During Slush, more than 10 European startups expressed the desire to move to Russia to take advantage of opportunities afforded by the Skolkovo Innovation Center to test and commercialize their ideas. Among the interested companies were Finnish video startup Videoly and education portal Jamk.fi. For foreign startups, this is a chance to gain an advantage when entering the international market; for example, a medical device can be registered twice as fast in Russia as it can in the United States.  

Russians sell their brand at Slush

The latest developments in the Russian startup environment are in line with worldwide trends. Whereas IT companies were previously in demand on the high-tech market, there currently is a growing interest in ideas “at the intersection of technology.” It is simply a question of whether such companies will find investors in Russia.  

The Slush exhibition was held in Helsinki in November 18-19. Source: Press Photo

However, foreign companies could also satisfy startups’ need for financing. For example, during the event, Finnish investment bank Evli demonstrated interest in working with innovative companies that are residents of Skolkovo, which is being referred to as the “Russian Silicon Valley” with ever-greater frequency.