Central regions | Finance, business | Technology & innovation
Skolkovo shooting for $1bn/y in external investment by 2020
26 Sep '12
As innovation news portal Venture Business News reports citing Alexander Lupachev, head of the Skolkovo Foundationís investment department, the Skolkovo innovation hub under construction outside Moscow, now being sponsored by the Russian government, expects to start receiving in eight yearsí time up to $1bn a year in external investment.
About half of the amount is expected to come from Skolkovoís venture partners, a group of companies that the Foundation wants to hand pick in a meticulous screening process.
A draft strategy of Skolkovoís eight-year development calls for a gradual decline in government subsidies and an increase in private investment. By 2020, Skolkovo wants to have up to 100 venture partners, VC funds; today, there are 45, including 17 international and 28 Russian ones.
Comparing the Skolkovo situation with Silicon Valley, Mr. Lupachev said there are more than 500 such funds there closing in excess of 3,000 transactions a year.
Skolkovo has plans for an array of ways of presenting projects to investors, including the pitch sessions format.
Beginning 2015-2016, Skolkovo residents will be expected to increasingly fund their work from their own business activity, not just from venture investors and the state.