State-owned companies will allocate 30B RUR for SkolTech within 3 years

State-owned companies will allocate 30B RUR for SkolTech within 3 yearsState-owned companies will allocate 30B RUR from the budgets for innovation within three years as a contribution to the Skolkovo Institute of Science and Technology (SkolTech), Russian presidential aide Arkady Dvorkovich said at a RIA Novosti press conference.

Over the next three years the amount of state-owned companies’ innovative programs will be at least 1 trillion RUR. This means that 1% is 10B RUR and for three years it is 30B RUR. We think it is a reasonable solution (contributions to support Skolkovo Institute) because many companies are experiencing difficulties in finding partners in research and development. Skolkovo is the bridge, which will help those companies – Dvorkovich said.

Skolkovo Institute of Science and Technology (SkolTech) is a key element of the Skolkovo innovation center. The decision to allocate at least 1% from state-owned company’s innovation development programs to SkolTech specific capital Fund was taken after a Commission on Modernization meeting on January, 24.