Stage

Content

Duration, years

Funding Sources

Risks

Seed

Laboratory research, proof of concept, patenting

1–3

Grants, Foundation for Assistance to Small Innovative Enterprises, Skolkovo, business angels

Very high (95% of projects do not reach the next stage)

Start-up

Preclinical studies, prototype development, team formation

2–4

Venture funds, corporate accelerators

High

Early growth

Clinical trials (Phases I–III), preparation for registration

3–7

Venture funds, strategic partnerships with Big Pharma

Medium

Expansion

Registration, production scaling, market launch

2–5

Private equity, IPO, bank loans

Moderate