Russia’s Skolkovo and Latvia’s Commercialization Reactor pool efforts

The Skolkovo Foundation managing Russia’s government-sponsored innovation hub outside Moscow is starting cooperation with the Commercialization Reactor, based in Riga, Latvia, the Skolkovo Foundation website announced

The Commercialization Reactor was set up five years ago in Latvia, one of the former USSR republics in the Baltic area, to facilitate global roll-outs for technologies and scientific solutions developed in Russia and a number of other neighboring countries. Since 2009 more than 20 start-ups nurtured by the Reactor have raised over 3 million euros in venture capital at early development stages.

The two partners are now expected to pool their efforts in developing joint projects involving small and medium-sized innovative companies in Latvia and Russia. Other areas for cooperation include access to mentorship programs and business networking for start-ups residing in Skolkovo and the Commercialization Reactor.

Nikolai Adamovich, the founder of the Reactor, hopes that the partnership will make it possible for some of his resident teams to also join Skolkovo as residents, thus winning access to a “promising Russian market.”

Through interaction with the Reactor the Skolkovo Foundation expects to also gain access to “quality projects with strong entrepreneurs” and thereby build an “additional passageway to Europe,” said Alexander Fertman, the director of Skolkovo’s nuclear cluster who is responsible for the cooperation with the Latvians.