RDIF, Skolkovo, Sinapore businessmen agree to jointly assist start-ups

TASS, 14.11.2018

The Russian Direct Investment Fund (RDIF), the Skolkovo Foundation and the Action Community for Entrepreneurship (ACE) of Singapore have agreed to cooperate in supporting global entrepreneurial initiatives in Russia and Singapore and assisting Russian start-ups in entering the Singapore and Southeast Asian markets, RDIF said in a statement. A respective agreement was signed at the Russia - ASEAN forum on Wednesday.

ACE and Skolkovo will jointly develop a Regional Innovation Hub to support innovation, share best practices, information on existing projects and business conditions. The funds will also jointly accelerate the projects and contribute to strengthening cooperation between Russian and Singapore start-up ecosystems, the statement said.

The Russian Direct Investment Fund will offer companies its experience and expertise in structuring and developing businesses. In addition, RDIF and its partners will be potential investors in most attractive projects and start-ups.

"RDIF’s cooperation with leading organizations such as Skolkovo and the Singapore Entrepreneurship Community will open up additional opportunities for young Russian companies to enter the markets of Southeast Asia, and also allow us to gain access to a large number of promising technology projects both in Russia and abroad," RDIF Chief Executive Officer Kirill Dmitriev was quoted as saying.

According to Vice President of International and Regional Policy at the Skolkovo Foundation Yury Saprykin, this year is especially significant for the development of bilateral relations between Russia and Singapore. "The Skolkovo Foundation systematically develops partnerships with key representatives of the innovation ecosystem of Singapore, providing support to develop the international business of Skolkovo’s participating companies. In practical terms, the signing of an agreement with ACE means the emergence of a trusted partner for Skolkovo’s companies, the opening of an office in Singapore and the ability to scale-up plans in the Southeast Asian region. ACE's physical presence is at the epicenter of Singapore's innovative entrepreneurship, and the partner network covers more than 800 start-ups, venture capital funds and accelerators," Saprykin was quoted as saying.