ANNOUNCEMENT 21 Jul 2014

On 21 July 2014, the Russian Economy Ministry approved subsidies to the Skolkovo Innovation Center covering 2014, 2015 and 2016. 

 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Decree of the Ministry of Economy N450 dated 21 July 2014 on Adopting the Implementation Plan of the State Program on Economic Development and Innovative Economy in 2014 and outlook for 2015 and 2016. http://economy.gov.ru/minec/about/structure/depstrategy/2014092211

Inception date: 21 Jul 2014 | Removal date: open ended

Financial grant

On 21 July 2014, the Russian Economic Development Ministry announced it will allocate 27 billion rubles (USD 762m) towards the development of the Skolkovo Innovation Center in 2014 and plans to allocate further 19 billion (USD 547m) in 2015 and 14 billion (USD 398m) in 2016. A larger part of the money is earmarked for the set-up of the Skolkovo Institute of Science and Technology, as well as the residential and business infrastructure at the Skolkovo Technopark. However, for the direct support of the startup promotion costs, the Government earmarked USD 146m in 2014, 154m in 2015 and 206m in 2016. 

As a high-tech business incubator, the Skolkovo Innovation Center is tasked with selecting prospective high-tech startups and helping them commercialize their innovation and/or register property rights. The Center is also responsible for bringing private financing into promising projects. Through Skolkovo incubator, the Government also disperses grants to co-finance hi-tech research projects (50-60% of expenditures, depending on the year). 

Skolkovo currently operates clusters dedicated to the information technologies, biomedicine, energy, nuclear power and space technologies. 

State support to the Skolkovo is prescribed under a dedicated budget line (Component A.1) of the State Program on Economic Development and Innovative Economy. 

AFFECTED PRODUCTS

 
N/A