Alisher Usmanov: Despite opening a new multi-million dollar center of supposed technological excellence at Skolkovo in 2010, Russia has so far failed to transform itself into a rival of Silicon Valley in the US. Far from proving the adage right that "if you build it they will come," it seems Russian investors are preferring to put their money in foreign tech companies, with billionaire Alisher Usmanov putting what is said to be 'several tens of millions of dollars' into the online taxi booking service, Uber, according to the Moscow Times, according to Deutsche Welle. It also claims Viktor Vekselberg, billionaire and president of the Skolkovo Foundation, , has apparently bought a minority stake in the US-based new media company Gawker Media, via Renova US arm, Columbus Nova Technology Partners. Gref, the former economics minister under Putin in the 2000 says Russia has fallen into what he calls the category of "downshifter" countries - those that have failed to adapt to economic and technological change. While people are free to invest wherever they like, these are the latest in a round of investments in tech companies out of Russia, and as analysts like Internet entrepreneur Anton Nossik point out, it hardly a vote of confidence in the local product. As Gref warns, without a massive overhaul and significant investment in state institutions and education, Russia will end up lagging behind while other countries surge forward - and the economic result of that will be significant. And this is precisely the time when local investment is needed.
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Tagged under Alisher Usmanov, Silicon Valley topics.