1,ll,eVl, cexperu npOVl3BO,ll,CTBa, CneLl,l1aJl~3l1pOBaHHoe ofiopvnoaauae I-1Jl~ pecvpcu, MaJlO)lI-1KB~,ll,Hble Ha Ha4aJlbHbiX craaaax pa3BVlTVlR.

MATEPV1AAbl K «CECCV1V1 nPAKTV1LJECKOrO KOHCAATV1HrA})

04eBI-1.n,H0, 4TO B CIt1IlY ceoesi CneLJ,It1<pVlKIt1 <pIt1HaHCltlpOSaHlt1e CTapT-anOB rpefiver pa3BItITIt1R OC06blX I-1HBeCTItILJ,ItIOHHbIX MeXaHI13MOB, SOBJleKafOUJ,VlX S 3TOT CeKTOp AOCTaT04HO 60JlbWlt1e 06beMbi «arurrana 1/1 OnTIt1MIt13It1PYfOUJ,ItIX CTPYKTYPY pIt1CKOB. B (WA It1 3ana.n,HOVI Eapone TaKoi:1 MeXaHItI3M 6blll C03.n,aH. I.1M crane BeH4ypHoe <pIt1HaHCltlpOBaHl1e - OC06blH It1HBeCTVlLJ,110HHbIVi cexrop.

Ha COSpeMeHHOM srane pa3BI-1TI-1R MI1POSOVI 3KOHOMI1KVl, nepeureziureji Ha VlHHOSaLJ,ItIOHHYfO CTaAlt1fO, nplt1CYTCTBYfOT naa Y>Ke ynOMl'lHYTble cy6beKTa, xoropue OTBe4afOT aa rpaacdiopraauaio ItIHHOSaLJ,1t10HHoi1 MblCJlItI B KOHe4HblH npOAYKT: crparera-reckne It1rpOKItI ((1.1) Ha pblHKe - 3TO KOMnaHltI1tI JlItIAepbl; ItI MaJlble ItIHHosaLJ,ItIOHHble KOMnaHltl1tI (MI.1K). MI.1K ItI (1.1 - rnaeasie ABI1>KYUJ,Vle CVlllbl, TaK KaK ItIMeHHO OHItI TpaHC<PoPMItIPYfOT ItIHHOBaLJ,1t10HHble It1Ael1 B AeHbrlt1, BblBOAR 'roaap Ha pbIHOK. OHItI otiecne-msaior npeotipaaoaau l1e I1HHOSaLJ,VlOHH blX It1AeVi B ABItI>KeH l1e AeHe>KHbIX cpezicrs It1 pa3BItITIt1e BbiCOKOTeXHOllorVl4HbiX orpacneji 3KOHOM~KI1.

OTKPblTOE AKUl10HEPHOE 06llJ,ECTBO [(POCCI1MCKASI BEH'iYPHASI KOMnAHI1S1)) 123242, r. MocKBa, nep. Konpcaoao. A. 3, CTp. 1.

TeAe4>oH: +7 (495) 777-0104, ¢laKe: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

MATEPI!1AAbl K «PEiI!10HAAbH0ll1 CECCI!1I!1

1 1

Deal flow - nepBOHa4aflbHbl~ sran nOIACKa KOHKypeHTocnoco6HbiX BeH4vpHbiX npOeKTOB. OCHOBHblMIA IACT04HlAKaMIA IAH<pOpMalJ,1A11 0 KOMnaHIARX RBflRIOTCR lAX pesiowe, nOCTynalOUJ,lIIe IAHBeCTopy. Co CBOe~ CTOpOHbl, ItIHBeCTOp CaMItIUJ,eT npoexrs: -repea aHaflltl3 npeCCbl ItI peKflaMHblX MaTepl-1aflOB, BblCTaBKI1 ItI BeH4ypHbie RpMapKI1, 6a3bl AaHHblX aCCOlJ,ltIalJ,l1~ eeu-ivpuoro IAHBeCTltlpOBaHItIR, flltl4Hbie KOHTaKTbl. BHe 3aBI1CItIMOCTitl OT opaeurauan ItI npeAn04TeHItI~ ItIHBeCTOpOB 06W,VlM KpHTepHeM Bbl60pa RBJlHeTCR OTBeT aa eAHHCTBeHHblH sonpoc: cnocofiaa IlH KOMnaHHR VI PbIHOK, B KOTOPOM OHa HaxOAHTCH, K 6blCTPOMY pa3BHTHIO VI AOCTH>KeHHIO JlHAepCKHX n03HLI,HH. npltl 3TOM npezmonaraerca, 4TO <pItIHaHCOBbl~ PI1CK ItIHBeCTOpa 04eHb BeIlI1K, 11 OH MO>t<eT 6blTb orrpasnaa flltlWb B03BpaTOM Ha BIlO>t<eHHbl~ xarurran seuue cpenuero no PblHKY ypOSHR.

Due diligence - npouecc «ruiarensuoro auanasa» KOMnaHIAI1. 3Ta cTaAIAR Mo>t<eT nponoruxarsca OT HeCKOllbKlt1X MecRLI,es AO rona 11 aasepuraercs nplt1HRTl1eM okou-rareneuoro peWeHI-1R 0 Ha4afle I1HBeCn1L1,IA~ 111111 OTKa3e OT HI1X. PaCCMaTpl1BalOTCR see acnexru TeKYUJ,ero COCTORHI1f1 KOMnaHlA1A IA pblHKa B Ll,elloM 11 ItIX nepcnekraau.

OCHoBHble 3aAa41A npouecca due diligence:

• nOHi1Tb 61-13HeC 1-1 oue+urrs ero CTOI-1MOCTb;

• ou,eHItITb pItlCKI-1;

• npOaHall1-131-1pOBaTb ¢>lt1HaHCOBoe COCTOi1Hl-1e npoexra:

• oue-urr» nepcnesrueer 61-13HeCa 1-1 KOHKypeHTHYIO cpezrv:

• ou,eHI-1Tb cnoc06HOCTI-1 MeHeA>KMeHTa B 3¢>¢>eKTI-1BHOM ynpaBlleHl-11-1 61-13HecoM .

. Yew >K.t1eT VlHBeCTOp?

nOAaBaR CBO~ npoexr Ha skcneprusv seH4ypHoMY VlHBecTopy, npeAnp~.HI1MaTellb AOfl>t<eH 3HaTb 0 clleAYIOUJ,ItIX ocofieuuocrax sea-rvpaoro IAHSeCTVlpOSaHI1R:

• npeAnpl-1HI-1MaTe11b A011>KeH npOAeMOHCTplt1pOSaTb KalleCTBO 1-1 paoorocnocoouocn, KOMaHAbl;

• I-1HBeCTOpbl npeAn041-1TalOT oT61-1paTb KOMnaHl-11-1 no peKoMeHAau,I-1i1M CBOI-1X napruepos, a TaK>Ke npoexru npeAnpI1HIAMaTeJlei1, IAMeBWI-1X nOIlO>KIATeJlbHbli1 onsrr B3aI1MOAei1cTSlAfI C seH4ypHbiM IAHBeCTOpOM;

• npa KOHTaKTax C I-1HSeCTOpaMIA cyw,eCTBeHHO noraoraior peKOMeHAaTeJlbHbie m1CbMa. OlleHb 3<1>¢>eKTI1BHbl peKoMeHAau,1111 sananuux napruepoa KOMnaHI1I1-Cm1CKaTeJlfl. 6e3 peKoMeHAau,l-1i1 BPflA 111-1 YAaCTOl noofiuiareca C PYKOBOAflW,I-1M nepCOHaJlOM ¢>oH,ll,a 1-1111-1 I1HBecmu,1-10HHoi1 KOMnaHI1I-1;

• HY>KHO Opl-1eHTl-1pOBaTbCfI ua npeAbIAyw,l-1i1 onsrr f.1HBeCTQ'pa: ecnn BeH4ypHai1 <!>l-1pMa He aknaauaana AeHbrlA B onpeAeJleHHblr:.i cekrop I-1JlI-1 f.1HAYCTPI-1IO, urauc, 4TO OHa nOMeHi1eT MHeHf.1e, HeBe11HK;

• B KPynHblx seH4ypHbiX ¢>OHAax 1-1 ¢>OHAax npi1MblX I-1HBeCTI-1u,I-1i1 (oc06eHHO C I-1HOCTpaHHblM Kanf.1TaJlOM) npI-1MeHi1IOTCR «nOT04Hble» MeTOAbl auanasa npoexroa, n03TOMY Ba>KHO, "T06bl B 3aHBKe npoeirra BCH cvre HHBeCTI1u,1-10HHOro npeAIlO>KeHI1f1 6blJla 1I13JlO>KeHa ua nepsux ABYX CTpaHII1u,ax, nOCKOJlbKY 60JlbWe 4l11TaTb, cxopee scero, HIAKTO He 6YAeT;

• noruxa BeH4ypHoro 11 private equity IAHBeCTOpa «nepeaepuvra» no cpaBHeHlI110 C 06w,enpI-1HHTOH, npoexr Oll,eHI-1BaeTCfI C KOHu,a - cera 6YAyw,ero 3aBepWeHII1f1 1-1 CT0l-1MOCH1 Ha «BbIXoAe)}. Ilpa paaroaope C II1HBeCTopOM HaAO <!>0PMYJll1pOBaTb CBOIO KOHe4HYlO u,e11b 111 BCIO ueno-rxv OT Ha4aJla AO KOHu,a - «K 4eMY XOTII1M npn i1TI1».

nepsbli1 AOKYMeHT, KOTOPbl(;i nocrvnaer S pacnopaaceane eeu-vpuoro ItIHSeCTOpa, - 3TO pe310Me npoekra ItIfllA IAHSecTVllJ,VloHHoe npeAflo>t<eHVle, o6beM xcroporo - He 60nee 2-3 CTpaHIIIlJ,. V1MeHHO OHO aHall1-13V1pyeTcfI Ha CTaAItlf.1 deal flow. B cnv-rae nepexozia Ha CTaAlA10 due diligence KOMnaHlA1O npocsr npeAOCTaBItITb nOAPo6Hbl(;i 6V13Hec-nllaH, o6beM KOToporo AOIl>t<eH COCTaSllflTb 20-30 CTpaHI1L1,.

OTKPblTOE AKlJ,HOHEPHOE OSW,ECTBO «POCCHHCKASI BEH'iYPHASI KOMnAHHSbJ 123242. r. MOCKBO, nep. KonpOHOBO, A. 3, CTp. 1.

Tell.ecpoH: +7 (495) 777-0104. cpoKc:+7 (495) 777-0106 e-mail: info@rU5venture.ru www.rusventure.ru

12

MATI3PVlAAbl K «CECCVIVI nPAKTYlLJECKOfO KOHCAATVlHfA»

/

6Y{J.eT p,Opa6aTb1BaTbCH npu Y4aCTVlIo1 BeH4ypHOrO Io1HBeCTOpa. B PH e;,:~

CJ1Y4aeB VlHQ>OpMaLJ,VlfI 0 KOMnaHVIVI npep,CTaBJ1HeTCfI B BIo1p,e Powerf'oint-npeaeurauau, BbICTaHO'!l o

creuaa, a TaK>Ke 3anlo1CIo1 BKaTaJ10re BblCTaBOK VlJlVl BeH4ypHbiX HpMapOK. /

Ba>KHOCTb npouecca COCTaBJ1eHVlfI 3aflBKVI Ha VlHBeCTVlLJ,Io1V1, npe3eHTaLJ,Io1V1, pe310Me npoexra, VI Oco6eHIlJl/ 61013HeC-nJlaHa COCTOIo1T 101 B TOM, 4TO OH noworaer npep,npIo1HI-1MaTeJ1f1M CTPYKTYPVlPOBaTb' VlX co6CTBeHHoe BVlp,eHVle pa3BVlTVlfI KOMnaHIo1V1 101 BblHBVlTb «Y3KVle MeCTa>}, He 3aMe4eHHbie paasure.

CmpYKmypa 6U3Hec-npeiJnoHCeHuR, 61013HeC-nJ1aHa VI npe3eHTaLJ,VlIo1 KOMnaHIo1V1 AOJ1>KHa COOTBeTCTBOBaTb

u,eJlHM 1-1 KpVlTepVlHM orfiopa 101 COCTOI-1T Vl3 CJ1ep,ylOUJ,Vlx nYHKTOB:

• KJlI04eSafl VlHcfJopMal..\l1f1 0 npoexre:

• KOMaH,ll,a;

• 6113Hec VI CTpaTerI1R;

• I1HTeJlJleKryallbHaR co6CTseHHOCTb;

• n poaseoncrao/onepa 1..\ VI VI;

• cfJI1HaHCbl;

• I1HseCTVI 1..\ VI VI.

Heo6xop,VlMb1MVI rpe60BaHVlHMVI K nonroroske J1106oro runa p,OKYMeHTOB flBJlHIOTOI:

• aKKypaTHoe ocfJopMJleHVle;

, • I1CnOJlb30BaHVle TOJlbKO cse>KVlX CTaTI1CTI1L1eCKI1X AaHHblx;

• peaJlVlCHI4HOCTb scex'npVlBOAI1MbiX q:.aKTOB;

• OTcYTcTBlI1e npOTI1BOpe4111i:i Me>KAY pa3Jll14HblMI1 cfJaKTaMVI.

Paccwarpuaaa npoexr, VlHBeCTOp X04eT YBVlp,eTb, npe>Kp,e acero:

• HaJll1411e Clla>K€HHOH VI onblTHOH KOMaH,ll,bl;

• cepeesuue nepcnesrnsei VlHHOBaLJ,VlOHHOH TeXHOJlOTI1I1, KOTOpoVi ofinaaaer KOMnaHVlR;

• BblCOKI.1H nOT€HI..\Vlall pblHKa.

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CYW,HOCTb 6V13Heca KOMnaHVlVI;

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orpacneesie PI1CKVI.

•

•

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V1HBeCTop p,OJl>KeH 4eTKO BVlAeTb: PblHOK npop,yKTa, npennaraeworo K npOVl3BOACTBY, 101 differentiator - noxasarene roro, 4eM 3TOT n POAYKT JlyYwe aaanoros.

LJ.eJlflMIo1 aeu-rvpuoro npcexra p,OJ1>KHbl 6blTb:

• IlI-1p,epCTBO B Onpe,ll,elleHHOM cerweure psuuca:

• C03,ll,aHL1e CI1JlbHOro 6peH,ll,a;

• pOCT KanlllTaJll13al..\I111 KOMnaHVlI1 B rOA (B 3aBVlClilMOCTVI OT CTa,ll,VlVI): seed - 100%, start-up - 80%, early stage - 60%, expansion-40%.

OTKPblTOE AKLU10HEPHOE 06WECTBO [{POCC~HCKMI BEH'iYPHMI KOMnAH~Sh} 123242, r. MocK.sa, nep. KanpaHoBo, A. 3, CTp. 1.

TeAecP0H: +7 (495) 777-0104, cP0KC: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

13

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I.fTO npeACTaBJlHeT c06o~ WAea/lbHal'l B03MO>KHOCTb sapafiorars?

Paccen Cber/lMaH (BbInYCKH...,K HBS, 1989 r.)

llapraep Kleiner Perkins Caufield & Byers

rJlaBHblM Kpl1Tep...,eM RB11RIOTCH PblH04Hbie B03MO>KHOCTW KOMnaHI1...,. VlHBeCTop 3al-1HTepeCoBaH B TOM, 4T06bl -repea 3-5 ner AOXOA KOMnaHI.1..., cocrasnan OT $100 AO $300 M...,l1/l...,OHOB p,O/l/lapoB. 3TO oaaa-iaer, 4TO pblHOYHble B03MO>KHOCTI1 KOMnaHV1V1 AOJl>KHbl COCTaBJ1l'lTb $500 MI1/l/l110HOB V1/l1.1 601lee, a TaK >Ke, YTO KOMnaHI1..., A011>KHa 3aHRTb KaK MI1H...,MYM 25% pblHKa B caoeM cerrseare.

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B o6w,eM, BblxoAV1T ,lJ,OBOJ1bHO 3a6a8Hbl~ Ha60p. npep,npI.1HI.1MaTeIlRM Heo6xOAI1MO paccxaaars MHoroe I.1HBecTOpy, YT06bl nOClle,lJ,HI1~ pI'lCKHy11 BIlO>KI1Tb p,eHbrl1. ECIlI1 >Ke npep,npl-1HI.1MaTellb He,lJ,oCTaT04Ho vsepeu, TO ero uraucu 3anO/lYl.JIHb I1HBeCTI1L1,I.1f.1 cvuiecraeaao CHf.1>KaIOTCR.

COHR n. Xoen (BblnycKHI-1u,a HBS, 1993)

Ynpaanmouiaa Menlo Ventures

OTKPblTOE AKUHOHEPHOE 06U1ECTBO llPOCCHHCKASI BEH'IYPHASI KOMnAHHSlII 123242, r. MocKBa. nep. KanpaHoBa, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777-0104. cpaKc: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

K «CEC01V1 nPAKTV1'1ECKOiO KOHCA/\TV1HiA»

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06cy>t<,ll,aeM np06fleMbi PblHKOB 1-1 nyn1 peureuua pblHOYHblX npofinew,

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Mbl raic-ce 06paUJ,aeM BHItIMaHl-1e Ha KOMaH,ll,Y. ECflltl KOMnaHl-1eLII snaneer ocucsarene, KOTOPblLII OTKa3blBaeTCR pacumpsrs urrar, Mbl Be,ll,eM C HI-1M cepbe3HbiLII pasrosop.

oOflbwoe 3HayeHI-1e I-1MeeT MeCTonOflo>t<eHl-1e. ,l1,ocTaTOYHO nerxo HaHI-1MaTb fllO,ll,eLII 6 CVlfll-1KOHOBOLII . ,l1,ofll-1He 1-1 B oOCTOHe; B ,ll,pyrl-1x peruouax C 3TI-1M cnoso-ee.

!Ppe,ll, Basr (BbInYCKHI-1.K HBS, 1992)

Ilapraep Trinity Ventures

Hac, npel-K,ll,e acero, I-1HTepecyeT KOMaH,ll,a, PblH04Hbie B03MO}!{HOCTI-1 1-1 npO,ll,yKLJ,I-1R. Texuonorua 1-1 61t13HeC-MO,ll,eflb rosce Ba>t<Hbl ,ll,fll'l nO,ll,,ll,ep>t<aHItiH KOHKypeHTHbllX npeItlMYUJ,eCTB KOMnaHItII-1.

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B pesvnsrare I-1CCflep,OBaHI-1R Mbl npl-1Wfll-1 K sueonv, 4TO He06xop,I-1MO yp,eflRTb OCH06Hoe BHI-1MaHl-1e reHepaflbHoMY ,ll,ltIpeKTopy 1-1 YfleHaM ynpaBfleH4ecKoLII KOMaHp,bl.

To >t<e ItICCfle,ll,OBaHl-1e nokasano, 4TO euie Op,HI-1M onpep,efll'lIOUJ,VlM ~aKTopoM ycnexa HBflHeTCH cexrop, B KOTOPOM pafioraer KOMnaHI-1R. IIIHBeCTItILJ,1-11-1 B yp,a4HbiLII cekrop, p,a}!{e ecnn KOMaHp,a nocpencrseua, a vnpasneuae Hel-1,ll,eaflbHo, scerna 6yp,YT Bblro,ll,Hbl.

Hawe OCHOBHoe npaaano: KOMnaHL-lH p,Ofl}!{Ha npL-lHOCL-lTb He MeHee $100 MflH. npl-16blfll-1. Ho ~aKTI-14eCKI-1, eCfll-1 Mbl BI-1,ll,I-1M, 4TO KOMnaHI-1l'l npl-1HOCI-1T OKOflO $50 MflH. npL-l6blfll-1, OHa npencrasnaer c060LII XOPOWI-1L11 aapua+rr p,flH I-1HBeCTI-1LJ,I-1L11. Ha IT-pbIHKe, npl-16blflb B $50 MflH. 03Ha4aeT, YTO 06UJ,1-1L11 P,OXOP, KOMnaHI-1t.1 ,ll,Ofl>t<eH COCTaBflHTb $10D-200 MflH.

BOT npl-1Mep roro, 4eM Hawa KOMnaHI-1L11 He CTaHeT 3aHt.1MaTbCH: CYUJ,eCTByeT HOBeLIIWal'l TeXHOflOrI-1H, cnocofiuaa saaoeaare 60flbWYlO p,OfllO pblHKa, HO npezinaraer ee rexaonor, IIIHorp,a HeMHoro HeHopMaflbHblLII, Op,epl-KItIMbILII. KaK npep,npL-lHI-1MaTeflb OH He COCTOI-1TCH, n03TOMY nv-uue 1-136eraTb p,efl C nop,06HblML-l fllOp,bMI-1.

P06epT CaLIIMOH

,l1,l-1peKTop,Alta Partners

CYUJ,ecTByeT 2 cnocotia OLJ,eHKI-1 B03Mo>t<HocTeLII KOMnaHI-1It1. B nepaov eapuanre, I-1HBeCTOp AYMaeT: «H BKllap,blBalO p,eHbrJ.1 6 nepsvio o-iepens B fllO,ll,eill. YMHble fllOp,l-1 nOHI-1MalOT CBOItl B03MO}!{HOCTI-1 1-1 nv-uue pa361-1palOTCH B rexuonoruax, 4eM H». Bo BTOPOM aapaaure, I-1HBeCTOp p,YMaeT: «MeHHI-1HTepeCYIOT He fllOp,t.1, a PbIHKI-1, B03MO>t<HOCTItl ItI np06fleMbi nokvnareneji. ECfll-1 vnpasnaiourae He WpaBfll'lIOTCH C pa60Toi-i, R scerna Mory I-1X 3aMeHI-1Tb». KOHeYHO, rrv-uue ecero 30flOTaH cepenana. Ho flL-l4HO H ornaio fioneuree npenno-rreane PblH04HbiM B03MO>t<HOCTHM, a He KOMaH,ll,e.

OTKPbl.TOE AKUl10HEPHOE OEiWECTBO [[POCClI1iiiCKASl BEH'IYPHASl KOMnAHII1Sl)) 123242, r. MOCKBO, nep. KonpoHoBo, A. 3, CTp. l.

Te.Aecpo.H: +7 (495) 777-0104. CPOKC: +7 (495) 777-0106 e-mail.:info@rusventure.ru www.rusventure.ru

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• nonerrasirecs rroaars, '-ITO. eac C6f1M}!{aeT;

• KaK sauie CDBMeCTHoe peureuae yflY'-IWItlT 61t13HeC napr-repa:

• CD3,£l,aHTe npezmoceuuca AflA CaMQCTQATeflbHblX napTHepCKItIX BbIBQ,£l,DB (Mbl see u,eHI-1M CQ6CTBeHHbie

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• He 3a6blBaHTe, "ITO. «neperosopaaa nnouiaznca» He TQflbKO apeua ,£l,flR yp,oBfleTBOpeHI-1R BaWI-1X aM61.1u,VlH, caMoe maSHDe - ADCTItI>KeHltle u,eflltl.

He L-1rHDpHpYlllTe nD,LJ,rOToBKY K ,ll,efloBblM neperoaopaw. npOC41tlTalllTe HeCKDflbKD aapuaaroa pa3BI-1TVlfl c06b1T1tl1ll. O,ll,HItlM 1-13 Kfl104eBbiX MOMeHTOB vcneuruoro npOB€,ll,€HI.1H zienoeux neperosopos HBflfl€TCH nO,ll,rOTOBKa K I.1X nposene-uno, TaK KaK «HeT nv-uuero 3KcnpDMTa, 4€M riuarensuo nozirorosneaasui 3KcnPOMT)}.

Kakoro 6bl CTL-1flR neperosopca Bbl Hitl npl.1,ll,ep>KI.1SaflI.1Cb, scerria CTOVlT nOMHItlTb 0. npaeunax, C¢DPMYflVlpOBaHHbIX B XVII.! B€K€ cppaHu,Y3CKI.1M ,ll,ltlnflOMaTDM KaflbepOM B KHL-1fe «0 cnocofiax BeCTI.1 neperosopsi C MOHapXaML-1>l (Ilapu:«, 1716):

«3TItl K34eCTBa cvrs:

OTKPblTOE AKUl-IOHEPHOE 05llJ,ECTBO ([POCCHHcCKAfl BEH'iYPHAfl KOMnAHHflll 123242, r. MocKBa, nep. Konpoaoec, A. 3, CTp. 1.

Te"e¢loH: +7 (495) 777-0104, ¢IaKc: +7 (495) 777-0106 e-mail: info@rusventure.r~ www.rusventure.ru

K {{CECCV1V1 nPAKTWIECKOfO KOHChl\TV1HfA}}

/

/ /

• 3p,paBbll1 CMbICJI, 0T'leTJH1BO BOCnp~H~MalO~~H Be~~ TaK~M~, KaK OHIII ecrs, IIIP,Y~~H K u,eJlIII KOpOTKIIIMIil ~ eCTeCTBeHHbIM~ nyrHMIII, He Bp,aBal'lCb B TOHKOCH1 III HeHY>KHble yx~~peH~l'I, KnrnlF>hll ... 06bl4HO OTTaJlK~BaIOTTex, C KeM seneun- neperoaopsr;

• nponauaremsaocre, n03BOJlHIO~aH yrap,bIBaTb, 4TO nponcxonar B cepnuax JlIOp,ei1, III YMeHlile Y4eCTb MaJleHWee p,B~>KeHlile Jl~u,a ~ p,pyme np~3HaK~ CTpaCTeH, npOHBJlHIO~~eCH nop,4ac y caMblX CKpblTHblX JlIOp,eH;

• yM, CKOPblH H3 BblP,YMKIiI, cnOC06Hbli1 CrJl3p,IiITb ecrpevaiounrecs 3aTpY,D,HeHIIIH iii nplilMlilplilTb IiIHTepeCbl, COCTaBJlHIO~~e npep,MeT neperoeopos:

• npucvrcraae p,yxa, Heo6xop,IIIMoe, 4T06bl OTBeTIiITb KCT3TIII H3 Henpep,BIilp,eHHble sonpocu ~ OCTOP0>KHbIMIiI penJlIiIKaMIiI 1i136e>K3Tb plIICKOBaHHoro wara;

• . POBHblH xapaxrep, cnOKOHHaH iii 'repnenasaa HaTYP3, scernaurass roTOBHOCTb BblCJIywaTb BHIiIMaTeJlbHO roro, C KeM ~MeeWb p,eJlO;

• scerna 01:KPbITbIH noAXop, K 4eJlOBeKY, MHrKoCTb, y4T~BOCTb, npaaruocrs 06~eHlilfI, HenpIiIHY>KAeHH3H 11 pacnonaraioruaa MaHepa, KOTOP3l'1 04eHb noeaoraer CHIiICK3Tb p3CnOJlO>KeHHe 'rex, C K.eM HMeeWb p,eJlo, rorna Kal{ XOJlOp,Hbl14 H Ba>KHbIH BillA, rpy63H III Mpa4H3H M3Hep3 06bl'·IHO OTT3J1KHB3IOT H BHYW310T OTBpa~eHHe. Ocofieaao Heo6xop,HMO, 4T06bl p,~nJlOMaT p,ocTaTo4Ho XopOWO snanen C060H ~. YMeJl npOTMBOCTOflTb nOTpe6HOCTIiI aaroaopars pausure, 4eM OH OCHOBaTeJlbHO npOP,YMaJl TO, 4TO c06HpaeTCl'I CK33aTb, 4T06bl OH He TOpOnl1JlCH OTBeT~Tb TO"NaC >Ke, He noP,YMaB, Ha cp,enaHHble eMY npe,D,flO>KeHIiIH ••• »,

3TI-1 npasnna HanVlcaHbl AOBOllbHO AaBHO A/lfl Al-1nIlOMaTOB. OAHaKO CBOev. aKTYallbHOCTI-1 OH~ He norepsna ~ C ycnexoM MOryT CIlY}f{I-1Tb peKOMeHAalJ,lo1f1MI-1 no npOBeAeH1'l1O neperoaopos B HawVl AHI-1.

OTKPblTOE AKUIIIOHEPHOE 061llECTBO I{POCCIII~CKASI BEH'iYPHASI. KOMnAHIIISlJJ 123242, r. MOCKBO, nep;KonpOHOBO, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777-0104, cpaKc: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

MATEPV1At\bl K «PEfV10HAt\bH0ll1 CECCV1V1

17

VlCCJlep,oBaHVll'lX pblHKa no VlHHoBau,VlOHHOMY npoexrv CTaBATC)'! 3ap,a'm: cofipars I.1MelOUJ,VleC.A MaTepl.1aJlbl 1.1 KJlaCCI.1¢>I.1LJ,ltIpOBaTb VlX; npOBeCTVI naTeHTHbli1 aHaflltl3 no 3al'lBI.1Tefl.AM, aBTOpaMVI HanpaBfleHIiIRM; nponasecra nOVlCK KOMnaHVlI1 - YCflOBHblX KOHKypeHToB VI p,ei1CTBYlOuJ,VlX cy6beKToB psuuca B p,aHHOM cerwe-rre pblHKa. 3aTeM Ha OCHOBaHltllt1 cofipauustx MaTepl.1allOB onpenenure crpvxrvpv CYUJ,eCTBYfOUJ,ero psnuca, Bbll'lBVlTb OCHOBHblX np0I.13BOp,I.1TeJlel1, onpenens-ounoc a) npoI.13Bop,CTBeHHYfO cdiepv 1.1 6) c¢>epy ctisrra, 1.1 nOHRTb I.1X OCHOBHble PblH04Hbie CBR3101. B 3ap,a4y TaK>J<e BXOp,I.1T BblRBlleHVle KOHKpeTHblX KOMnaHIili1, nonaziaiourax B xnacreper, ¢>OPMlilpyfOUJ,liIe cerMeHTbl npOVl3Bop,CTBa VI cfisrra. 3TI.1 3ap,a4V1 4aCTVl4HO peurajorca naTeHTHblM aHaflVl30M. ELlI,e Op,HOi1 Ba}t{Hoi1 3ap,alfei1l'1BflReTCR Bbll'lBfleHVle TeHp,eHLJ,I.1i1 p,aHHoro pblHKa C uensio onpeneneuaa cerMeHTOB:

• YCTOH'-II1Bblx/cTall,I-10HapHblx nOTpe6lo1Teflei1

MaflO 1-13Mel-ifllOUJ,I1XCfI cerMeHTOB pblHKa C

YCTaHOBI1SWI-1MI-1CfI CBfl3f1MI1 11 Ka'-leCTBOM npO,ll,yKLJ,I1I1;

• ,ll,I-1HaMI-1'-1HO pa3BI1SalOw,I-1XCfI norpefiareneji - orpacneji 11 HP,YCTPI1 11, B KOTOPblX <PO pM I-1pylOTCl'1 HOBbie PbIHO'-lHble CBl'l3I-1, 1-1 Io1MeeTCl'l nOTpe6HOCTb B HOBblX Ka'-leCTBaX npop,YKlI,l1V1.

,ll,1ll'l BblJIBlleHI.1R YCTOi'ilfI.1BbIX VI p,I.1HaMI.14HO pa3BVlBaIOLlI,VlXCl'l cerMeHTOB pblHKa L-1CnOflb3YfOTC.A:

• naTeHTHbli1 aHafH13;

• aaanua p,el'lTeflbHOCH1 KOMnaHI1H;

• aHafll-13 HOBocTei1.

n13TeHTHbl11 13H13ll113 npOBOp,I-1TCR co CJlep,ylOUJ,It1MIII u,eIlRMI.1:

• AHafll-13 ,ll,el'lTeflbHOCTI1 ¢I-1PM - KOHKypeHToB;

• AHafll-13 TeHp,eHu,Vliii pa3BI1TlllfI TeXH0110rl1iii.

B K13}t{p,OM CJlYlf13e p,OJl}t{Hbl npl1MeHRTbCR pasusre MeTOp,VlKI.1 n0I.1CK13, 8 313BI.1CL-1MOCTI.1 OT CneLJ,I1<pI1KItI I1HHOBaLJ,110HHoro npoexra. nOI1CK III aHaJllt13 p,Ofl}t{Hbl npOBOp,It1TbCR B HeCKOJlbKO 3Tan08:

• onpenennrs xpvr TeXHOflOrl-1'-1eCKI-1X HanpaBfleHI-1i1 ,ll,fll'l I-1CCllep,OBaHI-1f1;

• C03p,aTb C110Bapb K11IO'-IeBbIX C110B III cneunansusrx TepMI-1HOB Ha PYCCKOM VI aHrfllllHcKoM l'l3bll<ax, BKfllO'-Ial'l

resavpvc, OCHOBHble nOHflTI1f1 11 npel1Myw,eCTsa I1HHOBaLJ,1-10HHoro npoekra;

• noziofipars I1H¢OpMau,1-10HHble I1CTO'-lHI-1KI-1 1-1 yr04HI-1Tb crparerua nOVICKa;

• np0l13BeCTI1 nOI-1CK 1-1 OT6op naTeHTHOI1 ,ll,OKYMeHTau,l-1l-1;

• ocyw,eCTBI-1Tb CI-1CTeMaTI-13aLl,I-11O 1-1 aHaflVl3 orofipauuoti VlH¢opMau,lIIl1;

• o606w,VlTb pesvnsrars: It! COCTaBIIITb OT'-IeTHble MaTeplt!aflbl.

06bl'-lHO COCTaSfll'leTCH VI CI.1CTeMaTVl31-1pyeTcH Cnl-1COK nareuroa no cJlep,yfOLlI,I1M napawerpav:

• Kllacc - HanpaSfle~l-1e;

• OpraHI13aLJ,l1l'l - naTeHTOBfla,ll,eJleLJ,;

• ASTop (1-1306peTaTellb);

• Crpasa:

• ,.QaTa ny6fl VI Ka LJ,VlIt!.

V1H<popMaLJ,1.10HHbll1 nOI.1CK KOMnaHI.1i'i p,OJl>J<eH npm13BOp,It1TbCH no pa3HbiM I.1CT04HItIKaM B OCHOBHblX 613313X p,13HHbIX, CSR3aHHbiX no TeMe C It1HHosau,1-10HHbIM npoexrow, llpocroa nOItlCK -repea CTaHp,apTHble nOl-1CKOBble CI.1CTeMbl 06bl'-lHO OKa3blBaeTCR He 3<p<j:>eKTI.18HbIM p,JlH peWeHI.1R KOHKpeTHbIX' 3ap,134 13Ha1l1.13a, HO nosasuaaer 3<j:><j:>eKTI.1BHOCTb npu nOI.1CKe C13MIt1X 6133 p,aHHblx. Heo6xop,It1MO BblHBItITb It1CTO'-lHIt1KVI It1H<j:>opMau,VlI.1 sroporo ypOBHR (8 paare 6a3 p,aHHbIX co CBOV1MVI nOI.1CKOBblMI.1 MeX13HI13MaMI1) It1 H13 3TOM arane pa60T oripenenurs VlX KOHKpeTHO. nOVlCK p,OIl}t{eH npOVl3Bop,VlTbCH no KJllOyeBblM CJlOBaM, <j:>pa3aM, C04eTaHVleM CflOB Ha OCHOBe cosnaauoro C/lOBapR TepMVlHOB, resavpvca, koropere B re-reaae nOI.1CKa p,.ItIHaMItI4eCKI1 paCWlllpRIOTCR.

CrpOren1yeCKVlM VlHHOBOUVlOHHblM MOpKerVlHf

OCH08HaR LJ,eflb ctpareravecxoro I1HHOBaLJ,1.10HHoro MapKeTI1Hra 3aKIl104aeTCR B paspafiorxe crparerua npOHI1KHOBeHI-1H HOBweCTBa Ha PbIHOK. n03TOMY B OCHOBy CTpaTerl14eCKItIX Ma pKeTI.1 HroBblX

OTKPblTOE AKUl'10HEPHOE 06llJ,ECTBO ((POCCI'1~CKASI BEH'iYPHASI KOMnAHI'1S1» 123242, r. MocKBa, nep. KanpaHoBa, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777·0104, cpClKC: +7 (495) 777-0106 e-mail: info@rU5venture.ru www.rusvenfure.ru

MATEPV1At\bl K «PEfV10HAt\bH0ll1 CECCV1V1

17

VlCCJlep,oBaHVll'lX pblHKa no VlHHoBau,VlOHHOMY npoexrv CTaBATC)'! 3ap,a'm: cofipars I.1MelOUJ,VleC.A MaTepl.1aJlbl 1.1 KJlaCCI.1¢>I.1LJ,ltIpOBaTb VlX; npOBeCTVI naTeHTHbli1 aHaflltl3 no 3al'lBI.1Tefl.AM, aBTOpaMVI HanpaBfleHIiIRM; nponasecra nOVlCK KOMnaHVlI1 - YCflOBHblX KOHKypeHToB VI p,ei1CTBYlOuJ,VlX cy6beKToB psuuca B p,aHHOM cerwe-rre pblHKa. 3aTeM Ha OCHOBaHltllt1 cofipauustx MaTepl.1allOB onpenenure crpvxrvpv CYUJ,eCTBYfOUJ,ero psnuca, Bbll'lBVlTb OCHOBHblX np0I.13BOp,I.1TeJlel1, onpenens-ounoc a) npoI.13Bop,CTBeHHYfO cdiepv 1.1 6) c¢>epy ctisrra, 1.1 nOHRTb I.1X OCHOBHble PblH04Hbie CBR3101. B 3ap,a4y TaK>J<e BXOp,I.1T BblRBlleHVle KOHKpeTHblX KOMnaHIili1, nonaziaiourax B xnacreper, ¢>OPMlilpyfOUJ,liIe cerMeHTbl npOVl3Bop,CTBa VI cfisrra. 3TI.1 3ap,a4V1 4aCTVl4HO peurajorca naTeHTHblM aHaflVl30M. ELlI,e Op,HOi1 Ba}t{Hoi1 3ap,alfei1l'1BflReTCR Bbll'lBfleHVle TeHp,eHLJ,I.1i1 p,aHHoro pblHKa C uensio onpeneneuaa cerMeHTOB:

• YCTOH'-II1Bblx/cTall,I-10HapHblx nOTpe6lo1Teflei1

MaflO 1-13Mel-ifllOUJ,I1XCfI cerMeHTOB pblHKa C

YCTaHOBI1SWI-1MI-1CfI CBfl3f1MI1 11 Ka'-leCTBOM npO,ll,yKLJ,I1I1;

• ,ll,I-1HaMI-1'-1HO pa3BI1SalOw,I-1XCfI norpefiareneji - orpacneji 11 HP,YCTPI1 11, B KOTOPblX <PO pM I-1pylOTCl'1 HOBbie PbIHO'-lHble CBl'l3I-1, 1-1 Io1MeeTCl'l nOTpe6HOCTb B HOBblX Ka'-leCTBaX npop,YKlI,l1V1.

,ll,1ll'l BblJIBlleHI.1R YCTOi'ilfI.1BbIX VI p,I.1HaMI.14HO pa3BVlBaIOLlI,VlXCl'l cerMeHTOB pblHKa L-1CnOflb3YfOTC.A:

• naTeHTHbli1 aHafH13;

• aaanua p,el'lTeflbHOCH1 KOMnaHI1H;

• aHafll-13 HOBocTei1.

n13TeHTHbl11 13H13ll113 npOBOp,I-1TCR co CJlep,ylOUJ,It1MIII u,eIlRMI.1:

• AHafll-13 ,ll,el'lTeflbHOCTI1 ¢I-1PM - KOHKypeHToB;

• AHafll-13 TeHp,eHu,Vliii pa3BI1TlllfI TeXH0110rl1iii.

B K13}t{p,OM CJlYlf13e p,OJl}t{Hbl npl1MeHRTbCR pasusre MeTOp,VlKI.1 n0I.1CK13, 8 313BI.1CL-1MOCTI.1 OT CneLJ,I1<pI1KItI I1HHOBaLJ,110HHoro npoexra. nOI1CK III aHaJllt13 p,Ofl}t{Hbl npOBOp,It1TbCR B HeCKOJlbKO 3Tan08:

• onpenennrs xpvr TeXHOflOrl-1'-1eCKI-1X HanpaBfleHI-1i1 ,ll,fll'l I-1CCllep,OBaHI-1f1;

• C03p,aTb C110Bapb K11IO'-IeBbIX C110B III cneunansusrx TepMI-1HOB Ha PYCCKOM VI aHrfllllHcKoM l'l3bll<ax, BKfllO'-Ial'l

resavpvc, OCHOBHble nOHflTI1f1 11 npel1Myw,eCTsa I1HHOBaLJ,1-10HHoro npoekra;

• noziofipars I1H¢OpMau,1-10HHble I1CTO'-lHI-1KI-1 1-1 yr04HI-1Tb crparerua nOVICKa;

• np0l13BeCTI1 nOI-1CK 1-1 OT6op naTeHTHOI1 ,ll,OKYMeHTau,l-1l-1;

• ocyw,eCTBI-1Tb CI-1CTeMaTI-13aLl,I-11O 1-1 aHaflVl3 orofipauuoti VlH¢opMau,lIIl1;

• o606w,VlTb pesvnsrars: It! COCTaBIIITb OT'-IeTHble MaTeplt!aflbl.

06bl'-lHO COCTaSfll'leTCH VI CI.1CTeMaTVl31-1pyeTcH Cnl-1COK nareuroa no cJlep,yfOLlI,I1M napawerpav:

• Kllacc - HanpaSfle~l-1e;

• OpraHI13aLJ,l1l'l - naTeHTOBfla,ll,eJleLJ,;

• ASTop (1-1306peTaTellb);

• Crpasa:

• ,.QaTa ny6fl VI Ka LJ,VlIt!.

V1H<popMaLJ,1.10HHbll1 nOI.1CK KOMnaHI.1i'i p,OJl>J<eH npm13BOp,It1TbCH no pa3HbiM I.1CT04HItIKaM B OCHOBHblX 613313X p,13HHbIX, CSR3aHHbiX no TeMe C It1HHosau,1-10HHbIM npoexrow, llpocroa nOItlCK -repea CTaHp,apTHble nOl-1CKOBble CI.1CTeMbl 06bl'-lHO OKa3blBaeTCR He 3<p<j:>eKTI.18HbIM p,JlH peWeHI.1R KOHKpeTHbIX' 3ap,134 13Ha1l1.13a, HO nosasuaaer 3<j:><j:>eKTI.1BHOCTb npu nOI.1CKe C13MIt1X 6133 p,aHHblx. Heo6xop,It1MO BblHBItITb It1CTO'-lHIt1KVI It1H<j:>opMau,VlI.1 sroporo ypOBHR (8 paare 6a3 p,aHHbIX co CBOV1MVI nOI.1CKOBblMI.1 MeX13HI13MaMI1) It1 H13 3TOM arane pa60T oripenenurs VlX KOHKpeTHO. nOVlCK p,OIl}t{eH npOVl3Bop,VlTbCH no KJllOyeBblM CJlOBaM, <j:>pa3aM, C04eTaHVleM CflOB Ha OCHOBe cosnaauoro C/lOBapR TepMVlHOB, resavpvca, koropere B re-reaae nOI.1CKa p,.ItIHaMItI4eCKI1 paCWlllpRIOTCR.

CrpOren1yeCKVlM VlHHOBOUVlOHHblM MOpKerVlHf

OCH08HaR LJ,eflb ctpareravecxoro I1HHOBaLJ,1.10HHoro MapKeTI1Hra 3aKIl104aeTCR B paspafiorxe crparerua npOHI1KHOBeHI-1H HOBweCTBa Ha PbIHOK. n03TOMY B OCHOBy CTpaTerl14eCKItIX Ma pKeTI.1 HroBblX

OTKPblTOE AKUl'10HEPHOE 06llJ,ECTBO ((POCCI'1~CKASI BEH'iYPHASI KOMnAHI'1S1» 123242, r. MocKBa, nep. KanpaHoBa, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777·0104, cpClKC: +7 (495) 777-0106 e-mail: info@rU5venture.ru www.rusvenfure.ru

18

MATI§PV1AAbl K «CECCV1Vl nPAKTV1'-1ECKOfO KOHCAATVlHfA)}

v ~ f

npOrH03L-1pOBaHVle cnpoca Ha HOSblL-1 TOSap, OCHOSaHHOe Ha ,ll,OCKOHallbHOM L-13Y4eHVlVl BOCnpVllHL-1~

norpetiarenev HOBWeCTBa. B xozie CTpaTerL-14eCKL-1X L-1CClle,ll,OBaHL-1i1 PYKOSO,ll,L-1Tellb VlHHOSaLl,L-10HHOrO npcexra ,ll,OmKeH onpezienare KaKYIO npO,ll,YKLI,L-1IO, KaKOrO Ka4eCTBa L-1 KaKL-1M nOTpe6L-1Tell~M OH 6Y,ll,eT npennarars. n03TOMY CTpaTerVl4eCKL-1i1 MapKeTVlHr OpVleHTL-1pOSaH Ha TecHbli1 KOHTaKT pa60THL-1KOB MapKeTVlHrosblX L-1 COLl,L-101l0rL-14eCKL-1X c1lY}f{6 npermpusraa C norpetinrenev (aHKeTl1pOBaHL-1e, onpoc no reneoosv, penpe3eHTaTL-1BHble BbI60PKL-1 VI T. zi.).

flpouenvpu CTpaTerL-14eCKL-1X MapKeTL-1HroBbIX L-1CClle,ll,OBaHL-1i1:

• AHaJll.13 norpefiuocreii:

• npL1BJleKaTeJlbHOCTb;

• KOHKypeHTocnoco6HOCTb;

.• Bbl60p «noproens npop,yKu,Y1L1»;

• Bbl60p VlHHoBau,L10HHoi.1 CTpaTerL-1Y1 pa3BL1TI1.A.

OnepOTJ.1BHbIH J.1HHOBOUJ10HHbIH MOpKeTJ.1Hf

Ha srane OnepaTL-1BHOro MapKeTVlHra paapafiareraaiorca KOHKpeTHble <!>0PMbl peallL-13au,L-1L-1 Bbl6paHHoi1 L-1HHoBau,L-10HHoi1 CTpaTerL-1L-1. OnepaTL-1BHbli1"MapKeTL-1Hr Hau,elleH Ha MaKCL-1MI·13aLl,L-11O npL-16blllL-1 L-1 06beMa npona:«, nO,ll"ll,ep}f{aHL-1e penYTau,L-1L-1 q,L-1PMbl, paCWL-1peHL-1e ,ll,OIlL-1 puuxa. OH TeCHO CBfl3aH C nOH~TL-1eM «KOMnOHeHTOB MapKeTL-1Hra» (<<MapKeTL-1Hr ML-1KO> V11lL-1 «4n»), koropste RBllfllOTCfl OnepaTL-1BHbiM sapV1aHTOM peWeHL-1i1, npL-1HL-1MaeMbIX B npouecce vnpaaneuus MapKeTVlHrOM Ha npe,ll,npL-1RTL-1L-1.

KpoMe pa3pa6oTKL-1 KOMnOHeHTOB MapKen1Hra, OnepaTL-1BHOe vnpaaneaue MapKeTL-1HrOM Ha

npe,ll,npL-1flTL-1L-1 BKfl104aeT:

"

• COCTaBJleHL1e nl1CbMeHHoro nnaua MapKeTI1Hra, B KOTOPOM CBOp,I1TCR BOep,ItIHO CTpaTenH1 MapKeTI1Hra

npep,npI1RTWI. nllaH CIlY}f{ItIT PYKOBOP,CTBOM p,IlR nepcouana npep,npL1.ATL1R, sauaroro B MapKeTL-1HroBbIX MepOnpl1.ATL1RX;

• nonrorosxv cweru. I1HTerpI1PYIOw,ei.1 npou,ecc MapKeTltIHra B paMKax o6w,ero 61Op,}f{eTa npep,npl1.ATI1H;

• KOHTPOllb MapKeTltIHroBoi.1 p,eRTellbHOCTL-1 npep,npI-1RTI-1f1 (KOHTPOJlb e}f{erop,Hblx nJlaHOB, npl-16blllbHOCTItI, 3¢¢eKTItIBHOCTL-1 1-1 CTpaTerl-14eCKI-1i.1 KOHTpOllb).

KOMnOHeHTbl MapKeTL-1Hra L-11lV1 -rersrpe «P», KaK OHV1 Ha3blBalOTCfl nO-aHrllltli1cKL-1, - 3TO Product, Price, Place, Promotion. V11l1t1 no-pvccxu: npO,ll,YKT (rosap}, Ilnara (ueua), npo,ll,a}f{a (MeCTo npo,ll,a}f{L-1) L-1 npO,ll,BI-1}f{eHL-1e npO,ll,yKLJ,I-1L-1. Bce 3TL-1 -rersipe COCTaBIlRIOw,l-1e oneparuanoro MapKeTL-1Hra HaLJ,efleHbl Ha naroe «Ib - floxvnarena (People), flBIlRIOw,erocR u,ellblO Bcei1 Bawei1 crparerau MapKeTI-1Hra.

V1MeIOTcR paaaoofipasaue KaHallbl CBR31-1 C nOTeHLJ,L-1aflbHbIML-1 KIlL-1eHTaML-1. V1x ,ll,l-1ana30H - OT cBR3ei1 C otiuiecraeunocrsio, npl-13BaHHbix <!>0pMl-1pOBaTb I-1ML-1,ll,}f{ npe,ll,npl-1flTL-1R L-11l1-1 npO,ll,YKu,I-1L-1, ,ll,O nepcouansaoa npo,ll,a}f{L-1 C u,ellblO ocvuiecrsneaaa npsworo c6blTa. Ka}f{,ll,bli1 kauan npO,ll,BL-1}f{eHL-1fl npO,ll,yKu,I-1L-1 nperinaraer Ha Bbl60p pfl,ll, L-1HCTpYMeHTos. B 3aBL-1CL-1MOCTL-1 OT BItI,ll,a npennaraewoji npO,ll,YKu,L-1L-1 L-11lL-1 yCllyr Bbl MO}f{eTe L-1CnOflb30BaTb clle,ll,YIOw,L-1e I-1HCTpYMeHTbl npO,ll,BL-1}f{eHL-1R:

OTKPblTOE AKUlo10HEPHOE OSW,ECTBO «POCCIo1~CKASI BEH'-IYPHASI KOMnAHIo1S1ll 123242, r. MOCKBO, nep. Konpoaoao. A. 3, CTp. l.

TeAecpoH: +7 (495) 777-0104, CPOKC: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

MATEPV1A;\bl K ({PErV10HA;\bHOili CECCV1V1

19

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~blT~AAeKTyaAbHoi1 co6CTBeHHOCTvt B vtHHOBOLl,vtOHHOM 6vt'3Hece.

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KaKltle >l<e AeVicTBItlR AOIl>KHbl nocnenoaars sa peWeHltleM q,ItlPMbl cepsesuo 3aHRTbCR

KOMMeplI,Itlall1tl3all,ItleVt csoeji ItlHTelllleKTyaflbHOVt c06CTBeHHOCTItI? npe>KAe acero, YLJI-1TblBafl

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B VIA, bl VlHTeMeKTYOllbHOM co6CTBeHHOCTVI 11 VlX npOBOB051 30W,VlTO Me>KAYHopOAHOSI 30WI-na HHTeAAeKTYOAbHOH co6CTBeHHOCTH

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BOItiC 6bllla C03j..1,aHa KOHBeHlI,VleVt BOItiC S 1967 r. III nOllY41tlfla MaHAaT OT CBOI-1X rOCYj..l,apCTS-YlleHOS Ha cOp,eVtCTSVIe oxpaue ItIC so sceM MVipe nYTeM COTpYAHVlLJeCTBa Me>KAY roCYAapCTsaMI.1 VI BO B3al.1MOAeVtCTBI-11.1 C APyrltlMVI Me>KAYHapoAHbIMI.1 OpraHI-13au,ItIRMVI. WTa6-KSapTltlpa BOItiC HaXOAItlTCR B }l{eHeBe (Lllaesiuapaa].

BOItiC B nOHHTVle "VlHTellfleKTyallbHaH c06CTseHHOCTb" BKfllOLJaeT rtpasa, OTHOCRUJ,VleCH K:

• !UneparypHbIM, xYAOl'KeCTBeHHblM 1-1 HaYLJHblM np0I-13BeAeHI-1HM;

• I-1CnOflHI-1TeflbCKOVI AeHTeflbHocTI-1 apnfCTOB, 3BYK03anItiCItI, paAltio - 1-1 TefleSI-13110HHbiM nepeA343M;

• 11306peTeHitiRM BO ecex 06fl3CTHX LJellOBeLJeCKOVI AeHTeflbHOCTItI;

• H3Y4HbiM OTKpbITItIRM;

• npOMblWfleHHblM 06p33U,3M;

• TOBapHblM 3H3K3M, 3H3K3M 06CflY>KI1S3HI1R, Q)l1pMeHHblM H31t1MeHOB3HItIRM 11 KOMMep"leCKI1M 0603H3"1eHItIRM;

• 33w,1.1Te npOH1B HeA06pocoseCTHOVI KOHKypeHIJ,ItIIti.

BOV1C okaasraaer cOAei1CTBVle nOj..l,nltlCaHl-11O HOBblX Me>l<AYHapoAHblX corflaWeHI-1Vt 1-1 MOAepHItI3al:l,1tI1tl Hall,ltlOHaflbHblX 3aKOHOAaTeflbCTB, cnocoticrsver aAMVlHItlCTpaTItlBHOMY COTpYAHItI4eCTBY Me>KAY CTpaHaMVI, npenccrasnaer TeXHVl4eCKYIO nOMOUJ,b pa3BItlSalOUJ,VlMCR CTpaHaM VI otiecne-msaer AeRTeflbHOCTb cflY>K6, xoropsre ofiner-raror Me>l<AYHapoAHYIO sauurrv 1.1306peTeHI.1Vt, 3HaKOB VI

OTKPblTOE AKLI,Io10HEPHOE 06UJ,ECTBO nPOCCIo1V1CKASI BEH'iYPHASI KOMnAHItISlI) 12324.2, r. MocKBa, nep. Konpuaoeo. A. 3, c'rp.T.

Tel\ecPoH: +7 (4.'15) 777-0104., cPClKC: +7 (4.'1S) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

20

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-:

npOMblWJleHHblX o6f.:}a3L;1,G8. npli1 B:OMC p,eVlcTByeT LJ,eHTp no ap61.1Tpa}f{y 1-1 nocpezn-avecrsv. C 1999 ro,t;J,a BOIt1C npenocrasnser ycnyrl-1 no vpervnupoaaamo cncpos, xoropue B03HI-1KaKlT npu perltlcrpa8;lo1' ItICnOllb30BaHI-11t1 Ral160flee pacnpocrpaueunux TI1nl-14HbiX Ha3BaHI-1V1 p,OMeHOB B It1HTepHeTe (.ca ,.n

:/' .org). BOIt1C ocvuiecranaer vnpasneaae 21 COrJlaWeHl1eM, xoropsre OXBaTblBaKlT OCHOBHble acne, il"bl."

I-1HTellfleKryaJlbHOVI c06cTBeHHocTVI. KflKl4eBblMI1 corllaWeHI-1HMI-1 HBflRKlTCH napl-1}f{CKaH KOHBeHlJ,ItIR 06 oxpaue npOMblWfleHHOVi c06cTBeHHocTI1 (1883), EiepHcKaH KOHBeHLJ,I1H 06 oxpaue J1I.1TepaTypHblX 11 xyp,O}f{eCTBeHHbIX npov13Bep,eHI1V1 (1886), nVlcca60HcKoe cornaureuue 06 oxpaue HaI-1MeHOBaHI-1V1 MeCT npOI-1CXO}f{p,eHI-1H iii I1X Me}f{p,YHapop,HoVi perl-1CTpaLJ,1tI1-1 (1958), iaarCKoe cornaureuue 0 Me}f{p,YHapop,HOM p,enOHltlpOBaHI-1I-1 npOMblWfleHHblX 06pa3LJ,OB (1934).

HHTeAAeKTyoAbHOSI co6CTBeHHocTb B POCCHH

B POCCI1I-1 C 01 HHBapfi 2008 acrvnana B CI-1Jly 4 4aCTb ipa}f{p,aHCIWro Honexca (B COOTBeTCTBVlI-1 C <j>ep,epaJlbHbIM 3aKOHOM or 18.12.2006 NQ 231-<P3), pasnen VII «Flpasa Ha pesvnsrars:

(.1 HTeJlJleKryallbHOVI p,eHTeJlbHOCTItI ItI cpencrsa VlHp,I-1BI1p,yaJlItl3aLJ,VlI-1», KOTOPblVi onpenenaer

ItIHTellJleKryallbHYKl c06CTBeHHocTb KaK cnncox pe3YJlbTaTOB I-1HTeJllleKryaJlbHoL:1 p,eHTeJlbHOCTIII ItI cpencrs I1Hp,I1BItlp,yaJlItl3aLJ,I-1I1, KOTOPblM npep,OCTaBJlHeTCH npaaosaa oxpaaa. TaKItIM 06pa30M, COrJlaCHO rK PCP ItIHTeJllleKTyallbHol1 c06cTBeHHocTbKl HBJlHIOTCH:

1) np01tl3Be,ll,eHI1H HaYKItI, rurreparvpsi 11 I1CKyccTBa;

2) nporpaMMbl AfIH 3JleKTpOHHbiX BblYI1CJlI1TeJlbHblX MaWI1H (3BM);

3) 6a3bl AaHHblx;

4} lo1CIlOJlHeHItIH;

5) q>OHorpaMMbl;

6) co06w,eHltle B 3<pI1P 11J11t1 no Ka6eJllO paAl1o- ItIJlI1 renenepena-i (Bew,aHl-1e OpraHl13all,l1~ 3<pl1pHoro ItIJlI-1 Ka6eJlbHoro Bew,aHI1H);

7) 11306peTeHI1H;

8) nonesusre MOAeJlItI;

9) npowsuuneunue otipasusr;

10) CeJleKlI,ltIOHHbie AOCTItI>KeHItIR;

11) TOnOJlOfl11t1 I1HTerpaJlbHblX MI1KpOCXeM;

12) cexperst npOItl3BOp,CTBa (uov-xav):

13) <pl1pMeHHble HaItlMeHOBaHItIR;

14) roeapasre 3HaKitl ItI 3HaKitl o6CJlY>lu1BaHI1R;

15) Hal1MeHOSaHI1R MeCT npo(.1CXO>Kp,eHItIR roaapoe:

MeHeA>KMeHT 0HTeAAeKTYOAbHOt:! C06CTBeHHOCT0 B 0HHOBOLJ,00HHOM 603HeCe

It1TaK, cua-rana He06xop,ItIMO onpenenurs, "ITO ItI rp,e Hap,o narearosare, a "ITO coxpa-urn, B TaV!He. npVl 3TOM CTOItIT nop,YMaTb a B03MO}f{HOVi saumre TOBapHblX 3HaKOB 1-1 npOMblWJleHHblX 06pa3L.J,OB,

. OTHOCHUJ,ItIXCH K BblflYCKaeMOVI npop,YKLJ,ItIItI. npaKH1Ka noxaaeraaer, "ITO norcrun qmpMbl, a TaK}f{e ee opltlrltlHaJlbHOe HaltlMeHOBaHltle rosce HY}f{p,aKlTCR B COOTBeTCTBYIOUJ,eVi npaBOBOV! saunrre.

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TeAecpoH: +7 (495) 777-0104, cpaKc: +7 (495) 777-0106 e-mail: info@rU5venture.ru www.rusventure.ru

MATEPV1AAbl K «PEiV10HAAbHOM CECCV1V1 np

21

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r ~~ ~

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06b€KTOB I-1HTeJlfleKryaJlbHOH co6CTBeHHOCTI-1 Ha p,aHHOM npennpnaraa.

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• zioroeop 06 oTLiy>t<,ll,eHVlIi1 Ii1CKJlIOLiIi1TeJlbHOrO npasa:

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B cnv-iae 3aKJlIOLJeHVll'l ,ll,oroBopa 06 OTLJY}I{p,eHVlIII t.1CKJlIOLJIIITeJlbHoro npasa. npaaooenaaarens nOflHOCTblO nepenaer ace IIIMyw,ecTBeHHble npaaa ,ll,pyroMY JlIIIU,Y, KOTOpoe CTaHOBIIITCl'l Bflap,eJlbu,eM 3TI-1X npas, 06beKT nOJlYLJaeT HOBOro snanensua co BCeMI-1 BbITeKalOUJ,I-1MI-1 1-13 sroro nOCJlep,CTBI-1l'lMI-1. 3TOT BVI,ll, ,ll,orOBopOB BO MHOroM cxoneu C ,ll,orOBopOM KynflVl-npOp,3}1{t.1, B peavrusrare xoroporo 06beKT nonv=aer p,pyroro anaaensua.

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Cvuiecrsver HeCKOJlbKO BVlp,OB JlVlu,eH3V10HHoro p,orosopa, OHVI onpezienaercn o6beKToM

flVlu,eH3I1pOBaHVlH, o6beMoM nepenaaaemerx nOJlHOMOLJVlVt, uensio coaepuraeraoji Cp,eJlKVI. B 3aBlllCVlMOCTVI OT 06beKTa flVlu,eH3V1pOBaHVll'l, cyw,eCTSYIOT Cflep,YIOw,Vle pa3HOBVI,ll,HOCH1 cOrJlaWeHI1Vt 0 nepena-re npaa ua Vlcnoflb30SaHIII.e nareuruoro npasa c06cTBeHHocTIll.:

• 1IV1lJ,eH3I1R Ha t.1306peTeHVle (nonesuvro MOp,eJlb);

• IlVllJ,eH3t.111 Ha npOMblWJleHHblH ofipaseu;

• p,orOBOp (JI.VllJ,eH3V1R) ° nepenase Hoy-xay;

• 1IV1u,eH3V1R Ha TOBapHblH 3HaK.

Pa3J1.VlYVlR Jl.Vlu,eH3110HHbIX ,ll,OrOBOpOB onpezienaiorca CBoHCTSaMI-1 nepenasaeraoro no cornaureruuo 06beKTa [.1 TeM cO,ll,ep}l{aHVleM, xoropoe SKJla,ll,blsaeTCH B noaarue t.1CKJlI04.IIITeJlbHOrO npasa aa

OTKPblTOE AKLI,Io10HEPHOE 06l.UECTBO uPOCCI1HCKMI BEH'IYPHMI KOMnAHI151)) 123242, r. MOCKBO, nep. KonpoHoBo, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777-0104, CPOKC: +7 (495) 777·0106 e-mail: info@rusventure.ru www.rusventure.ru

22

MATE'PVtA/\bl K «CECCVtVt nPAKTVt'1ECKOiO KOHCA/\TVtHiA»

• nonusre fllllu,eH3111111;

• III CKfl 10'-1 IIITefl bHble fI III ueus ill III;

• HelliCKfllO'-IIliTeflbHble fllllu,eH3111111;

• orxpsrrsre fllllu,eH3111111 III Ap.

HcnOJlb30BaHI-1e CQ6CTBeHHQClil-1. BI>1A flHlJ,eK31-10HHoro ziorosopa 3aBI-1CHT OT 06beMa npaa:

it1HTeJlJleKryaJlbHaR C06CTBeHHOCTb MO>t<eT RBJlRTbCR 06b.eKTOM I-1Myw,eCTBa, KOTOPblM MO>t<HO He TOJlbKO enaaere, nOJlb30BaTbCR H pacnopaxcarsca. npl-1 npaSI-1JlbHOM ,ll,oKYMeHTaJlbHOM O<popMJleHI-1H, OlJ,eHKe, Y4eTe 1-1 vnpaane+nia I-1HTeJlJleKTyaJlbHoi1 co6CTBeHHOCTblO ee MO>t<HO HcnOJlb30BaTb B YCTaBHOM KanHTaJle 1-1 B X03R~CTBeHHO~ ,ll,eRTeJlbHOCTH npeAnpl-1RTI-1R B Ka4eCTBe HeMaTepHaJlbHblX aKTHBOB 1-1 I-1Myw,eCTBa npezmpaaru».

OTKPblTOE AKU~OHEPHOE 06UJ,ECTBO ({POCC~VlCKAjI BEH'iYPHAji KOMnAH~jllI 123242, r. MocKBa, nep. Konpcaoao. A. 3, CTp. 1,

TeAecpoH: +7 (495) 777-0104. cpaKc: +7 (495) 777-0106

e-mail: info@rusventure.ru www.rusventure.ru

23

3ap,a4a q,V1HaHCOBbIX MOp,el1ei'i _ C03p,3Tb KapTV1HY cOBoKynHocTV1 q,V1HaHCOBbIX V1 3KOHOMV1yeCKV1X noxaaarenea. ¢V1HaHCOBble MOp,eJlV1 MO>KHO CTPOV1Tb P,MI KOMnaHl-11-1 1-1111-1 nna npoesra.

TV1noBaR q,J.1HaHCOBaR MOp,el1b COCTOI-1T V13 CBR3KV1: 6al1aHCbl _ q,V1HaHcOBble pesvnsraru _ p,BI-1>KeHl-1e p,eHe>KHbIX cpezicrs. 3fleMeHTbi 3TOi'i CBR3KI-1 cooTBeTcTBYIOT rpera OCHOBHblM TV1naM q,V1HaHCOBbIX OT4eTOB V1 rpera OCHOBHblM 6yxraflTepCKI-1M q,0PM3M:

• 6aJlaHCOBblVJ OT4eT (cpopMa 1);

• OT4eT 0 q,J.1HaHCOBblx pesvnsrarax (q,opMa 2);

• OT4eT 0 p,BJ.1}f{eHJ.1J.1 p,eHe}f{HbIX cpencrs (cpopMa 4).

OT'-IeTbl OTpa>KalOT CYTb Haxop,Rw,ei'icR B HV1X I.1Hq,opMaLl,I-1V1, a 6yxraflTepcKV1e q,OPMbl '_ 3TO q,OPMbl oT06pa>KeHV1f1 TaKoi'i V1Hq,opMaLl,V1V1, YTBep>Kp,eHHble M 1-1 Hq,1-1 HOM p'flR OT'-IeTHOCTI-1 npe,ll,npV1f1TV1I.1.

no CyTI-1 TpV1 OCHOBHblX OT4eTa OTpa>KaIOT:

• aKTJ.1Bbl B paspese crpvxrvpu iii IiICT04HJ.1KJ.1 06P330B3HWI 3KH1BOS;

• p,OXOp,bl, pacxonei J.1 CPIiIH3HCOBblVJ pe3YJlbT3T;

• p,eHe}f{Hble nocrvnneuna J.1 nnarexoi, OCTaTOK ..., Aeq,J.1LJ,J.1T/npoq,ml,J.1T p,eHe}f{HbIX cpencrs.

V13 COp,ep>KaHI-1R 3TV1X rpex 3fleMeHTOB MO>KHO pacc-urrars MHorV1e (HO He see) q,I-1HaHCOBble 11 3KOHOMftlLfeCKI1e nOK33aTeJlJ.1. 5yxraflTepCKI1e q,OPMbl OTyeTOB, YTBep>K,ll,eHHble MftlHq,ftlHOM, MO>KHO I1CnOflb30B3Tb AflR CTblKOBKI1 p,aHHbIX OCHOBHblX ,ll,OKYMeHTOB q,IiIHaHCOBoro nnaaa J.1 6yxraJlTepCKOro v-rera (OT'-IeTHOCTI1), HO HeJlb3R Ha HI1X onaparsca npl1 pac-ierax, T. K, V1X CTpYKTYpa He scerzia COOTBeTcTByeT nOTpe6HOCTRM npep,npJ.1RH1R C TOLfKJ.1 3peHI1R npenocrasneuaa q,I1HaHcoBoi'i I1Hq,opMaLl,I1I1 p,JlR npl1HRTI1R ynpaBJleHyeCKI.1X peWeHIiII.1.

Bxcnaume 11 I1cxop,Rw,l1e p,aHHble Moryr HaXOp,I1TbCR B pasuux KOM6Ii1HaLl,I1RX. Tpap,I1L1,I10HHO COCT3BJleHI1e OCHOBHblX q,J.1H3HCOBbIX nJlaHOB HaYJ.1HaeTCR C nonrorosxa nnaua p,BI1>KeHI-1R p,eHe>KHbIX cpezicrs, a 33K3H'-IIiIBaeTCR nop,roTOBKOI.1 nporuosaoro 6aJlaHca. MeTOp,I-1Ka pac-iera serrexaer 1-13

nocrareiiuoro COp,ep>KaHI1R Ta6JlI-1L1,. IJlaBHOe coanars B3aVlMOYBR3aHHYlO ,ll,V1HaMIiI4eCKYIO

KOMnJleKCHYIO KapTI1HY KOMnaHliI11 I1JlI-1 rrpoekra ua onpep,eJleHHbli'i CPOK, cnporucsnpcears

q,I1H3HCOBble nokaaarenu 11 <pVlHaHCOBoe COCTORHl.1e. 3ap,aHHbll.1 nepaozi nJlaHVlpOBaHI-1R pa3611BaeTCR Ha OT4eTHbie nepaoziu, no Ka>Kp,OMY 1-13 KOTOPblX MO>KHO YBI-1p,eTb Tpe6yeMbie nOKa3aTeJlI1.

,ll,JlR C03p,aHI1R MOp,eJlIiI Heo6xop,IiIMO Bblp,eJlI1Tb:

• TJ.1nOBble arperaposanuue noxaaarenn (CTaTbJ.1) OT4eTOS;

• AeTaJlJ.13J.1pOSaHHble nOKa3aTeJlJ.1 (crarsu) OT4eTOB B COOTBeTCTBJ.11i1 C oco6eHHocTRMI1 KOMnaHJ.1J.1 [npoexra},

CTPYKTypa p,OKYMeHTOB q,I1HaHcoBoi'i MOp,eJlI1 onpenenaerca I1Hp,I1BVlp,yaJlbHO I1CXOp,R 1i13 ocofieuuocreti npoexra, HO C Y4eToM o6w,enpl-1HRTblX paszienoe iii npIiIHLI,I·1nOB nOCTpOeHJ.1R.

B BeH'-IypHoM npoexre noreuuaansuoro I1HBeCTOpa IiIHTepeCYIOT He TOJlbKO OKOH4aTeJlbHbie p,OKYMeHTbl q,J.1HaHcoBoi'i MOp,eJlVl, HO I-1CXOp,Hble p,aHHble, Ha OCHOBe KOTOPblX nocrpoeua npencrasneuuaa MOp,eJlb. TaK -rauie acero B cJWIHaHCOBYIO MOp,eJlb IiIHHOB3u,110HHOrO npoexra BKJlIO'-IaIOT:

• nJlaH npcna:«:

• nJlaH no nepco-ranv:

• CMeTa pacxozioa:

• nporuos no npJ.16blflRM 11 y6bITK3M;

• 4J.1CTbIVJ p,eHe}f{H blVJ nOTOK.

OTKPblTOE AKlI,III0HEPHOE 06U1ECTBO l{POCCllllilcKA~ BEH'iYPHA~ KOMnAHIII~)) 123242, r. MocKBa, nep. KanpoHoBa, A. 3, CTP, 1.

TeAecpoH: +7 (495) 777-0104, cpaKC: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

nPAKTVl.-lECKOfO KOHCAATVlHfA)}

24

/

/"

04eHKaUHBecmU4uOFlHOU npuB}1eKomefloHOCmU npoesmo . ~ ~ ~~ OCHOBHblM 3TanOM B OLl,eHKe 3q,q,eKH1BHOCH1 I1HBeCH1L1,IiIOHHOrO npoexra HBflHeTCH pac-ter no 'a3a~"< VV 3q,q,eKTIiIBHOCTIII 6Y,ll,yll.\IiIX IIIHBecTIllu,III~. Haafionee 4aCTO B MIllPOBO~ III OTe4eCTBeHHO~ n.pa ,iTlit I1cnOJlb3YlOTCH Cflep,YIOll.\lIIe nOKa3aTe)lIII:

~ 'mCTaR npaseneaaaa CTOVlMOCTb, NPV (net present value);

• nepuon oxvnaeraocra, PP (payback period);

• VlHp,eKC npVl6blllbHOCTI.1, PI (profitability index);

• BHyTpeHHHR HopMa peHTa6ellbHOCTII1, IRR (internal rate of return);

• K03q,IflVlLJ,VleHT peHTa6ellbHocTVI II1HBecTVlu,VI~, ROI (return on investment);

• K03q,q,I.1u,l.1eHT "u,eHa/npIl16blllb", PIE, (price to earnings).

04eHKa cmoursocmu UHHoeo4uOHH020 npoeuma

fflaBHaH saaa-ra aaanasa CTOIIIMOCTIiI KOMnaHVlIII - p,OCTIII>t<eHllle KOMnpOMlIIcca Me>t<,o,y CTopoHaMIII. ~eflblO OCHOBaTeJle~ KOMnaHlII11 HBJlHeTCfI nOJlY4eHllle 60flbWI1X 06beMOBI1HBeCTIiILI,IiI~ npa MeHbweM paamepe nepenaaaewsix aKLI,IIII1, roraa KaK u,eJlIII BeH4ypHoro xanaranucra npHMo nporaeononoaoru. TeXHI14eCKIII KOMnpOMI1CC p,OCTlllraeTCfI -repea acecropouaee 1i13Y4eHVle napawerpos (HaCTORll.\VlX 11 nporuosasrx] oueuaaaeraoro npoexra, -raute acero - era <pIIIHaHCOBbIX nOTOKOB III nOCfle,o,ylOll.\VlX cnopos OTHOCIIITeJlbHO IIIX 3Ha4eHIIII1.

Ha cero,o,HHWHI1~ p,eHb Hal-160JlbWee pacnpocrpaueaae nOJlY411fll1 Cflep,YIOll.\l1e nHTb MeTO,o,os oLl,eHKI1 seH4ypHbiX npoexroa:

Ta6/1uu,a 2. MemoiJbl ou,eHKu eenuypnux npoeumoe

CTOI-lMOCTb KOMnaHHI-l onpenenserca Ha 6a3e cy6beKHfBHbfX MHeHI-li1 ee ocuoaarenea H I-lHBeCTOpa

MeTOA conocraaasusx o ue HOK

l-1cnonb3YIOTCH K03!pq,HI..\HeHTbl OTHOWeHl-lil CTOHMOCTI-l K Onepal..\HOHHblM nOKa3aTenilM p,!1il KOMnaHHIii, aHanOrl-l4HbiX Ol..\eHHBaeMolii no OTpaCJ1H, ypOBHIO pHCKa, pasraepare, TeMnaM pOCTa

MeTOA AHCKoHTHpyeMoro AeHelKHoro nOTOKa (DeF)

6YAYll.\l-le 4HCTbie AeHelKHble nOTOKI-l sa nporHo3Hbilii nepuor; (5-10 ner) AHCKOHTHPYIOTCil no q,opMyne CJ10IKHbIX np0l..\eHTOB. l-1cnonb3yeTcH K03q,q,HI..\HeHT AHCKOHTHpOBaHHil, paBHbflii cpeAHeB3BeweHHolii CTOHMOCn1 xanarana AJlil KOMnaHI'IH. ,lJ,HCKOHTHpOBaHHafi CTOHMOCTb Ha {(BblxoAe» (TepMHHanbHaH) raxsce Y4HTbiBaeTCfl B Ka4eCTBe cnaraeworc

BeH4YPHbilii MeTOA

[lpcn-oaapverca npOAalKHail CTOHMOCTb KOMnaH .... I'I Ha «BbIXOAe». ,lJ,aHHail CTOHMOCTb AI'ICKoHTl'lpyeTcfl no cnel..\I'IanbHOIii (<<BeH4YPHolii») CTaBKe 40-75 % ronoserx AJlfl onpeneneuas TeKYll.\eH CTOHMOCTI-l

l-1cnoflb3YIOTCfl MeTOAbl reop ........ onI..\HOHOB. Y41-lTbiSaeTcfl B03MOIKHOCTb npexpaureuaa 41I-lHaHcHposaH .... il HeYAa4Horo npoexra nocne Ha4anbHbiX paYHAoB

MeTOA peaflbHblx onl..\ .... oHoB

Bo ecex esuuenpneezieaasrx MeTO,lI,aX CJle,o,yeT pasna-rare ou,eHKY KOMnaHVIVI pre-money (AO nOflY4eHlllfi VlHBeCTI-1L1,Vli1) VI post-money (nocne nOflY4eHIIIH I-1HBeCTI-1u,VI~). 04eHb XOpOWIIIM nplll3HaKOM sanaercs npnwepnoe cosnaneuae oueuok KOMnaHIII~ no HeCKOflbKI-1M MeTOAaM (pacxoacieune MeHbwe 20 %). B POCCHVI -rauie scero IIIcnoflb3YlOTCfI HaVl60flee npocrsie 1-13 HI-1X AoraBopHbl~ VI MeTOp, AVI.CKOHTlllpOBaHHoro AeHe>KHOrO nOTOKa. O,ll,HaKO VlHHOBaTOp MO>KeT CTOflKHYTbCR iii C APyrVlMVI OLl,eHKaMVI, B nOCTpoeHVlIII KOTOPblX OH AOfl>KeH pa36111paTbCfI III YMeTb npVlBOAHTb aprYMeHTbl VI KOHTPapryMeHTbl.

Ou.eHKO AOAH HHBeCTOpa

nOCJle roro, KaK 3Ha4eHIiIR CTOI-1MOCTVI KOMnaHl-1111 pre-money VI post-money 6YP,YT onpezieneas: VI cornacoaaasr 06el-1MIiI CTopOHaMVI, CTaHOBIiITCR B03MO>KHbIM pacc-urrars AOfllO I-1HBeCTOpa, IiICXO,ll,R Vl3 ero BKJlaAa.

npl-1 onpe,n.elleHVIVI AOfll-1 BeH4YPHoro It!HBeCTOpa nOCJleAHIII~ 4aCTO «crpaxverca» OT CYll.\eCTBeHHOro CHIII>KeHIIIH ,lI,OflVl VlHBeCTopa (<<pa3BOp,HeHl-1fD» nplII p,onOflHIIITellbHoM BblnycKe aKLI,VlI1, npOAasaeMblx no

OTKPblTOE AKUliIOHEPHOE 06L1J,ECTBO «POCC~~CKAft BEH'"IYPHAII KOMnAHliIftll 123242, r. MocKBa, nep. KanpoHoBO, A. 3, CTp. 1.

TeAecpoH: +7 {495} 777-0104, CPOKC: +7 (495) 777-0106 e-rnoll: info@rusventure.ru www.rusventure.ru

MATEPV1AAbl K «PErV10HAAbHOI/i CECCV1 V1

25

.pIt1CK. 3TO YBefllt141t1BaeT ,D,OfllO BeH4ypHoro VlHBeCTOpa B KOMfiaHIt1It1.

17l1!~r,/~, B·cilY4ae 60flbWOlil BepmlTHOCTIt1 «no-uosaiouiero» paYH,D,a VI «pa3BO,D,HeHIt1f1)} ,D,Ofllt1 It1HBeCTOpa, ylO p,OfllO It1HBeCTOpa onpenenmor It1CXO,D,A 1t13 roro, KaKYIO ,D,OfllO OH X04eT. COXpaHIt1Tb nocne

,0A'(HI-1A». .

, ,

Houtionee pocnpocmpanenuue ttpotinemi« cocmaeneuue 6U3Hec nnona UHHOeaL(rJOHH020 ttpoeuma

nplt1 COCTaBfleHlt11t1 61t13HeC-nflaHa CTOI-1T Opl-1eHTl-1pOBaTbCfI Ha ,D,OCTIII>KeHl-1e MaKCIt1MaflbHoro pesvnsrara. HeT ocofioro CMblcna COCTaBflATb 1-1 npeae-rroaars, 04eBW,D,HO «He,D,O,D,enaHHbllll» ,D,OKYMeHT. nOHflTHO, 'ITO B ycnOBI-1AX He,D,OCTaTKa BpeMeHIt1 asropu BbIHY>K,D,eHbl 6y,D,YT >KepTBOBaTb KaKVlM-nIt160 cO,D,ep>KaTeflbHbIM pasnenow, 4T06bl vcnere COCTaBIt1Tb 61t13HeC-nnaH B Tpe6yeMblill CpOK. O,D,HaKO Ha,D,O flCHO nOHIt1MaTb, 'ITO B cnv-rae, eCfllt1 61t13HeC-npoeKT 6Y,D,eT OTKnOHeH no ct>opManbHOMY npl-13HaKY, KaK He COOTBeTCTBYIOW,It1i11 3aflBfleHHblili Tpe60BaHI-1f1M, 3TO MO>KeT cepbe3HelllWI-1M 06pa30M CKa3aTbCfI Ha penYTaLJ,1fI1t1 3aflBI-1Teneill - KOMaH,D,a npoexra pucxver He 6bITb ,D,Onyw,eHHoili K Cfle,D,YIOw,It1M KOHKypcaM, ,D,a>Ke ecnlt1 B 3TOT pas veneer COCTaBI-1Tb ,D,OKYMeHT B CpOK It1 C.,D,Ofl>KHbIM Ka4eCTBOM conepacarensuoro HanOnHeHI-1f1.

PacnpOCTpaHeHHble HeAOCTOTKH COAep>KOTeAbHOH 'iOCTH

nepe41t1Cnlt1M B 3TOM pasnene TI-1nVl4Hbie Hep,04eTbl, xapaxrepusie p,!1f1 61-13HeC-nnaHOB, COCTaBneHHblX Henpoct>eCClt10HanaMIt1 B 3TOIII 06naCTI-1.

• HenOJlHbl~ auanas iii HeAocTaTo4Hoe otiocuosauae uenecootipasaocr» BJlO>KeHlilfI AOnOJlHIiITeJlbHblX cpencrs B npoexr:

• paswsrroe onpeneneuue L\eJleM npoexra, He4eTKO Cq,0PMYJllilpOBaH «npoAYKT» npoexra:

• BMeCTO o6beKTIiIBHoro paccvorpeaaa pa3YMHbiX 1-1 o4eBIiIAHbiX ansrepaarasaerx peweHIIIM npezmo-rreuae

ornaerca «JlI06It1MOMY» eapaa-rrv:

• nosepxaocraera aaanas psuuca, HeBepHoe n031i1L\1t10Hlt1pOBaHlt1e npoAyKTa;

• nOBepxHOCTHbl11 aHanlt13 PIIICKOB IIIJlIt1 ero OTCYTCTBlt1e;

• HeKoMneTeHTHbl11 ¢It1HaHCOBO-3KOHOMIt1'leCKIt1I1 6noK.

PocnpOCTpOHeHHbie HeAO'ieTbl B OcpopMAeHHH

• one4aTKIt1, rpaMMaTIII4eCKIt1e OWIt16KIt1;

• flBHoe HeYMeHlile nOJlb30BaTbCfI npIt1MIt1T!.1BHbIMIt1 ¢YHKU,It1f1MIt1 TeKCTOBblX npoueccopos:

• HapyweHllle npasnn O¢OpMJleHIt1f1 AOKYMeHToB (T04KIt1 B Ha3BaHIiIAx, B nonnucax K plt1cYHKaM, Heco6nlOAeH!.1e HyMepau,1t11t1 It1 npasan U,It1Tlt1pOBaHIiiA It1CT04HIiIKOB It1 T. n.);

• nnoxoe Ka4eCTBO ne-iara:

• HeAOCTaTO'lHOe Ka4eCTBO IIIJlJlIOCTpau,1t111 (aecooraercrsae pa3peWeHIIII1 It1 T, n.).

l

OWH6KH B npeACTOBAeHHH npOeKTOB

• one-rarxu B npe3eHTau,1t1111 ~ HeT fioneuiero nosopa, 4eM OW!.16Ka B TeKCTe Ha 60JlbWOM sxpaue, Ha ny6n!.1Ke;

• HeBepHo nOCTpoeHHafl CTpYKTypa npe3eHTaL\liIlt1;

• rpy6ble oWIiI6KV1 S nJlaHlt1pOBaH!.1V1 speMeHIiI ,D,oKJlaAa: zionroe scrvnneuae iii BbIHY>KAeHHOe ynJlOTHeHV1e OCHOBHOI1, COAep>KaTenbHol1, 4aCTIt1 npese+rrauna:

• HesHflTHafl, HeYBepeHHaA pe4b AOKJlaA4V1Ka, crasauraa nOA vrposv BCIO npeseurauino:

• HenpaBV1llbHOe noseneaae AOKnaA4!.1Ka - HesepHblM Sbl60p OTCTalt1SaeMOM n031-1u,1II1t1,

Ofiofiuiaa ssnueonacaaaere TIt1nlt14Hbie OWIt16KIII CTOIllT OTMeTIIITb, 'ITO He scerna ((1II,D,eaflbHbllll» C T04KIt1 3peHIt1A ct>opMaflbHoro CO,D,ep>KaHIt1A III oct>opMfleHIt1f1 ,D,OKyMeHT, Ha ,D,Ofl>KHOM YPOBHe npesearoaaaasui, HaXO,D,IIIT nO,D,p,ep>KKY, TaK>Ke KaK I-1HorAa ct>It1HaHClllpOBaHllle BblAeflfleTCfI npoekrv, IIIMelOw,eMY 3Ha4111TeflbHoe KOnlllyeCTBO He,D,OYeTOB, HO, TeM He MeHee, COAep>KaUJ,eMY HeKoe «pauaouansuoe 3epHO», xoropoe CYMen 3aMeTIIITb It1HBecTOp.

OTKPblTOE AKU110HEPHOE 06UJ,ECTBO «POCCl1~CKASI BEH'iYPHASI KOMnAHl1S11l 123242, r. MocKBa, nep. Konpouoac, A. 3, CTp. 1.

TeAecpoH: +7 (495) 777-0104, cpaKc: +7 (495) 777-0106 e-mail: info@rusventure,ru www.rusventure.ru

26

6~ MACTEPCTBO nPE3,EHTAUHH

MATcP-V1A/\bl K {(CECCVlV1 nPAKTW-IECKOrO KOHCAATV1Hr A)}

Elevator Pitch

B coepe BeH'-IVPHOrO 6V13Heca e>t<e,ll,HeBHO npV1XO,ll,V1TCR V1MeTb rieno C HOBbIMV1 V1,l1,eRMV1, C V13MeHeHV1RMI-1 B YCTaHoBJleHHoM nopnnxe seuteji, C Heo6xo,ll,ItIMOCTbIO y6e,ll,V1Tb KorO-TO S csoe~ TO'-lKe 3peHV1R. O,ll,HaKO cvuiecrsver MHo>t<eCTBO BHyTpeHHV1x npenRTCTBI-1~ ,lI,JlR roro, YTo6bl Y'-laCTHI-1KV1 V1HBeCTV1lJ,1-10HHoro npouecca aBTOMaTI-1'-1eCKV1 BOCnpV1HI-1MaJlV1 101 Bnl-1TblBaJlI-1 I-1H<popMalJ,V1IO.

nO'-leMY I-1HBeCTOp 3al-1HTepecyeTcR BJlO>t<eHl-1eM xanurana B aauie npezmpuarwe? ny'-lwV1~ cnoco6 reHepV1pOSaHI-1R JlI-1'-1HO~ 3al-1HTepeCoBaHHocTV1 - 3TO OTKPblTO noxaaars I-1M, B yeM COCTOV1T V1X aurozia.

MaCTepCTBO npe3eHTalJ,V11-1 V1H HOBalJ,VlOHHoro n poexra COCTOV1T 1013:

• nflaHl-1pOBaHI-1R 1-1 noziroroexn, BKfllQ'-IaR aHaflV13 ayp,I-1Topm1;

• nOCTaHOBKI-1 rflaBHo~ u,elll-1 1-1 onpeneneuun KIl1Q4eBbiX MOMeHTOB npeae+rrauaa:

• 3¢¢eKTI-1BHbIX cnocotios BflVlRHVlR Ha VlHB€CTOPOB;

• ¢OPMbl VI CTVlflfl np€3eHTau,I-1V1.

npe3eHTaLJ,WSI Elevator Pitch (V1J1V1 pe'-lb AflR JlI-1<pTa) - KOpOTKI-1~ paCCKa3 0 KOHlJ,enLJ,1-11t1 npop,yKTa, npoexra V1J1V1 cepeuca. TepMI1H orpaseaer OrpaHI-1LJeHHOCTb no SpeMeHI1 - ,lI,JlI1Ha npe3eHTalJ,V1V1 ,lI,OJl>t<Ha 6blTb TaKo~, '-ITo6bl OHa MOrJla 6blTb nOJlHOCTblO paccxasaaa sa speMR noe3,l1,KI-1 Ha JlV1<pTe - TO ecns OKOJlO TpV1,l1,u,aTV1 ceKyH,lI, V1J1V1 100-150 CilOB.

TepMV1H 06bl'-lHO ncnom.sverca s KOHTeKCTe npese-rrauan KOHu,enlJ,1-111 HOBOro 61-13HeCa napruepv seH'-IypHoro <poH,lI,a ,lI,JlR nOJlY'-leH V1R 1-1 H BeCTV1lJ,V1~. nOCKOJlbKY n pencraeurena seH'-IypHblX <pOH.n,OB cTpeMRTcR KaK MO>t<HO ckopee npV1HVlMaTb peureune 0 nepcneKTV1sHoCTV1 1-1J11-1 6ecnepcneKTV1sHoCTV1 TOrO V1J11-1 I-1HOrO npoexra V1J1V1 KOMaH,lJ,bl, nepBV1'-1HbIM KpV1TepV1eM orfiopa CTaHOSI1TCR KaLJeCTSO Elevator Pitch. Cooreercraeauo. Ka'-leCTBO 3TO~ pe'-lV1 V1 vpose-ns ee npenozu-eceuna V1MeeT rJlaBeHCTBYIOw,ee 3Ha'-leHV1e V1 AflR PYKoBO,ll,I1TeJle~ crapr-ana, crpewauierocs Ha~TV1 <pV1HaHcV1poBaHV1e.

npaBI1J1bHO COCTaBJleHHaR npeae+rrauaa Elevator Pitch orse-raer Ha sonpocer:

• KaKO~ npop,YKT Mbl npezinaraew?

• KaKVle npel-1Myw,eCTBa VlMeeT Haw npOP,YKT?

• KTO Mbl rakne?

TeKCTbl, xoropete MO>t<HO Ha3blBaTb Elevator Pitch, I-1cnOJlb3YlOTCR II lO,lI,bM 11, KOTOPblM Heo6xo.n,V1MO 6blCTPO ,lI,OHeCTI1 OCHOBHYIO V1,l1,elO AflR cnvuiarena, XOTR caM TepMV1H, KaK npaSV1J10, S TaKOM BV1.n,e He I-1cnoJlb3yeTCR. Pa3HOBI-1,l1,HOCTbIO Elevator Pitch MO>t<HO C'-IV1TaTb KpaTKV1e aHHOTalJ,V1V1 npoexra.

nJlTb npOBvtll. COCTOBII.eHvtJl Elevator Pitch

1. Oru-unrre BOW 6Vl3Hec B 2 npeAAO>KeHVl51

Y sac ecrs TOJlbKO O,ll,V1H MOMeHT, '-ITo6bl oruicare TO, '-ITO Bbl aenaere. npV1.n,eTCR onvcxars ,lI,eTaflV1. Bce onacaune ,lI,OJl>t<HO YflO>t<V1TbCR B nsa npe,ll,flo>t<eHV1R. n pV1 3TOM Hy>t<HO C<POKYCV1pOBaTbCH ua YHV1KaJ1bHOCTV1 saurero 6V13Heca.

2. BAoXHOBeHvte

ECJlV1 saui npoexr He ane-rarnaer sac, TO BpR,lJ, flV1 OH nOKa>t<eTCR 3aMaH'-IV1BbIM 101 oKpy>t<alOw,V1M. Bl-1,l1,l-1Te J1I.-1 Bbl peansavro Heo6xo,ll,V1MOCTb B Bawe~ YCflyre?

3. Tecrupvure

Ha~,lI,V1Te XOTR 6bl napy -renoae«. KOTOPblM Bbl CMo>t<eTe npencraanrs CBOIO pe-ts ,lI,flR Taro, '-ITo6bl nOflY4V1Tb OT3blBbi. BaM Hy>t<Hbl cnvurarenu Ha TeCTV1posaHV1e. V1 6Y,ll,eT npOCTO aennxonenao, eCJlV1 OHV1 CKa>t<YT, rne 6blflO CKy'-lHO, a rzie saura pe'-lb 6blJla ,lI,ei1cTBV1TeJlbHO BOJlHylOw,e~. Baw pacckas ,lI,On>t<eH 6bITb TaKV1M, '-ITo6bl y cnvurareneji B KOHLJ,e nORBV1flV1Cb He npOCTO sonpocsr, HO V1 >t<eJlaHV1e V1X sanare. Crpotire paCCKa3 I-1CXO,lJ,R 1013 sroro,

4. AAonmpYIliTecb K CVlTY0LJ,VlVl

OTKPblTOE AKU(.10HEPHOE OSUJ,ECTBO ({POCC(.1~CKMI BEH'iYPHASI KOMnAH(.1S1)) 123242, r. MOCKBO, nep. KonpoHoBo. A. 3. CTp. 1.

TeJl.ecj)oH: +7 (495) 777-0104. <pOKC: +7 (495) 777-0106 e-rnoll; info@rusventure.ru www.rusventure.ru

MATEPV1AAbl K ({PEiV10HAAbHOM CECCV1V1

27

I-neflbHO. PaCCKa>tH1Te cnvuiareruo l-1MeHHO TO, 4TO Bbl MO>HeTe Cp,enaTb AflR peureana ero

,,,,'

6YAbTe orkpuru A/\51 n.epeMeH

Co B'peMeH€M saura pe-rs AMI fll-1cpTa 6yp,eT MeHFlTbCFl. no KpaVlHel-i Mepe, Bbl AOfl>HHbl ee MeHRTb, TaK KaK, nOCTORHHO npaKTl-1KYRCb, Bbl Ha4HeTe nOHl-1MaTb, 4TO pafioraer.

CTPYKTYPO npe3eHTOu,VIVI VlHHOBOu,VlOHHoro npOeKTO

nOHl-1MaHl-1e npouecca OLJ,eHKItl V1HBeCTOpaMItl ItlHBeCTItlLJ,ItlOHHbIX B03MO>HHOcTel-i ua pasusrx CTap,ItlRX: sranu nepeoua-ransaoro <pl-1HaHCl-1pOSaHItll'l, cpItlHaHCltlpOSaHl-1e pOCTa 1-1 pacumpeaua n03BOflReT Haltl60nee 3<pcpeKH1BHO nnaaupoeare.a npencraanars npoexr p,nR p,OCTItlmeHItlJI c06CTBeHHbiX LJ,eflel-1,

CTpYKTypa npeae-rrauau ItlHHOBaLJ,ItlOHHoro npoexra p,Ofl>HHa COOTBeTCTBOBaTb LJ,enRM Itl KpltlTepltlRM orfiopa npoexroa Itl COCTOI-1T 1tl3 Cf1eAyKlLLJ,ItlX nYHKTOB:

• Kf1!04eBafl HH4>opMal.l,ltlfl 0 npoexre:

• KOM3Hp,a;

• 61tl3HeC Itl crparerna:

• ItlHTeJlJlefnyaJlbHaH coficraeuuocrs:

• npOItl3BOp,CTB%nepal.l,ltlltl;

• <pItlHaHCbl;

• HHBecH11.1,HH,

Heo6xop,ItlMblMItl Tpe60BaHItlRMItl K nonroroake ruofioro runa p,OKYMeHTOB RBflHKlTCfl:

• 3KKYP3THoe o4>opMJleH He;

• ucnonsaoeauae 3Kry3JlbHbiX CT3THCTH4eCKHX p,3HHbIX;

• peanacru-ntocte scex npHBOp,Itl.MbIX 4>aKToB;

• OTCyrCTBH€ npOTHBope4HH Me>Kp,y P33JlH4HblMH q,aKT3MH.

nO p,aHHbIM POCCItlI-1CKOI-1 Accouuauaa BeH4YPHoro It1.HBeCTltlpOSaHItlR, npn cocraene-uu- p,oKYMeHToB npereuzie+rn-i Ha ItlHBeCTItlLJ,1tl1tl p,onycKalOT cfleP,YIOLLJ,ltle TltlnW·IHble OWItl6KItl:

• orlHC3HHe H3p,eJlItlH/TeXHOJlOrl>1H ziaercs C npltlMeHeHHeM Y3KOTeXHW·leCKI-1X 1-1 cneuaaru-astx TepMHHOB;

• cnatio npopafioraua MapKeTHHroB3H xouuenuaa H CTpaTerHH cfisrra:

• Hep,OCT3TQ4Hoe BHItlM3HHe yp,eJlfleTCH aonpocara ynp3BJleHHH H nepcouana:

• Hep,OCT3T04Hoe BHHM3HI-1e yp,eJlHeTCH eonpocav I-1HTeJll1eKT,yaJlbHOH co6cTBeHHocTI-1;

• HHq,OPM3lJ,ItlOHHaH neperpY>KeHHOCTb.

,l1,nR npeaeurauaji PowerPoint HapAp,y C 06LLJ,ItlMItl OWltl6KaMitl ItlHcpopMaLJ,ItlOHHbIX MaTepltlaJlOB xapaxrepaei cfleP,YIOLLJ,ltle uezio-reret;

• 60JlbWOe KOJllll4eCTBO Mel1KOrO TeKCTa;

• HenpaBIIlJlbHafl l.I,B€TOSafl r3MM3;

• 60JlbWOe BHI-1MaHl-1e K Y3Kocneu,ltlaJlbHblM BonpOC3M;

• OTCYTCTBl-1e PIllCYHKOB H ¢oTOrpa¢I-1H HI1I-1, H306opOT, neperpvace-u-ocrs I-1MI-1.

Paccwarpnaas npoekr, ItlHBeCTOp X04eT YBItlp,eTb, npescne scero:

• H311]1141tle CJl3>KeHHOH ]II OnblTHOH KOMaHp,bl;

• cepseaaeie neocnesrasu ItlHHOBal.l,HOHHOH TeXHOJlorl-1l1, KOTOPOH ofinaaaer KOMnaHItlH;

• BblCOKHH noreuuuan pb1HK3.

npe3eHTOu,Vl5I KOMOHAbl npOeKTO

nOCKOflbKY BeH4ypHbl€Itl.HBeCTItlLJ,1tl1tl - 3TO, npe>l<p,e scero, «ItlHBeCTItlLJ,1tl1tl B KOMaHP,V», TO KOMneT€HLJ,ItlH, B03MO>l<HOCTitl Itl npep,blP,YLLJ,ItlVl onblT CTaHVT nepB004epep,H0I-1 06flaCTbJOItlHTepeCa ItlHBeCTOpa B OTKPblTOE AKUl10HEPHOE OIiW,ECTBO "POCCl1jijCKA~ BEH'lYPHA~ KOMnAHI1~»

123242, r. MOCKBC, nep. KanpcHoBc, A. 3, CTp. l.

TeAe<p0H: +7 (495) 777·0104, <pCKC: +7 (495) 777·0106 e-rnoil: info@rusventure.ru www.rusventure.ru

28

, MATEPVlAAbl K «CECCVlVl nPAKTW-JECKOfO KOHCAATVlHfA»

>

7/

npouecce «3HaIfOMGTBa» e KOMFlaHltleH. KOMnaHItIRM, ItIUJ,YUJ,ItIM BeHyypHble ItIHBeCTltlL1,ltIl-1, HV'>K~Q' ~ nosasars, YTO ItIX KOMaHp,a p,eeCnOC06Ha, ItI onsrr ee YlleHOB p,OCTaTOyeH ;ll,JlR peanusauaa HayY,i'I I, l-1I

. nenoaux npOeKTOB. KOMaHp,a p,OmKHa coziepxcars cneuaanacros no Ka>t<AOMY acnexrv «, 1113H"

~ // .

npoexra: HaYYHO-npOItl3BOp,CTBeHHOVl p,eRTellbHOCTlI1; vnpasne+uuo: MapKeTlI1Hry VI npOABVI~; VI , .

npOAYKTa; <pVlHaHcaM VI OTyeTHOCTItI,

npe3eHTOLJ,vtR 6Vf3HeCO Vf CTpOTerVfV1 ero P03BvtTV1R

Ba}f{HeHWlI1M aanpaaneuaera aaanusa RBllReTCR caM 6V13Hec KOMnaHItIVl, PblHOK, ero TeKyw,ee COCTORHVle, crpareras npOABItI}f{eHItII1 npOAyKLI,ItIIli. Ha 3TOM srane Io1HBeCTopa IIlHTepecyeT:

• CY14HOCTb 61-13HeCa KOMnaHIIlI1;

• PblHOK npOAYKu,1-11-1 1-1 YCflyr KOMnaHI1H;

• KOHKypeHTbl'lII KOHKypeHTHble npeIllMY14eCTBa;

• MapKeTIIIHr H CI1CTeMa npona«:

• orpacnesue PIiICKI1.

V1HBecTOp AOll}f{eH yeTKO Bltlp,eTb PblHOK npOAYKTa, npennaraemoro K npOItl3BOACTBY. LlellRMVl BeHyypHoro npoexra AOJl>t<Hbl 6bJTb:

• lllilAepCTBo B onpeAeJleHHOM cerMeHTe psuuca:

• cosnauae cl.1f1bHOro 6peHAa;

• peer KanltlTam13au,HI1 KOMnaHliI11 B rOA (s 3aBJ.1CIIIMOCTH OT CTaAI1H): seed - 100%, start-up - 80%, early stage - 60%, expansion - 40 %.

nplll npeseurauaa Heo6xOAVlMO ItIMeTb pesvnsraru MapKeTIIlHroBbix ItICCllep,OBaHVlH Vl npaaecra BblAep>t<KItI 1113 HIliX B 611l3HeC-nJlaHe/3aRBKe.

npltl paspafiorke III npencrasneuaa npeseurauaa IIIHHOBaLl,ItIOHHOrO npoexra Heo6xop,ItIMO nOMHItITb:

HHBeCTOpbl BKAaAblBalOT AeHbrH He B TeXHOAorHIO, HHBeCTopbl BKAaAblBalOT AeHbrH B 6H3Hec.

OTKPblTOE AKUHOHEPHOE O&UJ,ECTBO {(POCCHHCKASI BEH'iYPHASI KOMnAHHSll1 123242, r. MocKBa, nep. KonpOHOBa, A. 3, CTp. 1.

TeAecpoH; +7 (495) 777-0104, CPOKC: +7 (49S) 777-0106 e-rnoll: info@rusventure.ru www.rusventure.ru

«AnbfIHC POCHO YnpaBJ1eHHe AKTHBaMH» www.allianzrosno.ru +7(495)231-3120,+7(495)231-3123 115054, r. Mockaa, Ilaaeneuxaa nnouians, A. 2, CTp. 1

c-rpynn KanHTaJ1 MeHeA>KMeHT www.sgcm.ru

ren.: +7 (495) 662-7020 cPaKC: +7 (495) 783-5627 ·119435, r. Mocxaa, o. CaBBlt1HCKlt1H nep., A. 11

YnpaBJ1HIO~aH KOMnaHHH «~eHTpIllHBeCT» www.cifm.ru +7(495)797-8050,+7(495)363-9429

123022, r. Mocxaa, yII. Hpacaaa npecHfI, A. 24, AefloBoH LJ,eHTp

«/1HAep»

www.leader-invest.ru +7(495)661-4535,+7(495)661-4534 117556, r. Mocxaa, CVlMcPeponOflbCKlt1H 6YIlbBap, A. 13

« MaKCBeJ1n 3cceT MeHeA>KMeHn> www.maxwell.ru

+7 (495) 782-8888,+7 (495) 789-9790 119180, r. Mocxsa, YJl. 60JlbWafi flKlt1MaHKa, A. 1

({YnpaBnHtO~aR I{OMnaHHH «6Honpou,ecc K3nHTaJ1 napTHepC» www.bcvf.ru +7(495)974-7401,+7(495)974-7401

121069, r. Mocxaa, CTOIlOBblH nep., A. 6, CTp. 2

"BT6 YnpaBJ1eHHe aKTHBaMH" www.vtb-am.ru

+7 (495) 725-5540,+7(495)725-5538 101000, r. Mocxaa, yJ1. MflCHlt1LJ,Kafl, A. 35

29

OTKPblTOE AKUl-10HEPHOE 06lUECTBO ((POCCIo1~CKAjI BEH"IYPHAji KOMnAHIo1j1)) 123242, r. MocKBa, nep. Konpcaoeo. A. 3, CTp. 1.

TellecpoH: +7 (495) 777-0104, cpaKc: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru

OTKPblTOE AKUHOHEPHOE OSUJ,ECTBO «POCCH~CKASI BEH'iYPHASI KOMnAHHSI»

123242, r. MOCKBO, nep. Kcnpcaoao, A. 3, CTp. 1.

TeAe¢oH: +7 (495) 777-0104, ¢OKC: +7 (495) 777-0106 e-mail: info@rusventure.ru www.rusventure.ru