Warning to Third Parties, who have access to this Methodology

This Methodology has been developed by PricewaterhouseCoopers Consulting LLC (PwC) for Russian Venture Company OJSC (RVC) to rate Russia’s fast-growing high-tech companies as part of the TechUp competition.

If any Third Party gains access to and reads this Methodology, this will constitute acceptance of the following terms and conditions by the Third Party:

The Third Party understands that the Methodology is addressed to RVC, and it has been prepared in response to a request received from RVC under the service contract signed between PwC and RVC; and that the relevant service has been provided solely for the purpose of RVC.

The Methodology that we have sent to RVC was not intended to review or reflect any interests and circumstances of any third party, and may not reflect all the necessary procedures and actions that would be necessary in view of the circumstances and/or interests of the Third Party.

The Third Party understands that PwC, its partners, employees, and agents shall not bear any liability to the Third Party, either contractual or non-contractual (including liability arising from negligence, or whatever it may be otherwise), including liability for any loss, damage, or expense of any nature, if incurred due to the fact that the Third Party has relied on the content of the Methodology or had access thereto.

The Third Party understands that this Methodology or any part thereof cannot be referred to or cited in any offering prospectus, documents prepared for any registration purpose, memoranda (proposals) to sell, loan, or any other agreements and documents, and cannot be distributed without the prior consent of PwC and RVC.


To assess the potential of innovative businesses RVC in cooperation with the Association of Innovative Regions of Russia (AIRR) supported by other Russian development agencies, implemented a project to create the first Russian rating of fast-developing high-tech mid-cap companies (TechUp). More than 200 Russian companies with turnover exceeding 100 mln RUR 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 last criteria an expert council consisting of successful innovative businessmen was set up.

This resulted to the first TOP 100 rating of innovative tech mid-cap companies representing 11 industries with the total income of 114 bln RUR. TOP 10 leaders of the rating show average growth exceeding 50%, annual turnover of more than 3 bln RUR, and the labour efficiency 2.5 times higher than average values for the industry.

In 2013 PwC and Vnesheconombank have joined TechUp as partners. PwC has brought its vast international experience into assessment the methodology. Vnesheconombank has provided participants with newly launched special programs offering support to the mid-cap production businesses.

In 2014 SME Bank have joined TechUp as partner. SME Bank supports TechUp companies on special terms.

The methodology has been developed in 2013 and modified in 2015 with due consideration of most established international practices such as: 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), How Companies Approach Innovation (McKinsey Global Survey).

Any company that would meet qualification criteria was welcome to participate in the rating. These criteria have been calculated basing on the average figures for the industry:

  • 2014 revenue is from RUR 100 mln to RUR 10 bln
  • Average annual growth rate (CAGR) is above 15% for 3 years (2012, 2013, 2014).
  • At least one new or significantly improved product or service based on company’s intellectual property has been launched to the market in the last 3 years (2012, 2013, 2014).
  • Share of company’s turnover generated by such new products/services should be at least 30% in the last 3 years (2012, 2013, 2014).
  • Average R&D spending for the last 3 years (2012, 2013, 2014) of not less than 5% of the revenue.
  • Average technological innovation spending for the last 3 years (2012, 2013, 2014) of not less than 10% of the revenue.
  • Minimal time in the market of 4 years.

Thus, only those companies and organizations continually show better performance results than average statistics in respective industries have been included into the rating process.

The best of the best have been divided into three categories: TOP-10 largest companies by revenue size, TOP-10 fast-growing companies by revenue growth rates, and TOP-10 innovative companies (technological level of their products, intellectual property, R&D and innovation spending).

TechUp not only indicates the most successful technological companies, but enhances innovative business environment by increasing its transparency, revealing best practices which can become the basis for further market development. Apart from that, as previous experience shows, leaders of rapidly developing companies can be involved into conversation with governmental authorities to discuss key problems and opportunities of innovation and technology development. In this relation wide regional presence of rated companies is important to mention as it is an opportunity to indicate level of innovative activities in different regions. These efforts should develop Russian entrepreneurship environment, increase labour efficiency, and boost investment prospects of the national market.