Earlier this week the Internet Initiatives Development Fund (IIDF, or FRII in Russian), a government-backed initiative, announced that it started receiving its first applications from individual entrepreneurs from all over Russia.

The fund, which has received no less than 6 billion rubles (approximately $200 million) to be invested in 400 projects over three years, targets individual entrepreneurs at the seed stage. The selected entrepreneurs will benefit from a first capital injection of $25,000 and an acceleration program with access to a pool of experts, as well as assistance to form a team.

The best projects will be eligible for subsequent rounds of funding of $250,000, $500,000, or more.

The IIDF plans to launch co-working programs and a business angel community later this year, as well as a crowdfunding platform in early 2014.

The new fund’s ambition is to “create a full-fledged, nationwide industry of new online projects” of “commercial or social value.” It will also launch “a variety of educational programs” and get involved in legistative work.

The idea came in late 2012 from Russian President Vladimir Putin, who believes Russia needs to nurture domestic Internet projects that “[display] high public value and address socially sensitive issues,” thus creating jobs for “the creative class” made up of resourceful young people.

The IIDF was established by the Agency for Strategic Initiatives (ASI), a state-owned organization created in 2011 to support entrepreneurship and social programs. The Russian state will not participate directly in the fund’s activities.

Among other recent initiatives of the Russian government in this field are the decision to fund up to 50 IT R&D centers across the country and the revitalization of Rosinfocominvest, an investment vehicle created in 2008 but which had remained inactive so far.

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  1. […] manner that would create sustainable jobs. Startups create sustainable jobs. Countries like Chile, Russia, Canada, Columbia, and Singapore have similar schemes whereby they offer seed funding either as […]

  2. […] manner that would create sustainable jobs. Startups create sustainable jobs. Countries like Chile, Russia, Canada, Columbia, and Singapore have similar schemes whereby they offer seed funding either as […]

  3. […] comes as the fourth sizeable one launched in Russia since the beginning of the year — after FRII, a $200 million state-owned seed stage fund, Maxfield Capital, a $100 million fund linked to […]

  4. […] comes as the fourth sizeable one launched in Russia since the beginning of the year — after FRII, a $200 million state-owned seed stage fund, Maxfield Capital, a $100 million fund linked to […]

  5. […] fund comes as the fourth sizeable one launched in Russia since the beginning of the year — after FRII, a $200 million state-owned seed stage fund, Maxfield Capital, a $100 million fund linked to […]

  6. […] comes as the fourth sizeable one launched in Russia since the beginning of the year — after FRII, a $200 million state-owned seed stage fund, Maxfield Capital, a $100 million fund linked to […]

  7. […] Capital, a $30 million high-tech investment fund based in Moscow, and FRII, a government-backed $200 million seed and early-stage fund, have invested an undisclosed amount in SMTDP Tech LTD, a St. Petersburg startup that has […]

  8. […] Capital, a $30 million high-tech investment fund based in Moscow, and FRII, a government-backed $200 million seed and early-stage fund, have invested an undisclosed amount in SMTDP Tech LTD, a St. Petersburg startup that has developed […]

  9. […] Rząd uruchamia 200000000 dolarów, aby zapewnić finansowanie „nasienie do tworzenia nowego … […]

  10. […] Capital, a $30 million high-tech investment fund based in Moscow, and FRII, a government-backed $200 million seed and early-stage fund, have invested an undisclosed amount in SMTDP Tech LTD, a St. Petersburg startup that has […]

  11. […] Capital, a $30 million high-tech investment fund based in Moscow, and FRII, a government-backed $200 million seed and early-stage fund, have invested an undisclosed amount in SMTDP Tech LTD, a St. Petersburg startup that has […]

  12. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online projects” of […]

  13. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online […]

  14. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online […]

  15. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online projects” of […]

  16. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online projects” of […]

  17. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online projects” of […]

  18. […] initiative of Russian President Vladimir Putin, FRII was launched in 2013 with the ambition to “create a full-fledged, nationwide industry of new online projects” of […]

  19. […] Button”) has raised 45 million rubles (approximately $1.3 million) from FRII, a government-backed $200 million seed and early-stage fund, IKS Media reported […]

  20. […] from FRII (the Internet Initiative Development Fund), Putin’s pet internet project, also attended the meeting. The president reaffirmed his support of the project, which the state […]