During the session titled “Unicorns in the markets of the future” at the Made in Russia International Export Forum, German Gref, president and chairman of Sberbank, noted a broad underdevelopment across the enterprise sector. He argued that innovation and cutting-edge technologies remain largely in the hands of the state in collaboration with major companies. The government has taken meaningful steps in recent years to foster an environment where small businesses, the startup ecosystem, and high-tech enterprises can grow more confidently.
Gref emphasized that, for the first time, high-tech enterprises and industrial production are being treated as explicit development priorities. He pointed out a current imbalance where retail and services dominate the landscape of small and medium-sized businesses. To shift this dynamic, he called for the creation of robust infrastructure and a transformation in the behavior and mindset of people. Without these changes, the emergence of unicorn startups valued at more than $1 billion in Russia would be unlikely.
The executive argued that the entrepreneurial spirit should be nurtured starting in schools. He proposed introducing a dedicated entrepreneurship course and significantly expanding technology education. From there, the pathway would lead through universities and on to the development of a comprehensive infrastructure that supports entrepreneurs through every stage.
Gref outlined a holistic view of support that spans the entire funding cycle. This includes seed funds that nurture ideas at the concept stage, venture funds that back more mature ventures, accelerators, technology parks, and mechanisms that facilitate public offerings. He acknowledged obvious gaps that still need attention and remediation.
Reflecting on recent years, Gref recalled that 2022 posed significant challenges for the startup sector worldwide, with venture investments contracting by nearly 30 percent. He noted that the aggregate investment volume dropped from about 750 billion dollars in 2021 to roughly 500 billion dollars the following year, and deal activity more than halved. Yet he also highlighted signs of a fairly rapid rebound in 2023, both globally and within Russia, signaling renewed momentum in the innovation ecosystem. The takeaway remains clear: a coordinated effort across education, infrastructure, and investment is essential for unlocking Russia’s high-tech potential. [Citation: Made in Russia Forum proceedings]