US Venture Foundations Promise Support for Russian Hi-Tech Businesses
February 17, 2005
By Nikolai Krupenik
ITAR-TASS – St. Petersburg Regional Center, Northwest Federal District
The 2nd US-Russian technology symposium with the participation of RF Government and business and science circles of Russia and the USA opened today at Stanford University (USA). Our correspondent was informed of the fact at the St. Petersburg representation of PHLburg Technologies, a well-known US company specializing in commercialization of Russian technologies and acting as a sponsor of the symposium.
The informants specified that experts of such US companies as PHLburg Technologies, Mirantis and Landbridge Capital are developing a fundamentally new "model of venture investment for Russia". According to the company’s local representation, the American partners count on setting 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". 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.
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".
The US-Russian symposium is devoted to the Russian technology market and developing companies. As pointed out by the company’s St. Petersburg representation, participants from the Russian side include Andrey Fursenko, RF minister of education and science, Arkady Dvorkovich, Head of RF President’s Expertise Directorate and representatives of other key RF ministries.
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ITAR-TASS – St. Petersburg Regional Center, Northwest Federal District,