PRC Startup Ecosystem Development: Main Obstacles and Possibilities of Chinese Policies Implementation in Russia

This paper is devoted to the analysis of possible implementation of successful Chinese startup development policies in Russian Federation. Chinese startup ecosystem rapidly developed in the recent years, whereas the development of Russian startup ecosystem still experiences different problems. That is why, it is important to find out can obstacles, that are faced by startup industry in Russia be overcome by introducing policies, which proved to be successful in China. During the research, Chinese startup ecosystem development policies and its potential implementation in Russia were analyzed. Based on the material studied, the main similarities and differences of Chinese and Russian startup industries were identified: both countries ecosystems are characterized by higher role of state in startup ecosystem development and focus on the domestic market instead of international one, however in case of Russia big companies did not play decisive role in startup industry development, whereas in China they are as important as state. Then, the main obstacles, that are faced by Russian startup ecosystem during its development were found out with the main two being lack of entrepreneurial education and lack of funds. Simultaneously, the possibilities for potential implementation of the majority of Chinese policies were found out. Among them, it would be the most feasible for Russian government to implement the introduction of mass entrepreneurial education and creation of tax incentives for venture funds and individual investors based on the Chinese example. These measures would greatly improve the development of Russian startup industry and help startup ecosystem of Russian Federation to overcome its current obstacles. At the same time, it was found out that certain Chinese policies cannot be directly transferred and introduced in Russia due to the differences between two countries and need to be adopted to fit Russian conditions.