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Russian media like to boast about a fund planning to raise money or a startup planning to raise investment. Today, for example, RBC Daily reports that iiko, the company founded by David Yan (founder of ABBYY, Russian tech success story) is negotiating with several funds to raise 10 million dollars of investment. Last week it became known that Novosibirsk authorities are planning to raise up to $1 billion and fund up to 100 startups by 2017, whilst FASIE (Bortnik’s) fund will support 500 startups in 2012. Will these ambitions be remembered by the time results are due? Probably not.
It does appear that either Russian tech media are running out of stories or too busy rewriting press releases. I feel that covering intentions of a particular business is even lamer than applauding startups for raising money. The next step will be to interpret founders’ dreams or use numerology to predict where the next wave of innovation will come from.
In the end, funding news, no matter how boring to write and read they might be, serve as a filter to sort thousands of pre-seed ventures from those who manage to convince investors in viability of their idea and tenacity of the team.
With the startup-sphere explosion in the past few years, there are many more startups out there than the community of tech bloggers can evaluate objectively. This is how I explain the dominance of the funding news over a more insightful analysis.
In Russia however the deal flow dried out this January as the country spent the first two weeks on New Year and Orthodox Christmas-related holidays so even the active Fast Lane Ventures have ran out of the funding stories. I will have to rely on my network to bring up the next story then.
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