'Silicon Valley Open Doors' 2006: Time to Invest in Russia and Ukraine is Now

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The second annual "Silicon Valley Open Doors" (SVOD-2006) technology investment conference concluded on Friday, November 17, with the announcement of APowerCap Technologies (Ukraine) as the Most Promising Technology Company of 2006. Sixteen startups whose technologies or business models originated in Russia, Ukraine, other republics of the Former Soviet Union and Israel were admitted to participate in the business plan competition. Ultra Motor (Russia) and Musigy (Russia/US) were named first and second runners-up respectively.

The second annual "Silicon Valley Open Doors" (SVOD-2006) technology investment conference concluded on Friday, November 17, with the announcement of APowerCap Technologies (Ukraine) as the Most Promising Technology Company of 2006. Sixteen startups whose technologies or business models originated in Russia, Ukraine, other republics of the Former Soviet Union and Israel were admitted to participate in the business plan competition. Ultra Motor (Russia) and Musigy (Russia/US) were named first and second runners-up respectively.

Over 300 executives, venture capitalists and other technology professionals from Silicon Valley, Russia, Ukraine and Israel attended the two-day event. The Russian delegation also included representatives from the Information Technologies and Telecommunications Ministry and the recently created $500 million "Fund of Funds" governmental venture program of the Russian Ministry of Economic Development and Trade.

Besides business plan competition, the program of the event included seminars on building successful technology ventures, discussions of the investment opportunities in Russia and Ukraine, venture capital panel and keynote addresses from John Morgridge, Chairman Emeritus of Cisco Systems, and Timothy Draper, Founder and Managing Director of Draper Fisher Jurvetson.

Delivering his address to the conference participants, John Morgridge noted the undeniable strength of scientific infrastructure and potential for the world-class research and development activity in the Former Soviet Union countries.

Echoing Mr. Morgridge's remarks, Tim Draper praised the scientific ingenuity and entrepreneurial drive of Russian or Ukrainian innovators. Consequently, Mr. Draper announced the establishment of an "exclusively-Russia" fund which will represent an expansion of DFJ's Eastern European strategy that already includes the DFJ Nexus fund in Ukraine. "Russia, Ukraine and other Former Soviet Union countries are taking important steps towards developing a favorable entrepreneurial climate. The SVOD conference is a timely initiative, and we trust it will unlock tremendous investment opportunities in Eastern Europe," noted Tim Draper in his speech.

Rob Theis, General Partner of DCM, said, "Improved trade and investment opportunities are on the horizon in Russia, one of the world's major economies. SVOD-2006 brought to the forefront new developments and prospects that are increasingly emerging in Russia and its neighboring countries." Without exceptions, everyone attending SVOD-2006 acknowledged the tremendous educational and business value of the event.

"Two years ago, when we conceived the idea of the conference which would facilitate networking between entrepreneurial talent from the Former Soviet Union countries and technology experts and investors from the United States, we could hardly predict the overwhelming response such an event would receive," said Evgeny Zaytsev, President of the American Business Association of Russian Professionals (AmBAR), the primary organizer of the event. "Today, although still young, SVOD shows signs of becoming a premier industry gathering for technology professionals."

Please check our events at http://www.ambarclub.org and http://www.svod.org for additional information.

American Business Association of Russian Professionals (AmBAR, http://www.ambarclub.org) is a non-profit network of entrepreneurs, venture capitalists, engineers, lawyers and other business professionals. The Association was launched in 2002 by a group of professionals and entrepreneurs that represented leading Silicon Valley companies such as Sun Microsystems, Intel Capital, and Draper Fisher Jurvetson. Started as an organization of expatriates from Russia, Ukraine and other CIS countries that are involved in technology businesses in the United States, AmBAR has been evolving into a large network in which innovators and entrepreneurs of all origin can exchange ideas and business contacts. AmBAR membership base today includes more than 1,500 business professionals.

Contact Information:

Evgeny Zaytsev, President

American Business Association of Russian Professionals (AmBAR)

http://www.AmBARclub.org

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