Which science field has the most promising future?

Computer science
Nanotechnology
Biotechnology
Aerospace engineering
Ecology, resource saving
Cleantech
Other

What is the mankind's most dangerous invention?

Atomic bomb
Drugs
Automobile
Money
Television
Fast food
Internet

New government fund for internet startups goes online

Russia new "Internet Initiative Development Fund" has launched its website, 7 months after the idea was first floated by President Vladimir Putin.

Originally the fund, which is overseen by the Centre for Strategic Initiatives (ASI), was to be targeted at socially-oriented Internet projects. It was hoped that the fund would help to address social issues and create jobs for Russia’s creative class.

However, the stipulation that projects should have a social impact seems to have been dropped, as there is no mention of it on the new site. Instead, the fund welcomes applications from any internet entrepreneurs with a good idea, but a lack of funding or experience.

As is often the case, the Russian government is well aware of the problem - early stage projects in Russia find it very difficult to attract investment. This not only leaves them financially disadvantaged - it means that they also miss out on the advice and support that experienced investors can offer.

In light of this, the new fund not only offers financial support to early stage internet projects. It is also planning a range of educational programmes and legislative initiatives to support startups. In order to encourage more investors to commit to early stage projects, it will also try to facilitate co-investment and co-financing agreements.

While some will welcome the additional funding and services offered by the new fund, others question whether state agencies are really best placed to make investment decisions. Esther Dyson, an American entrepreneur with 20 years' experience of Russian business, reckons that the government would be better off focussing on being a demanding customer.

With applications not opening until the end of the summer, we will have to wait and see whether this project can really boost innovation on the Russian internet.

2013-07-03, Rusbase.


Keywords: Internet, state support, startups, enterpreneurship, Internet Initiative Development Fund

03.07.2013
New government fund for internet startups goes online
02.07.2013
How the rest of us can build the internet of things
01.07.2013
Russia’s Ministry of Communications to fund up to 50 IT R&D centers
01.07.2013
Ingria provides external consultancy to startuppers
27.06.2013
New anti-piracy law for video content shocks the industry
26.06.2013
Uzbek Entrepreneurs in US Develop New Social Media Platform
26.06.2013
RVC and Moe Delo launch an internet service for staruppers
25.06.2013
Satellites for Global Broadband Internet Are Set to Blast Off
24.06.2013
St. Petersburg startup secures $1.2 million in US-Russian funding to push e-ticketing
21.06.2013
A fund to support small and medium businesses may appear in Russia
21.06.2013
G20 YEA Summit shows young entrepreneurs confident in growth
21.06.2013
Siberian innovator ready to tap wind energy in any weather conditions
20.06.2013
VCs and Entrepreneurs Weigh in on Angel Investors
20.06.2013
Lone Signal aims to send "hello!" tweets to extraterrestrials
20.06.2013
YC startup Ink raises $1.8M to make software more open-minded

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.