US Annual Russo-American Technology Symposium to Discuss Joint Venture Foundation Model
February 17, 2005
Novosti Dnya (News of the Day) – RBC St. Petersburg
Today, 17th February, the 2nd US-Russian technology symposium will open in the USA. As was reported to RBC by Project Manager Anton Konkin, the event will take place at Stanford University (USA) with the participation of leading representatives of the Russian and US government, business and science circles. PHLburg Technologies specializing in commercialization of Russian technologies is a sponsor of the symposium. Company President Neil B. Godick will make a presentation of a joint investment project by PHLburg Technologies, Mirantis and Landbridge Capital. The experts of these three companies are developing a fundamentally new model of venture investment for Russia.
The partners plan to set up a joint venture foundation that will provide about US$1.5 mln. for 2-3 Russian hi-tech companies to finance their early development stage with prospects of further involvement of major investors. The fundamental novelty of the model lies in the mutually advantageous distribution of responsibilities between the Russian and the American side, as well as in the powerful mix of the Foundation members. Thus, general management and marketing are to be handled by the Foundation’s US experts, while investigations and product development will be handled by the Russian side. With this aim in view, the Foundation is to form a mixed US-Russian team. Mirantis has great experience in the problems of management and creation of companies on a turnkey basis in Russia. Landbridge Capital experts are experienced in venture capital financing. PHLburg Technologies, due to its reputation and connections with Western investors, will solve marketing problems and attract investors. Mr. Godick expects the joint Foundation to be a success in attracting Western capital to Russia. In addition to obtaining profits, the Foundation partners declare it their goal to prove that Russian technologies have a huge potential and, with successful commercialization, will be attractive for the world market.
At the initial stage of its operations the Foundation will be looking for promising technologies. Various options of cooperation with Russian venture capital investors with a proven track record in this area will be considered.
Representatives or Russian scientific and political circles at the Symposium include A. Fursenko, RF Minister of education and science, A. Dvorkovich, Head of RF President’s Expertise Directorate, D. Milovantsev, Deputy Minister for information technology problems, N. Kudryavtsev, President of Moscow Physico-Engineering Institute. In addition to PHLburg Technologies, among the corporate sponsors of the symposium are: IBM, Microsoft, Boeing, Russian Technologies, Lufthansa, Mirantis, Spirit DSP, CRDF.
The symposium will promote the development of exclusive partnerships between investors and their clients. It will also work out an agenda for the US-Russian business and trade relations.
This article was originally published in Novosti Dnya
– RBC St. Petersburg