A bold project to spur Russian science and technology innovation received an enthusiastic reception from Silicon Valley’s corporate and venture capital leaders this week.
“I am confident our trip to Silicon Valley and the first meeting of the Working Group on Innovation has opened a new chapter in the story of U.S.-Russian economic ties”
Delegates from the Skolkovo Foundation, the new Russian high-tech innovation center, signed a Memorandum of Understanding (MOU) with Cisco, expanding their existing partnership. The plan sets the way for the company to create a physical R&D presence in the Skolkovo Technopolis.
"Innovation in the Russian economy is rapidly gathering pace through our continued partnering and investment with Cisco,” said Skolkovo Foundation President Viktor Vekselberg. “The creation of new high-tech, high-value jobs in the local economy solidifies the commitment of both Cisco and Skolkovo to drive innovation in Russia. Here, as in other projects, Skolkovo is acting as a pan-Russian portal to technological excellence and young talent of relevance to our commercial partners."
The Skolkovo Project, a new science and technology city in the Moscow suburb of Skolkovo, is the site of a MIT-like university, where Russian and international companies have signed up to engage in university research programs, intellectual property is promoted, and an array of venture capital firms from Russia and abroad are being courted to provide the investment capital for those next-generation ideas. The Project is capitalizing on Russian talent and empowering domestic venture capital infrastructure. Dozens of multinational companies have already found a place to invest by starting strategic partnerships with the Skolkovo Foundation.
In addition to corporate partnerships, Skolkovo also received a positive response, and strategic connections, with Silicon Valley’s venture capital community.
Skolkovo signed an MOU with Bessemer Venture Partners, one of the largest and longest-established venture capital firms in Silicon Valley, outlining plans to work together to promote innovation and economic growth. Under the terms of the MOU, Bessemer Venture Partners set a USD 20 million target for investments into Skolkovo resident companies over the next two years.
“We are thrilled to be working with the Skolkovo Foundation, which has been instrumental in the creation of a vibrant entrepreneurial community in the heart of Russia that is fostering global innovation,” said BVP’s Ed Colloton. “Bessemer is among the first venture capital firms to have built a truly global platform, with a mission of finding and funding the highest growth startups, wherever they operate. We look forward to leveraging our global expertise as we continue to partner with Skolkovo’s brightest entrepreneurs to build world-class companies.”
The key focus for Skolkovo Foundation as a development agency is to bridge the gap between seed rounds and A rounds for high-tech companies coming from Russia – and partnerships such as this one are essential for achieving this goal. With the signing of the Bessemer MOU, Skolkovo now partners with more than 30 Russian and international venture companies.
During its week-long mission to Silicon Valley, Skolkovo also participated in a number of joint U.S.-Russian collaboration activities and discussions, including:
"I am confident our trip to Silicon Valley and the first meeting of the Working Group on Innovation has opened a new chapter in the story of U.S.-Russian economic ties,” said Vekselberg.
Media contacts:
Jessica Bardoulas, 415-591-4057, jessica.bardoulas@bm.com
Sherry Bourzac, 415-591-4008, sherry.bourzac@bm.com
For more information on Skolkovo, please visit http://www.sk.ru/en
Follow Skolkovo on Twitter @sk_en
About the Skolkovo Foundation
The Skolkovo Foundation has the mandate from the Russian Government to help accelerate the transformation of Russia from a resource-intensive to an innovation-based economy through strategic partnerships with leading scientists and corporations (currently numbering over 400 companies and start-ups). The Foundation aims to strengthen the links between Russian and international science, technology, education, entrepreneurship and investment communities. To achieve this objective it is overseeing the creation of the Skolkovo Innovation Centre composed of five R&D clusters, a Technopark, the Skolkovo Institute of Technology (a new graduate research University established in collaboration with the Massachusetts Institute of Technology) and Skolkovo city, located near Moscow. Together these entities will establish a vibrant eco-system of technology innovation and entrepreneurship. The Foundation is a non-profit organization founded in May 2010 by the Russian Government with a grant of USD 5 billion. For more information: http://www.sk.ru/en
Contacts
for The Skolkovo FoundationJessica Bardoulas, 415-591-4057jessica.bardoulas@bm.comSherry Bourzac, 415-591-4008sherry.bourzac@bm.com