23 April 2012

Innovations for the whole world

Chubais: the creation of an innovative economy in Russia should be open

RIA NewsThe construction of an innovative economy in Russia should be as open as possible to the outside world, otherwise it will be uncompetitive, said Anatoly Chubais, Chairman of the Management Board of Rusnano.

Speaking at the opening of the XII Annual Congress of the European Association of Business Angels on Monday, Chubais noted that despite the fact that Russia has had a stable macroeconomic situation in recent years, there are deep structural problems in the country's economy.

"We believe that the situation when 80% of Russian exports are oil, gas, ferrous and non–ferrous metals is absolutely abnormal. We are convinced that the task of diversifying the Russian economy is not just relevant, it is vital. We are convinced that Russia is facing a dilemma today – innovation or degradation, that is exactly the question," said the head of Rusnano.

He explained that this is why, in recent years, modernization issues have become a priority in the work of the Russian leadership.

"I believe that without modernization, our country will endlessly lag behind the leaders competing with it," Chubais stressed. According to him, the modernization of the Russian economy is "absolutely real."

The head of Rusnano recalled that major projects aimed at creating an innovative economy are already being implemented in Russia, in particular, the Skolkovo project, and Rusnano and the Russian Venture Company (RVC) are also working.

Innovative economy

According to Chubais, despite the fact that the Russian economy is "stifled" by corruption, there is categorically not enough competition in it, it is under severe pressure from the bureaucracy, nevertheless, Russian innovations are "getting on their feet."

"It seems to me extremely important that this project (to create an innovative economy) be extremely open to the outside world," the head of Rusnano stressed.

He explained that in today's world it is impossible to grow an isolated economy, as it will be "simply destroyed at the moment of competition." "That is why the Russian innovative economy can either be created as one of the best in the world, or it will not arise at all," Chubais said.

He added that it is extremely important to cooperate as fully as possible with colleagues from abroad.

According to him, in this sense, the holding of the current congress in Moscow is very significant. Chubais expressed hope that this is not a one-time event, but the beginning of a long project in which all its participants are interested.

The first All-Russian Week of Business angels began its work on Monday in several regions of the country, the key event of this event will be the XII Annual Congress of the European Association of Business Angels (EABA), which will be held in Moscow on April 23-24.

Earlier, the National Association of Business Angels of Russia reported that the week is being held in order to give an additional impetus to the development of the Russian venture capital investment market at an early stage by combining and coordinating the efforts of its participants. In addition, the event should demonstrate the features and attractiveness of innovative activities to a wide range of potential entrepreneurs and investors.

Business angels are individuals and legal entities that invest part of their own funds in innovative companies at the earliest stages of development – "seed" and "initial" (start–up). The volume of "business angel" investments in one company ranges from several tens of thousands to a million dollars.

Portal "Eternal youth" http://vechnayamolodost.ru23.04.2012

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