Russia is still suffering from a recession. This year Russia expects to have a gross domestic product (GDP) of less than .5%. According to Alexei Beltyukov, an entrepreneur and founder of Russia’s government sanctioned organization, The Skolkova Foundation, the survival of Russia will rest in the hands of its technology savvy entrepreneurs.
With educated Middle class Russian leaving the country in droves, it’s important for Russia to provide incentives for young professionals to stay. It is these fresh youthful minds that could start new businesses helping to get the country’s economy moving forward once more. An example of how effective they could be lies in the fact that since 2010, the creation of The Slolkova Foundation, 1000 entrepreneurial endeavors received grants and then hired as many as 13,000 people.
The Skolkova Foundation is instrumental in providing services to the business community. The foundation offers business advice and strategies. It helps businesses qualify for tax breaks and has an incubation program for technology start-ups. Alexei Beltyukov believes Russia’s future growth lies in the hands of its future entrepreneurs. Without the efforts of these entrepreneurs the Russian economy may be headed for more decline, but is that truly a prelude to ruin.
Russia has seen a slowdown in the economy for 18 months. The United States endured a slow down for two years. These numbers are consistent for a large economy. The biggest problem Alexei notes is the exit of the professional work class from Russia. If Russia can incent these young people to stay, it will climb out of its current recession.
Eager to see the stopping of the Russian economic slowdown, Alexei Beltyukov has started another entrepreneurial concern, SOLVY. Seen as one of the world’s most promising start-ups, SOLVY produces interactive educational software. Alexei Beltyukov’s goal is to make SOLVY the world’s most popular math education software. If he can make this happen, many curious Russian entrepreneurs will be focused on him. He may single handedly be able to stem the flow of ex-pats from Russia.
As we approach the year’s end, Russia may see a rebound in its economy. It may not. Beltykov is likely to see some revenue growth for his SOLVY software.