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  • TechUp – Russia`s fast-growing high-tech companies National Rating

    About rating

    The TechUp rating was first organized by RVC in partnership with the Association of Innovative Regions of Russia (AIRR) in 2012 with the support of Rusnano and the Foundation for Assistance to Development of Small Research and Technology Enterprises. In 2013, PwC joined the rating making team as a Project Partners. In 2014, MSP Bank became another Project Partner of the rating.

    The purpose of the rating is promotion of local high-tech companies in both domestic and international markets.

    The current rating methodology was developed by PwC in 2013 and modified in 2014. In developing the methodology, PwC used its experience in conducting similar studies and analysis of authoritative international research and ratings of innovative companies.

    Leaders of the rating are fast-growing high-tech companies from various regions of the Russian Federation, steadily showing above-average performance in their sector over the last three years.

    To assess the potential of innovative businesses in 2012 RVC, supported by the Association of Innovative Regions of Russia (AIRR) together with other Russian development institutions, implemented a project to create the first Russian rating of fast-developing high-tech companies (TechUp). More than 200 Russian companies with turnover exceeding RUB 100 mn and showing stable positive sales dynamics of their own high-tech products participated in the rating. The rating takes into account turnover, growth rate, and innovative nature of the company products. To assess the latter, there was created an expert council consisting of successful innovative businessmen.

    The result is the TOP 100 rating of innovative middle-size technological companies representing 11 industries with the total income of RUB 114 bn. TOP 10 leaders of the rating show average growth exceeding 50%, annual turnover of more than RUB 3 bn, and the efficiency of labour 2.5 times higher than average values for the industry.

    The results of the rating were presented for the first time at the Open Innovations Forum 2012 in Moscow.

    In 2013 PwC and Vnesheconombank joined the rating formation as partners. Basing on extensive professional experience and international expertise PwC experts contributed to the rating methodology development. Vnesheconombank have provided the participating companies with access to special purpose programs offering support to the medium size production businesses launched in 2013.

    In 2014, MSP Bank joined the project as a Project Partner. SMP Bank offers special conditions for bank services to companies taking part in the rating.

    The rating methodology was developed by in 2013 and modified in 2015. In developing the methodology, PwC used its experience in conducting similar studies, experience in making the rating of TechUp 2012, 2013, and 2014, and analysis of the most urgent and authoritative international research and ratings of innovative companies, including: The Most Innovative Companies 2012 (The Boston Consulting Group), The World's Most Innovative Companies (Forbes), TOP 100 Global Innovators 2012 (Thompson Reuters), The Global Innovation 1000 study of R&D spending (Booz&Co), Technology Fast 50 – Technology, Media, Telecom 2012 (Deloitte), and How Companies Approach Innovation (McKinsey Global Survey).

    The rating offered open participation. The companies meeting the following qualification requirements are allowed to participate, and the minimum limit values for the requirements are calculated based on the average values for the industry:

    • The company's (group's) revenue for 2014 is from RUB 100 mn to RUB 10 bn;
    • Compound annual growth rate (CAGR) in revenue of at least 15 percent over the last three years (2012, 2013, and 2014);
    • Over the last 3 years (2012 to 2014), the company has introduced to the Russian market at least one new or significantly improved product/service developed based on their own or acquired R&D results;
    • The share of the company's profit from sales of such new products/services is not less than 30 percent for the last 3 years (2012 to 2014);
    • Average spending for R&D for the last 3 years (2012 to 2014) was not less than 5 percent of the revenue;
    • Average spending for technological innovation for the last 3 years (2012 to 2014) was not less than 10 percent of the revenue;
    • Minimum age of the company is 4 years.

    In total, data on more than a hundred domestic technology companies was collected. Only those companies and organizations were included into the rating that had been showing key figures higher than average ones for their respective industries for the last three years.

    The most successful companies were picked up from three categories: TOP-10 largest companies (amount of receipts), TOP-10 fast-growing companies (receipt growth rates), and TOP-10 innovative companies (technological level of the products, their novelty, intellectual property of the companies, spending for R&D and technological innovation).

    TechUp rating solves various tasks, not only those related to the most successful technological companies, but also those addressing improvement of the innovative business environment increasing its transparency, finding the best practices which can become the basis for planning tools for further development of the market. Also, as the experience shows leaders of dynamically developing companies may be involved into the dialogue with the governmental authorities to discuss key problems and opportunities in the area of innovation and technology development. In this relation it would be suitable to speak about an important role the wide regional presence of the rating participant plays and the opportunity to analyse the level of innovative activities in various territories. The efforts here must encourage the development of Russian entrepreneurship environment, the growth of labour efficiency, and increasing investment prospects of the national market.

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