Which science field has the most promising future?

Computer science
Aerospace engineering
Ecology, resource saving

What is the mankind's most dangerous invention?

Atomic bomb
Fast food

Skolkovo to receive more than $600 mn in investment – top official

Innovation projects in Russia’s Silicon Valley are set to receive millions in investment. Given that “the oil and gas well is dry and empty,” Skolkovo initiatives look crucial, said Sergey Ivanov, Russian president’s administration head.

A total of 57 venture funds – 21 from abroad - are going to invest about $666.7 million into Skolkovo projects, Ivanov said at a meeting with the funds key partners.

The Skolkovo project is serious and for the long haul, Ivanov said.

The recent Skolkovo – related scandal, involving a senior vice president of the Skolkovo innovation fund Aleksey Beltyukov and an MP Ilya Ponomaryov, was “an absolutely isolated case,” Ivanov stressed.

According to investigators, Beltyukov broke the law when he paid Ponomaryov $750,000 for 10 lectures and a research paper. Some of the paid lectures were never delivered and the price was inflated, which makes it possible to be classified as a graft, according to law enforcers.

However, “in the name of the Kremlin and Russia’s Government I want to reassure you that Skolkovo is for the long haul, that’s our strategic course and there can’t be any changes,” Ivanov told the fund’s partners.

Keeping in mind the fact that oil reserves are limited, moving away from oil dependence by developing innovation looks crucial.

“There will be no more extra reserves …And now we have no other option but to energetically modernize and diversify our economy,” Ivanov said.

“We are not motivated when there’s a golden rain [oil revenues] pouring on you year from year, which happens to Russia… And we need to pursue really hard in industries which we still have good education, engineering, IT, high–tech in general, some military industries like space, aviation, nuclear energy,” Ivanov said.

Today there are about a thousand of resident high – tech companies in Skolkovo. 30 of them are the world’s biggest brands that are now undertaking research and product development.

The Skolkovo project was sealed by Dmitry Medvedev during his presidency in September 2010. While the innovation center remains under construction in Moscow region to the west of the capital, the Moscow School of Management Skolkovo has been operational since 2006. 

2013-06-25, Russia Today.

Keywords: innovations, investment, Skolkovo

VEB Innovations Fund finances school social network
Skolkovo to receive more than $600 mn in investment – top official
St. Petersburg Signs Deals Worth $4Bln at Forum – Governor
Skolkovo Reality Becoming Less Virtual
Russia co-invests in Astrakhan IT Park in Lower Volga
Business Climate Hindering Far East Investment
Russia, UAE Set Up First Joint Investment Fund
A KAMAZ model with intelligent systems will appear no earlier than 2016
Russo-German solid-state microwave generator project launched
Rusnano starts again after missteps
Despite Downturn, GM Investing $200M in Local Car Parts Plant
SaaS startup ITMan attracts investment from Softline and Moscow Seed Fund
A Skolkovo school to appear in Novosibirsk
Fashion retailer Lamoda secures incredible $130 mln investment
Spinnakr debuts its Web analytics platform and raises south of $1m from 500 Startups, a16z, others

Leave your comment
Sign up
Enter verification codeEnter verification code

Second Moscow International Foreign Investment Forum
Most popular news
Annual Investment Meeting 2013

Welcome to Investment. Innovation. Business Web Portal – a community-driven platform for all the participants of the investment process both in Russia and abroad!

We work to provide online information exchange between Russian and global investors and innovators, business owners and developers.