XI International Investment Forum Sochi-2012 

On September 21, 2012, the Russian prime-minister took part at Skolkovo’s round table, moderated by adviser to the president of the Skolkovo Foundation Pekka Viljakaynen. At his speech at the forum he appealed to create an innovation system, where “administrative implementation of innovations will be replaced by support for young entrepreneurs as a vital interest of business."

He made these statements at Forum’s Skolkovo moderated round table discussion "The role of the state in the innovation process: the institution for development or a competitor to private sector."

The Russian Prime Minister and head of the Board of Trustees of Skolkovo stated that the role of the Russian state is crucial when it comes to grant financing, in the initial stage of implementation of innovative ideas.

The government is just beginning to test the system of larger grants, over 3000 dollars, types of grants enough to start a small businesssaid Dmitry Medvedev.

The model he advocated for during his speech at Sochi is a transition from administrative to vital interests of business incentives, while the state should continue promoting innovations and back them with a system of state funded grants for startups.

The round table was also attended by the founder of Dnevnik.ru venture and Skolkovo’s resident Gabriel Levy, Igor Agamirzyan, CEO of the Russian Venture Company, managing partner of Bright Capital Valery Krivenko, head of the Microsoft Russia Nikolai Pryanishnikov and other prominent innovative entrepreneurs.

Summarizing the results of the round table, Pekka Viljakaynen said the session touched on all crucial aspects for Russian innovations issues, as well as Skolkovo development, such as leadership, finance, support for innovations on national scale, image, credibility and trust.

The money will be smart, if their owners clearly understand their goals and see ways to achieve them. In other words, you first need to have a strategy for actionthe adviser to Skolkovo ‘s president said.

The latest Global Competitiveness Index (GCI) survey was published in early September. Of course, we are not very happy about this survey because Russia was ranked 67^th. To be sure, the report mentions our strong points as well, including those macroeconomic parameters I’ve just mentioned. Add to this our impressive innovation potential and a high-quality system of higher education, which we are nevertheless trying to improve. The immature regulatory basis, sluggish competition on the goods and services markets, corruption, of course, and an ineffective administrative system are key problems hampering economic development. One finds it hard to disagree with this, although we are not standing idle. We are doing meaningful work to improve our legislation and the performance of government bodies. As for our actions in the innovation and investment spheres, one should note our recently created development institutions, which have achieved some impressive results. Of course, I would like to single out the Skolkovo Centre, which already has more than 600 registered participants, and the Russian Direct Investment Fund, which attracts four roubles’ worth of private investment per every rouble of federal investment.