Tuesday, August 22, 2017

Deputy PM: Skolkovo Innovation Center community fully funded, on target for 2020 completion

Despite budget cutbacks in other areas, the thriving Skolkovo Innovation Center is on schedule for completion next year, promising a significant boost to Russia’s economy.

At Slush 2014, where Europe’s startups meet at their biggest conference of the year, Russian Deputy Prime Minister Arkady Dvorkovich said the Skolkovo Innovation Center will not be economized with other industries.

Already, $2.5 billion has been spent on construction of the Skolkovo Innovation Center. Another $2.5 billion is needed to complete the project in its entirety by 2020.

A Russian equivalent to Silicon Valley, the Skolkovo Innovation Center rests on approximately 1,000 acres west of Moscow. By 2020, the center will be finished, as will housing and entertainment facilities.

“We have just submitted to parliament the budget for the next three years,” Dvorkovich said. “All of the funds that were earmarked for Skolkovo, forming the innovation ecosystem in the country overall, are there; no cuts have been made.”

Stakeholders of the center make up a diverse group of students from the Skoltech Institute of Science and Technology, as well as investors from international companies such as Microsoft and Boeing.

“We don’t plan to economize on this because it creates potential for the future,” Dvorkovich said. “We’ve made cuts in other areas, but not here. The guarantees are in place for the investors.”

Organizations in this story

Skolkovo Foundation 4 Lugovaya St. Moscow

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