Russian, Indian companies join forces to boost tech cooperation
The Russian Venture Company (JSC RVK), Indian Association of technology parks and business incubators (Authority ISBA) and the Global Venture Alliance (GVA) have signed an agreement to join forces in the field of technology for the mutual benefit of both countries.
The agreement was signed by Yevgeny Kuznetsov Acting General Director of RVC, Poyni Bhatt, the senior representative of ISBA, and Zamir Shukhov,CEO and partner of GVA.
The organizations plan to work together to promote and facilitate commercialization of technologies, exchange of experiences and practices of support programmes for small and medium-sized businesses, and develop a plan to implement joint programmes.
RVK, ISBA and GVA plan to organize joint seminars and forums aimed at developing synergies and strengthening partnerships between investors and young entrepreneurs of the two countries. They intend to implement projects aimed at development of mechanisms to commercialize technologies within the industrial sectors of common interest for Russia and India.
"India is a country that claims to have one of the leading places in the world economy. This cooperation has a strategic character for RVK and is one of the priorities of our work in foreign markets. We already have a good partnership with China, South Korea, Singapore and Israel and it is a very inspiring beginning to support the STIs, Russian start-ups and the Russian innovation industry", said Kuznetsov of RVK.
The company is currently developing active cooperation with the Indian innovation ecosystem. Priority areas for cooperation include unmanned vehicle technologies, smart energy, smart city, biotechnology, food technology, as well as new materials and chemical components, particularly for the aerospace sector.
"We have a very similar venture capital market situation with Russia, common goals and objectives for building an innovation ecosystem”, said Bhatt, of ISBA. “The partnership agreement will allow investors from both countries to participate in international events, become familiar with the start-up projects, learn the basic legal aspects of foundations and organization of cross-border transactions, get an idea of the venture investment market conditions in each country."
GVA’s Shukhov noted that India was one of the key markets, which is required to establish and promote cooperation in technology and innovation. “We are pleased with the positive mood of the Indian colleagues who intend to invite Russian start-ups to events in India as soon as possible to help them enter the market and actively seek opportunities for development. Therefore, for us the first step after the signing of the agreement will be the establishment of the start-up group to travel to India together with the development of institutions, including the RVK."
The JSC "RVC" is a state fund for capital, the Institute of Development of the RF, whose mission is to stimulate the creation of Russia's venture capital industry and the performance of the functions of the National Technology Initiative (NTI) Project Office.
Global Venture Alliance (GVA) is an international company that develops a global innovation ecosystem creating under one brand an accelerator for the growth of start-ups, training courses for entrepreneurs and investors, consulting and service support projects and corporations, international venture capital funds, as well as a global network of experts in the field of high-tech developments.
The Indian Association of technology parks and business incubators (ISBA) was founded in 2004 with the support of the Indian government’s Department of Science and Technology. The Association today includes more than 70 member organizations. The aim of the Association is to promote the development of business incubator system of India through cooperation, exchange of information and experience with public and private organizations.
First published in Russian by the Russian Venture Company.