9 September 2019
Russian-Chinese cooperation in innovation has seen a new development at
the Eastern Economic Forum. On 5 September, as part of a panel discussion on
‘Russian-Chinese Cooperation in Innovation: Synergy or Competition?’ which took
place at the Roscongress Foundation’s Innovation Space, an agreement on the
launch of a new Russian-Chinese accelerator was signed. It will become a
further tool to assist domestic companies in entering Chinese markets.
The document was signed by the Far Eastern Federal University Technology
Entrepreneurship Fund director and Russky Technology Park CEO Dmitry Borovikov,
the Director of the Russia–China Centre for Innovative Entrepreneurship Vera
Pronkina, and the Director of the China-Russia Center for Innovative
Entrepreneurship in Beijing Wei Boren. The Chinese-based Association of
Business Angels and Zhongguancun Inno Way, which are home to 46 accelerators,
will also participate in the project.
“The signing of this agreement at the Innovation Space underlines the
importance of the Roscongress Foundation's activities to support innovative
business once again. As part of the Innovation Space project, the Roscongress
Foundation is currently developing a quality standard for high-tech startups,
Business Priority, which contributes to the creation of effective mechanisms to
bring promising companies and technologies to the market. The systematic
interaction between the main world centers that have a venture capital
infrastructure is an essential element for the success of such a work. This
agreement is a wonderful example of such interaction”, Advisor to the President
of the Russian Federation Anton Kobyakov commented.
“Thanks to their location, the
Far Eastern Federal University and the Russky Technology Park will become key
venues for the launch of Russian innovative projects on the Chinese market,”
said Dmitry Borovikov. He also observed that, in the year since EEF 2018, the
Russky Technology Park has seen “15 new resident companies and the creation of
an investment pool worth RUB 600 million”.
According to Vera Pronkina, the Russia–China Centre for Innovative
Entrepreneurship is planning to select 20 projects by October 2019 that will
begin sales in China by the end of the year. In the longer term, the
association is looking to work with 90 projects, ten of which “will begin joint
ventures and launch sales within a year”.