ABSTRACT
Small and medium enterprises (SMEs) play an important role in research and development (R&D) and innovation in Russia. The mainline organisational mechanisms that enable higher education institutions and state-owned R&D institutes to participate in SMEs include industrial parks, business incubators and technological innovation centres (TICs). An important organisational mechanism for higher education institutions participation in SME creation and operations is TICs. The goal of the National Inter-Departmental Programme was to create a modern national innovation system which among other things would support development of TICs as basic infrastructure elements, on the basis of various organisations participating in high-technology innovation activities in Russian regions. The Venture Capital Innovation Fund was one of first novel agencies during early period of Russian venture industry. The federal law’s objective is to provide better protection of rights and legal interests of persons who invest their savings in unit funds and non-state pension funds, to encourage venture investments through investment funds for qualified investors.
