Russia and Singapore to launch new start-up ecosystem - RUSSOFT
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Russia and Singapore to launch new start-up ecosystem

Under terms of the agreements, ACE and Skolkovo will jointly develop a Regional Innovation Hub to support innovation

Nov 27, 2018
The Russian Direct Investment Fund (RDIF, a 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 Southeast Asian markets, reported Invest Foresight, a Russian online business magazine.

Under terms of the agreements, ACE and Skolkovo will jointly develop a Regional Innovation Hub to support innovation, share best practices and information on existing projects and business conditions, and jointly accelerate projects from both countries.

"Technological development is one of RDIF’s main investment strategies, and we intend to significantly intensify our work with innovative companies within the framework," RDIF CEO Kirill Dmitriev noted.

"Through this partnership, the Skolkovo 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’ start-up ecosystems. Start-ups from both countries will … have a greater level of cross-border access to network, resources, opportunities and support, including reciprocal market access through existing programs and co-working spaces, joint promotion of innovation events and knowledge workshops," said Dr. Mark Hon, Chairman of ACE.