Investments in the Russian hi-tech - this is madness

Russia - a country that has the sixth largest economy in the world, but it is also a country with which employs very few foreign investors, especially in high technology.
Answer the question - Can Russia be the next home for the new technological revolution?

And the answer is actually simple: in any case. At least, if not now. This is a conclusion that I came to after a week stay in Moscow, a week, during which I was part of the first delegation of U.S. venture capital investors, who visited Russia.

Organizers have invited me as the sole representative of the U.S. media. (Disclaimer: my trip was organized by AmBar, a group of Russian professionals from the U.S., and paid Rosnano, fund public investment in Russia. In turn, I promised to write an honest account of what I found and what conclusions were reached.)

Russia has made tremendous efforts to change. The planned science city Skolkovo in the next couple of years means spending billions of dollars, and it is called nothing less than a second Silicon Valley. Start-up costs amount to $ 5 billion, not counting other investments. Eventually it will create the nanotechnology industry with a turnover of $ 30 billion a year by 2015. Russian leaders, headed by President Dmitry Medvedev has convinced me that they want to eliminate corruption, and that the only way to achieve sustainable economic growth lies in diversification - what it means to support the IT industry. Russia has made great efforts in regard to reform and progress. My brief visit makes me think that someday it will happen. Someday.

Because right now Russia is still in total chaos. It still depends on oil, and as oil prices crept back up, the state may become more comfortable and, consequently, will have no incentive to change. It’s really come a long way, and many plans are currently still under Soviet-style “top down”.

7 June 2010

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