The widely discussed plans of the Russian government to support the development of the Russian high-technology industry have recently turned into practice. On July 26th, the St. Petersburg Governor Valentina Matvienko had announced that the city has won a federal tender for the development of the first in Russia government-supported venture capital fund.
This is a rather promising trend for the Russian ICT industry, where the government takes quite an active role in developing the technology sector. The fund is conceived for making investments into research and development (R&D) centers, student laboratories and new emerging technologies adoption. The venture fund will focus on small and medium sized enterprises (SME/ SMB), engaged in high-tech R&D.
City officials are saying that they suppose to raise a fund of 280 millions of rubles, with 140 million coming from the federal budget, and 140 million for the St. Petersburg city budget, respectively.
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