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Cabinet Sets up State Venture Company to Invest in High-Tech

Published: August 15, 2006 (Issue # 1195)


The Cabinet on Thursday approved the creation of a state venture company that is to invest 15 billion rubles ($560 million) in the countrys high-tech sector.

Also known as the fund of funds, the Russian Venture Company is set to boost technology investments and diversify the economy away from commodities. The company will create eight to 15 venture funds to be managed by private companies, Economic Development and Trade Minister German Gref told the Cabinet meeting, Interfax reported.

We aim to attract more than 30 billion rubles ($1.12 billion) to the Russian high-tech sector by the end of 2007, Gref said.

Russian Venture will be fully established by the end of this year and fund-management companies will be chosen by tenders in early 2007, Gref said.

Lax protection of intellectual property rights, the high risks associated with technology start-ups, and attractive returns from investing in large private companies and the stock market have all served as disincentives to investment in small, fledgling technology firms.

Education and Science Minister Andrei Fursenko told the meeting that the capitalization of venture funds at was pegged 4 billion conditional units in Russia. Conditional units can be interpreted to mean dollars or euros, or the average of the two.

But only 5 percent of these resources is allocated toward high-tech. This is very small, [and] without government participation this percentage is not going to grow significantly, Fursenko said, Interfax reported.

Russian Venture expected to be set up by the end of this year is an important first step in building a competitive high-tech sector. But Russian Venture will not do the job alone, experts said.

Theres clearly a need for investment in this sector. Its a question of doing a lot of things simultaneously, said Ulf Persson, co-founder and Managing Partner of Mint Capital.

By definition, start-ups constitute risky investment because, unlike larger private companies, they have not proven their profitability. Gref said world-famous brands, including Microsoft and Cisco, emerged as a result of venture capital funding. Only a few technology start-ups are destined to become global powerhouses, however.

Without government support, venture capital investment [in technology start-ups] will emerge in 10 years at best, said Mikhail Gamzin, managing partner of Russian Technologies, an investment fund backed by Alfa Group.

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Friday, Oct. 31


Put your grammar and logical thinking to the test in a fun and friendly environment during the British Book Centers Board Game Evening starting at 5 p.m. today. The event is free and all are welcome to attend.



Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at todays Grand Prix Fitness House PRO, the nations premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the citys elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolans latest film Mommy at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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