The Accounts Chamber decided to audit the results of state support for the development of innovation activities. The document itself is interesting, you can read it via the link. It is interesting at least because in our country, the state, in the form of funds and autonomous non-profit organizations, is the largest player in the venture capital market.

But what seemed more interesting to me is a point that underscores an idea I have been telling students for a year now. In Russia, you don't need to build startups; you need to build businesses. That is, count not on an exit, but on dividend yield.
Why is that? Because exits are not that many, and the vast majority of them are in the IT field. Therefore, the probability of a successful sale of a startup is lower than building a business on it. And what is the difference?

In the model where we want to sell a startup, the main thing is its price, and the product is just a lever for increasing the company's value. Moreover, it is not always the main one.

In the dividend model, the main thing is the product and its sales, customer loyalty.

This thesis is confirmed by the audit, indicating that the share of such investments has increased significantly.