Two thoughts struck me as I waffled (which I do very convincingly):
How many truly entrepreneurial Russian companies are there across all sectors. The random list below is a start, please add if you think I have missed any.
I am not sure what the objective criteria for success are. Here are some random thoughts;
- I am going to create an arbitrary floor of a sale price or ongoing value of at least $100mn
- Any company built on the base of a privatized Soviet asset is disqualified.
- As is any business which built itself on government contracts - I think this disqualifies
- all system integrators
- outdoor advertising
- all natural resource companies (?),
- all real estate businesses (but not brokerages)
Here's the list:
- STS/CTC Media
- Pyatorchka (sp?)
- Sedmoi Kontinent
- Which Radio businesses?
- A4 Vision?
- SW Soft
- Ozon (does it qualify on the valuation front on a stand alone basis?)
- The two Nizhny Novogorod mobile outsourcers
- EPAM Systems
- Luxoft (but not IBS)
- actually more than I thought.
The second idea that struck me as I waffled was that in the technology / tech services sphere that a necessary (but not sufficient) criteria for success was; a Russian who had spent considerable time doing business outside Russia or a westerner who could act as an “translator” between western sales/management teams and Russian tech teams. Exceptions which prove the rule - SW Soft and ABBYY.
Your thoughts are requested.
[composed and posted with ecto]