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Putin's mini-Skolkovo announces its second batch of projects

0 4 March 2014

FRII (the Internet Initiatives Development Fund) has announced the second batch of residents for its offline and online incubators. 

In order to participate in the offline accelerator startups must sell a 7% stake in their project, for which FRII pays them $25,000. They are then able to take advantage of central-Moscow office space, educational programs, access to mentors and investors. 

Projects also have the opportunity to receive up to $450,000 from the government-backed fund during or at the end of their 3 month stint in the incubator. Out of the accelerator's first 20 graduates (who completed the program in February), 4 received this additional investment

Participants in the online incubator program are not required to sell a stake in their project to FRII and do not receive any initial investment. However, they can access many of FRII’s educational services and connections, and there is the possibility of subsequently entering the offline accelerator. Meanwhile (WeLoveRussia.ru) and Transinfoservice took part in the first online accelerator and are among the 33 entrants to the next offline program. 

The 33 new residents of FRII’s central-Moscow headquarters represent a range of sectors, including eCommerce, business solutions, recommendation services, EdTech, health, e-government, digital media and advertising services. 16 of the projects are based on a unique tech solution. 

The projects are -

You can find the list of offline accelerator participants here (click on Заочный акселератор). 

FRII was founded after President Putin proposed the idea of a fund to support internet initiatives. It opened in Autumn 2013, and a delegation including many startupers were invited to the President's official residence in November. On that occasion Putin announced that more money would be made available for the project if necessary. 

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