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Now investors in Russia are flocking to Web 2.0 companies that serve local markets, more like to what's going on in China.
"A Russian company can expect to serve the domestic market," said Ammosov.
The country is also working to make it easier to do business there. The Duma passed laws, which will take effect next year, that have reformed several parts of Russia's intellectual property code. It is also working on laws, similar to regulations from the Securities and Exchange Commission, which will create more transparency in accounting.
Additionally, the RVC has set up its program in a way, conceivably, to put some distance between the government and the RVC and between the RVC and the venture capital firms. The RVC's board consists of three government directors and three independent directors, two of which are foreigners (Israel's Erlich and Esko Aho from Finland).
The RVC, meanwhile, will not participate in the day-to-day management of the Russian-based funds. The RVC will put up 49 percent of the money in the fund. The U.S. (or European) venture fund will put up 51 percent. Approximately 80 percent of the money will get invested in early stage companies. The foreign venture investors, however, get to decide which companies to put the money into.
Are the safeguards, combined with the ability to use millions of dollars of someone else's money for practically nothing, enough to attract VCs? It's still probably a tough sell. The first three partners are clearly the most amenable. Tim Draper of DFJ and Pitch Johnson, who founded Asset Management, have spoken for years about Russia's potential. DFJ is also more focused on foreign investments than most U.S. firms.
Tamir Fishman, meanwhile, comes out of Israel, which has an established relationship with Russia's tech community. Israel's incubator program, which helped the country become a tech powerhouse, was created as a way to employ Russian ?migr?s in the 1980s.
Other investors were less enthusiastic.
"I am guessing that someone with Russian roots will take them up on it," wrote one VC. "Or some fledgling new VC that could use a jump start."
See more CNET content tagged:
Russia, venture-capital company, venture capital, fund, firm
And I'll tell you, you have to be careful about prejudice and pre-conceived notions. They actually both work for and against Russia.
People think Russian hackers are the best in the world. In fact, I don't think the quality of computer talent is very good right now. Many of the so called hackers are simply script kiddies, and just a few really talented ones exist, and this is because of the lack of widespread access to computers in the same way that happened in other countries during the 90's.
On the other hand, some of the commentary about the tycoon criminals that got what was really coming to them for tax evasion and theft of public resources....that being made into an environment of suppressing business...is plain wrong.
That is not to say, that the business climate is great...it's not. But the reality is, the situation is improving, not getting worse. It's improving, but has a long way to go.
Russia is on the backslide to the old Communist days. No big foreign company is going to make serious investments in Russia with the way the government is taking control of everything again. Why go into Russia when there is a chance they may decide to put your company assets in Russia under state control?
"Oh ye of little faith"
http://www.news.com/8301-10784_3-9779245-7.html?tag=head
From the subject line!
http://www.youtube.com/watch?v=L9oh3gqOEKU
Live Long And Prosper!
Only America can have brain, luxury and what not.
Hence...
http://www.youtube.com/watch?v=thl-ClofWzk
... Got "ETHANOL" - Cool!
http://www.youtube.com/watch?v=ksFqjI3gyAo
COMMANDER'S LOG:
STAR DATE..... 2007-11-10
SUBJECT..... "CGX Energy announces closing of US$35M financing"
"Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) is pleased to announce that it closed its previously announced private placement financing (the "Offering"). Pursuant to the Offering, CGX issued 17,500,000 common shares of the Corporation at a price of US$2 per share for gross proceeds of US$35M, which amount includes the $5M over-allotment fully-exercised by the underwriters. The Offering was underwritten by a syndicate of underwriters led by Cormark Securities Inc. and including Jennings Capital Inc., Fraser MacKenzie Limited, Toll Cross Securities Inc., Brant Securities
Inc., and Alexander Capital Group Inc. (collectively the "Underwriters"). As
compensation for their services in connection with the Offering, the Underwriters were paid an aggregate cash commission of US$2.1M.
The common shares issued pursuant to the Offering will be subject to a four-month hold period which expires on March 7, 2008. Completion of the Offering is subject to receipt by the Corporation of the final approval of the TSX Venture Exchange in connection therewith.
Kerry Sully, President & CEO stated:
"We're pleased that the underwriters have closed this financing and exercised their option to subscribe for an additional 2.5 million shares. It will give us added flexibility to continue the exploration on our three offshore Guyana licenses and for general corporate purposes."
CGX is a Canadian-based oil and gas exploration company focused on exploration for oil in Guyana, South America. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.
Additional information on CGX Energy may also be examined and/or obtained through the internet by accessing CGX Energy's website at www.cgxenergy.com."
TO BOLDLY GO!
http://en.wikipedia.org/wiki/Tu_144
I wouldn't underestimate them.
- by olimuthueng April 22, 2009 9:50 AM PDT
- G.K.O. Ratha Krishnan, Machinist, >
- Like this Reply to this comment
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(14 Comments)18, Renganatha Puram,
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To,
Respected Sir,
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G K O Radhakrishnan