The National Union of Business Angels of Russia (RUSSBA) is suggesting cooperating in establishing or further improving essential mechanisms for innovative development in the regions of Russia, namely the systems for selection and preparation of innovative companies at their early stages for investing, and establishing regional business angel networks.

              As shown by practice worldwide, the environment required to develop business-angel investing is integration of business angels into regional networks which perform functions vitally important for their members. They take over the major amount of qualified work in searching, selecting and preparing projects in the format required by business angels; they also provide a platform for searching co-investors and sharing experience among business angels. Therefore, to establish regional business angel networks is an important task for today.  

              Here, a challenging problem arises from the fact that Russia is lacking the required literature, methodological materials, and first and foremost, practical experience and knowledge in the area of business-angel investing and network activities.

              Additionally, a problem exists in what relates to qualitative valuation and analysis of feasibility of innovative project commercialization and preparation of business proposals for investors.

              Based on the existing situation and realizing the challenges at the stage of regional innovative system development, the National Union of Business Angels has defined and started implementing a Regional RUSSBA Program. The present program consists of two mutually complementary subprograms, namely Establishing a regional business angel network and A new nudge to small innovative business development in the region.       

           It is supposed that this program will be jointly implemented by RUSSBA specialists and other participants involved such as representatives of regional authorities, business community, higher educational establishments, scientific research institutes, corporations, inventors, etc. In the course of this activity, regional representatives will be trained and will be given methodological materials and technologies to work with innovative projects.