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2014-10-08

Russia\'s Skolkovo innovation centre looks to incubate Indian start-ups

Skolkovo Innovation Centre is looking to incubate start-ups in areas such as big data analytics, biomedical devices and Internet of Things

As a part of Russia-India innovative co-operation, where the president of Skolkovo Foundation has announced to bring scholars from India into the organisation, Skolkovo Innovation Centre is looking to incubate start-ups in areas such as big data analytics, biomedical devices and Internet of Things, according to a report published in Economic Times.

 

The firm has also planned to incubate companies in areas as diverse as energy management, space and nuclear technologies. "I am not after dotcom or e-commerce. We are trying to support the core technologies, especially in the space where venture capitalists are not interested," Igor V Bogachev, VP and executive director (IT cluster), Skolkovo Foundation told ET.

 

We want Indian innovators and technology entrepreneurs to partner directly with Russians, added Bogachev.

 

Founded in 2010 and led by Russian Prime Minister Dmitry Medvedev, the foundation aims to develop and commercialise advanced technologies. With a $3.9-billion (about Rs24,000 crore) budget, three Nobel laureates, over 1,000 companies and start-ups, the Skolkovo Centre is Russia's largest supporter of innovation and a new global technology hub.

 

Bogachev said Indian companies can get grants between $50,000 and $10 million. The residents of the innovation space also get co-working space, financial and technical support. He conceded that Russians are great innovators but are poor marketers of technology, unlike the Silicon Valley. The entrepreneurial system in India is much better.

 

Experts say Russia also wants to be a part of India's start-up and information technology boom other than the traditional aerospace and defence businesses. In April, Russian supercomputing company RSC group and the Russian Academy of Sciences proposed collaboration with India to set up supercomputing facilities that will rival China's Tianhe-2, the world's fastest supercomputer.

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