Russian Union of Industrialists and Entrepreneurs discussed potential income of creative industries

27.10.2021

A forum on creative industries and intellectual property was held on October 12 as part of the ‘Russian Business Week’ program. At the forum, government officials and members of development institutions discussed potential investors for all creative entrepreneurship.

Not so long ago, the Russian government approved a concept for the development of creative industries. The main goal of the concept is to increase the growth of the entire cluster of industries from 2% to 6% of GDP. At the forum, the participants discussed the existing problems and obstacles in the industry. The main question was: “How to attract investments?”

Igor Vdovin, Chairman of the Russian Union of Industrialists and Entrepreneurs Committee on Investment Policy, believes that, unlike other sectors, there is still no financial infrastructure in the creative industry. On the one hand, this is good, because so far there is no strict regulation, but on the other hand, many projects are honestly lacking funding.

Maxim Dmitriev, Chairman of the Board of the Russian Authors’ Society and founder of the ‘First Musical’ label, said that even the largest players in the industry find it difficult to get money from banks. The banking sector simply doesn’t want to get involved with the creative industries. Banks do not see profit in providing collateral for creative products. Maxim Dmitriev also noted that at the moment the creative industries and the banking sector are “dramatically far from each other.” Moreover, the banking community does not trust even such giants as IT.

The main problem lies in the regulations of the Central Bank of the Russian Federation. Intellectual property is not considered to be credible collateral at the moment. To solve this problem, it was proposed to create a council that could evaluate intellectual property items.

Andrey Krichevsky, Chairman of the Committee on Intellectual Property and Creative Industries at Russian Union of Industrialists and Entrepreneurs, noted that the fate of the intellectual property market depends on overcoming this barrier.

The result of the discussion was the unanimous decision of the participants to develop a method for assessing collateral.