There's good news in store for Indian Startups. Skolkovo Innovation Centre, which is Russia's largest global technology hub, is on a look out to incubate Indian startups. The centre is specifically looking for startups in India dealing in areas such as biomedical devices, Internet of Things, a technology where devices communicate with each other intelligently and big data analytics. Besides these, the Centre is also looking forward to incubate startups in areas as diverse as nuclear, space technologies and energy management.
According to Igor V Bogachev's statement to Economic Times, "I am not after dotcom or ecommerce. We are really trying to support the core technologies, especially in the space where venture capitalists are not interested." Igor Bogachev is the Vice President and Executive Director IT Cluster at Skolkovo Foundation. Skolkovo Foundation is the principal agency behind the innovation centre. Bogachev also added that his foundation wants Indian innovators and technology entrepreneurs to directly partner with the Russians.
Skolkovo Foundation was founded in 2010 and is being led by the Russian Prime Minister Dmitry Medvedev. The foundation's main aim is to develop and commercialize advanced technologies. Skolkovo Inplatforms Centre with its three noble laureates, a budget of $3.9 billion (Rs.24,000 Crore Approx.) and over 1,000 companies and startups is considered as Russia's largest and biggest supporter of innovation. It has also been bestowed with the title of being the new technology global hub.
According to Bogachev, the Indian companies stand a chance of getting grants from $50,000 to $10 million. The residents of the innovation centre are also given a co-working space, technical and financial support. Bogachev thinks the entrepreneurial system in India is much better than Russia because though Russians are great innovators but they lack in the marketing of technology.
Many Skolkovo cluster companies have also partnered with Indian companies in order to bring their technologies to the market here. For instance, Russia's Geolab has collaborated with India's ONGC. Geolab sells technology for oil exploration.
India has become a hot destination for accelerators and incubators all over the world to provide capital and mentoring because of the rate at which startups are emerging all across the country.
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