Start-up expert teaches innovators how to make money

Eager to support Russia’s dynamic evolving high-tech sector, social platform Tech-Crunch has set up a special clinic at Moscow’s Digital October, putting together venture capitalists and Russia’s high-tech sector.

New Russian high-tech businesses tend to make mistakes when dealing with foreign investment, Arkady Moreinis, managing director of Glavstart, Russia’s first start-up incubator, told RT.

“This happens because there are not yet a lot of rules here,” Moreinis said. “Actually, we are at the stage where we’re establishing the rules. This is exciting, because if we are establishing the rules, we can make everybody play by these rules.”

He pointed out that most start-ups in Russia are based on the service model rather than on technology.

“Most venture capitalists are looking for clones – start-ups that remind them of successful businesses,” the specialist told RT. “Others invest in people with great ideas. However, almost 20 per cent of such start-ups, once accepted, change the ideas of their start-ups during the incubation period.”

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