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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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ALL ABOUT TOWN

Thursday, Nov. 27


The Customs and Transportation Committee for AmCham meets this morning at 9 a.m. in their office on Ulitsa Yakubovicha.


Tickets are still available for local KHL team SKA St. Petersburgs showdown with Siberian club Metallurg Novokuznetsk tonight at 7:30 p.m. in the Ice Palace outside the Prospekt Bolshevikov metro station. Tickets can be purchased on the teams website, at the arena box office or in their merchandise store on Nevsky Prospekt.


Celebrate one of Russian literatures most tragic figures during Blok Days, a two-day celebration of the 134th anniversary of the poets birthday. The tragic tenors work, which led to writer Maxim Gorky to hail him as Russias greatest living poet before his death in 1921, will be recited and meetings and discussions about his contributions to the Silver Age of literature in St. Petersburg will be discussed in the confines of his former residence.



Friday, Nov. 28


Join table game aficionados at the British Book Centers Board Game Evening. Held every Friday at 5 p.m., aficionados and amateurs alike can come take part in a variety of different games that test ones intellect and cunning.



Saturday, Nov. 29


Cats, dogs, birds, rodents and reptiles are just some of the things that will walk and crawl at Lenexpo convention center this weekend as part of Zooshow, a two-day exhibition featuring not only mans best friends but a four-legged fashion show, as well as a food fair that will help pet owners find out more about which kibbles are best for their hungry pets.



Sunday, Nov. 30


Remember the 75th anniversary of the beginning of the Russo-Finnish war in 1939 during todays reenactment titled Winter War: How it Was. More than 200 people will take part in recreating the opening salvoes of the battle for the north in Kamenka, a small village situated between Vyborg and St. Petersburg, using authentic equipment and vintage vehicles from the era. The faux battle begins at 2 p.m.



Monday, Dec. 1


Serbia filmmaker Emir Kusturica is the featured guest this evening at the Lensovet Palace of Culture the Petrograd Side. Fans of the director will get the chance to watch his movie Black Cat, White Cat, as well as ask questions about his award-winning filmography. Tickets for the event, which starts at 7 p.m., start at 2,000 rubles ($42.50).



Tuesday, Dec. 2


Today is the final day of Takoy Festival, a three-week program of plays based on the works of Dostoevsky, Remarque and other famed European writers, whose work is transcribed for theatrical performances. Tonights festival finale is Fathers and Sons, a two-act drama staged by the Novosibirsk Academic Drama Theater based on Turgenevs classic about familial relations.



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