Wednesday, September 24, 2014

#Russia's Tech Startup incubation hub wants #Indian participation

Skolkovo, once touted by as a budding version of Silicon Valley that would help Russia's transition from its oil-and-gas based economy to a diversified, technologically driven economy is currently looking for Indian investment in its tech incubation hub.

So for, Skolkovo has managed to attract 1000 companies in last 3 years and has created around 15,000 jobs. According to one board one member of the management committee of Skolkovo, this year alone it has received $600 million of investment. Companies like Boeing, Cisco, Microsoft has made investments in this R&D hub for product development. According to Igor Bogachev, Vice-President, Executive Director, Information Technology Cluster, Skolkovo Foundation they are talking to Gail, Wipro, Geometric for fresh investments in this tech incubation hub .Skolkovo technology hub is facing some impact from sanctions imposed by the USA over Russia recently. But Russian officials denied any such impact flatly.
According to news reports New York-based Bessemer Venture Partners which allocated $20 million to Skolkovo projects in early 2012 to spend over the next two years has spent none of it. Brian Feinstein, partner at Bessemer, said that the firm hasn't found the right opportunity in Russia but will continue to evaluate its investments in Russia.