Russia has a relatively short history of modernization, which up until recently has been driven largely by key players in the private sector and successful entrepreneurs. Although Russia’s leadership within the last 20 years has been dependent on mineral resources to drive its economy, the need for an adjusted strategy became clear during Vladimir Putin’s first term as President in the late 1990s. Since that time, and now as he enters another term, the country has taken significant steps towards a modernized economy.
In order to thrive in today’s new global market, Russian leadership recognized the need to shift its economic focus to a high-technology and innovation driven society.To accelerate momentum and fuel innovation in the country, the Russian government established several government funded economic development institutions, the most known of which are: • Rusnano, a $10 billion later stage investor focusing on Nanotechnology investments• Skolkovo, consisting of five project clusters, (Information Technology, Space, Biomed, Energy Efficiency and Nuclear Technology), is also the founding enterprise of SkTech, a university that will be established in close coordination with MIT to promote innovation and entrepreneurship in Russia. Skolkovo also acts as a development agency that gives non-equity based grants to entrepreneurs.These two entities, alongside Russia’s recent admission into the World Trade Organization (WTO), are introducing Russia to the entrepreneurial community as a strong partner in promoting global economic growth and innovation. Determined to strengthen economic ties with the United States, Rusnano and Skolkovo have opened operations in the United States. Skolkovo maintains a very strong relationship with the Bay State through a partnerships with MIT. Both entities have offices in Menlo Park, Calif.Following on from the recent official opening of its Boston office, Maxwell Biotech Venture Fund (MBVF), which has already made two investments in the Boston area, is benefiting from further integration into the Boston-based venture capital community and has had the opportunity to evaluate many biotech and medical devices company proposals.MassChallenge is also driving Russian innovation. MassChallenge will teach classes in Moscow and St. Petersburg to help replicate the MassChallenge model through Russia’s business plan competition “Business Innovation Technology” (BIT). Through collaborative efforts with MIT, MassChallenge and other local organizations, Rusnano and Skolkovo will work to cultivate strong economic ties among the academic, business and entrepreneurial communities in the Bay State, in turn improving the economic relationship between Russia and the United States.Home to many of the top universities in the world, and some of the country’s most innovative companies, Massachusetts is the perfect location to strengthen the US-Russia relationship. With President Putin’s election ensuring Russia’s continued commitment to innovation, the possibilities for collaboration and growth have only begun to unfold.
Source: www.masshightech.com