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An overview of the Russian venture capital market in the context of global technology trends

2026 · EKONOMIKA I UPRAVLENIE: PROBLEMY, RESHENIYA · 0 citations

Abstract

The relevance of this study is determined by the fundamental transformation of the external conditions under which the national economy operates, as well as the acceleration of technological competition on a global level. This article analyzes the structural changes that occurred in the Russian venture capital market between 2020 and 2025 and compares the industry priorities of domestic investors with the main trends of global technological development. Based on data from leading think tanks and specialized industry reviews, persistent imbalances are identified: a shift in capital toward early-stage investments, a concentration of deals in industrial technology, healthcare, and logistics, and an increasing role of private funds, while the number of active investors is simultaneously declining. The article argues for the need to transition from a simple import substitution strategy to an "intellectual bridge" model, which involves exporting engineering and algorithmic competencies to the markets of friendly countries.

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