Volga | Finance, business | Technology & innovation
Tatarstan teams up with Enterprise Ireland to launch Russian start-ups globally
1 Mar '16
Pulsar Venture Capital, an early-stage investment fund from Tatarstan, in the mid-Volga area, has launched a start-up accelerator in partnership with government agency Enterprise Ireland and Dublin-based early stage investor NDRC, reported East-West Digital News, the first international information company dedicated to Russian digital industries.
The accelerator reportedly promises to help start-ups “enter the global market and find an investor or strategic partner in 100 days.” Three locations are involved: Kazan (the capital of Tatarstan), Dublin and Silicon Valley, with each selected start-up going through boot camps in the three countries, as Ivan Dobryshev of Pulsar’s press service explained.
Following online application, fifty start-ups will be selected in April for further program stages in the fields of information technologies, industrial technologies, hardware, oil and gas innovations, biotechnology, medicine of the future and new materials.
Each selected start-up will receive an investment of about $100,000 from the program. In addition, “the international partners have expressed readiness to invest up to 1 million euro in each start-up,” Mr. Dobryshev said.
The start-ups will also benefit from access to engineering centers, international expertise and mentorship, and other support services.
“The program’s main objective is to launch Russian start-ups in the global market,” stated Pulsar’s CEO Pavel Korolev. “We aim to create the conditions for this—not only by providing the first investment, but also by helping them find international partners, investors and relevant mentors.”
Not all Russian start-up entrepreneurs consider international expansion, however, Mr. Korolev noted. “But nowadays it is virtually impossible for a tech start-up to develop a product without integrating itself into the global innovation ecosystem,” the investor believes.
Pulsar’s acceleration program is backed by the Investment and Venture Fund of the Republic of Tatarstan as well as by RVC, Russia’s government-sponsored fund of funds for innovation, and the Bortnik Fund (FASIE), another state-backed organization.