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Oct 21 2014

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Russian bank offers fund for GLONASS apps

This is an approach that may work.

The fund’s main purpose is to support the development of new technology in the field of navigation, including support for small companies with new, innovative ideas in the field. Its goals will include the creation of an investment model that will ensure that the most promising and viable projects come to life, from conception to the production stage.

They’re hoping to add an additional 3 billion rubles from private investors. 8 billion rubles is roughly $200 million, which is enough to get serious developers interested. It’ll be run through the Russian State Development Bank (Vnesheconombank (VEB)), so there will naturally be some graft involved, but overall I approve of the approach.

Permanent link to this article: http://www.newspaceraces.com/2014/10/21/russian-bank-offers-fund-for-glonass-apps/

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