New Russian-Chinese accelerator launched on the Eastern Economic Forum

New Russia–China Centre for Innovative Entrepreneurship is planning to select 20 projects by October 2019 that will begin sales in China by the end of the year. Photo by the Roscongress Foundation. Sketched by the Pan Pacific Agency.

VLADIVOSTOK, Sep 9, 2019, Pan Pacific Agency. Russian-Chinese cooperation in innovation has seen a new development at the Eastern Economic Forum. On 5 September, as part of a panel discussion on ‘Russian-Chinese Cooperation in Innovation: Synergy or Competition?’ which took place at the Roscongress Foundation’s Innovation Space, an agreement on the launch of a new Russian-Chinese accelerator was signed. It will become a further tool to assist domestic companies in entering Chinese markets, reported the EEF’s press service.

The document was signed by the Far Eastern Federal University Technology Entrepreneurship Fund director and Russky Technology Park CEO Dmitry Borovikov, the Director of the Russia–China Centre for Innovative Entrepreneurship Vera Pronkina, and the Director of the China-Russia Center for Innovative Entrepreneurship in Beijing Wei Boren. The Chinese-based Association of Business Angels and Zhongguancun Inno Way, which are home to 46 accelerators, will also participate in the project.

“The signing of this agreement at the Innovation Space underlines the importance of the Roscongress Foundation’s activities to support innovative business once again. As part of the Innovation Space project, the Roscongress Foundation is currently developing a quality standard for high-tech startups, Business Priority, which contributes to the creation of effective mechanisms to bring promising companies and technologies to the market. The systematic interaction between the main world centers that have a venture capital infrastructure is an essential element for the success of such a work. This agreement is a wonderful example of such interaction”, Advisor to the President of the Russian Federation Anton Kobyakov commented.

“Thanks to their location, the Far Eastern Federal University and the Russky Technology Park will become key venues for the launch of Russian innovative projects on the Chinese market,” said Dmitry Borovikov. He also observed that, in the year since EEF 2018, the Russky Technology Park has seen “15 new resident companies and the creation of an investment pool worth RUB 600 million”.

According to Vera Pronkina, the Russia–China Centre for Innovative Entrepreneurship is planning to select 20 projects by October 2019 that will begin sales in China by the end of the year. In the longer term, the association is looking to work with 90 projects, ten of which “will begin joint ventures and launch sales within a year”.

Earlier, Russky Technology Park also has concluded a Memorandum of Understanding with Pohang Technopark (Pohang, the Republic of Korea) at Eastern Economic Forum 2019, Park’s press service told Pan Pacific Agency. The sides acknowledged that the development of such spheres as Bio-Technology (BT), Information Technology (IT), Energy, Material and venture accelerating system deserves special attention and attempts. The parties agreed to inform each other on programs and projects devoted to the development of technological entrepreneurship.

The document is signed by Mr. Dmitry Borovikov and Mr. Lee Jeom-Sik, Pohang Technopark President. Acting Vice-Governor of Primorsky territory Mr. Konstantin Bogdanenko and Pohang City Mayor Mr. Lee Kangdeok also took part in the negotiations. The sides agreed upon cooperation and common work in the field of BT, IT, Energy and Materials.

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