South West | Technology & innovation | Finance, business
Russian Venture Company to help innovation in Russia’s South
1 Oct '13
Russian Venture Company (RVC) has announced plans to help the Krasnodar region in Russia’s South create the full-blown infrastructure of venture investing.
Last week, RVC and the Krasnodar regional administration inked a cooperation agreement, the company said.
Under the terms of the agreement, RVC experts will be expected to assist the region in establishing contacts with VC market players and expert communities to dramatically improve the quality of innovation project preparation.
Particularly, the region will join the International Competences Center project currently being put together on the premises of the Ingria business incubator in St. Petersburg. RVC is developing the concept of the future center together with Ingria and Aalto Start-up Center in Finland.
According to Igor Agamirzyan, the CEO of Russian Venture Company, the Krasnodar region has “colossal potential” in developing innovations. For example, the local Fund for VC Investing Development—a regional analog of Russia’s Bortnik Fund investing in small technology companies—“has already put up $21.5m for seven regional projects.” However, the lack of proper infrastructure “is a serious impediment to the development of innovation entrepreneurship,” Mr. Agamirzyan said.