December 7, 2009
US-Russia Technology Investment Conference:
Cross-Border Partnership Potential;
and Best Practices in Technology Commercialization
Boston, MA, December 7, 2009 – Russian investors and entrepreneurs traveled to Boston to meet today with their American counterparts for an open exchange of information, ideas and networking surrounding technology investing and new business start-up.
The event was the third in a partnership between The US-Russia Chamber of Commerce of New England in Boston; The U.S. Civilian Research & Development Foundation (CRDF) in Washington, DC; and The Russian Private Equity and Venture Capital Association (RVCA), Moscow, Russia.
In his opening remarks, Mark Stein, Partner, McDermott Will & Emery and Director, USRCCNE, pointed to the 2009 Global Venture Capital Survey (NVCA and Deloitte & Touche), which identifies the globalization of venture capital as a major trend underway as the world emerges from the recession, with 52% of venture capitalists already investing outside their home countries.
“The world has a tremendous need,” Stein said, “for new technologies across a range of industries from health care to nanotechnology, from advanced materials to technologies to combat global warming. The U.S. and Russia happen to be particularly strong in many of these technologies and have numerous opportunities to cooperate through their respective entrepreneurs. A conference such as ours today plays an indispensable role in reinvigorating venture capital-based technology development for global benefit.”
Albina Nikkonen, Executive Director, RVCA presented data to confirm the increasingly active venture capital and angel investing community in Russia, noting that “It’s important for you to focus closely on the significant upward trend line – we in Russia have been at this for 10 years, the U.S. for 50; therefore, actual funds invested are smaller in Russia than in the U.S. to date.” Significant investments have been made in Three Entrepreneur Award-winning Russian start-up companies attended the Conference from two separate regions in Russia, presenting the commercial potential of their healthcare, IT, and sensory technology innovations to the engaged audience of U.S. technologists and investors.
Panels on Closing the Early Stage Funding Gap and Bringing Technology to Market offered views from Harvard, MIT, Atlas Venture, Flybridge Capital, DVF Aurora, Babson, Northeastern and several product and service companies experienced in cross-border transactions and technology commercialization.
Closing the Conference, Dr. Eric Novotny, Vice President, CRDF, said, “Together with our colleagues in the Russian Federation, CRDF is very pleased to support the New England US-Russia Chamber of Commerce in this event, and we thank all of you for participating. It is refreshing to be part of an open and productive exchange of views and information about business opportunities and accomplishments in the technology sectors of our two countries. There is no other comparable forum for such advancing innovation and enterprise."
McDermott Will & Emery and AJK Consultants sponsored the US-Russia Technology Conference. A full conference program with content is posted on the website of the U.S. Russia Chamber of Commerce of New England. For further information about the Conference or other USRCCNE activites, please contact Kathleen O’Donnell, President, Market Access International and USRCCNE Board Member at 978-465-1100.
Read the opening remarks in full here
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