RDIF, Skolkovo and ACE Strengthen Relations on Singapore, Russia startup ecosystems

Global Innovation HotSpots | TelecomDrive.com

The Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, 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.

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

RDIF will also help develop projects promoted by Skolkovo and ACE. Together with its partners from leading international financial and strategic investors, the RDIF will offer companies RDIF’s experience and expertise in structuring and developing businesses. In addition, RDIF and its partners will be potential investors in the most attractive projects and start-ups.

Yury Saprykin, Vice President of International and Regional Policy at the Skolkovo Foundation, explained, “Singapore has traditionally been one of Russia's main partner countries in Southeast Asia. This year is especially significant for the development of bilateral relations between our countries as it is the 50th anniversary of the establishment of diplomatic relations. In addition to traditional areas of working together, cooperation in technological development is actively advancing, in particular in the field of technology for a “smart city”. 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 epicentre of Singapore's innovative entrepreneurship, and the partner network covers more than 800 start-ups, venture capital funds and accelerators.”

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted, “Technological development is one of the main investment strategies of RDIF, and we intend to significantly intensify our work with innovative companies within the framework of the new RDIF Technology platform. RDIF’s cooperation with leading organisations 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."

Dr Mark Hon, Chairman of ACE, explained, “In line with the ACE Connected Ecosystem and Regional Innovation Hub (RIH) initiatives, we are excited to embark on this partnership with RDIF and the Solkovo Foundation to create more collaborative opportunities for startups in Singapore and Russia. Through this partnership, the Solkovo Foundation will be one of ACE’s Connected Ecosystem partners and act as an innovation connection point in Russia to drive co-innovation between both countries’ startup ecosystems. Startups from both countries will be able to leverage on the enhanced connectivity to have greater level of cross-border access to network, resources, opportunities and support, including but not limited to reciprocal market access through existing programmes and co-working spaces, joint promotion of innovation events and knowledge workshops that will benefit startups from both countries.”