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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMy Russian clients are all trying to escape: Russian Brain Drain Saps Talent as Sanctions Hit
http://www.businessweek.com/news/2014-10-26/russia-brain-drain-saps-talent-as-sanctions-hit-financingRussian Brain Drain Saps Talent as Sanctions Hit Financing
Artem Kulizhnikov, founder of a startup designed to help musicians annotate music, is packing his bags to leave Moscow in December.
His destination: Dubai or Singapore, where he sees a better chance of securing funding for his second company.
Russian venture-capital funds want to invest their money only in Russia, but we want to build an international business and they wont support us, Kulizhnikov, a former analyst at investment firm Alor SPB, said at a forum at Moscows Digital October center on Oct. 10. We dont need that much. Maybe $5 million to $10 million, to hire engineers, specialists, etc.
Story: Russia Set Aside $83 Billion for Pensioners. Putin Is Using It to Aid Russia Inc.
Kulizhnikov, 22, is part of a growing brain drain as Russias worst clash with the U.S. and Europe since the Cold War accelerates an exodus of capital and its brightest minds in finance and technology. More people emigrated from Russia in the first eight months of 2014 -- 203,659 -- than in any full year under Vladimir Putins rule, according to the Federal Statistics Service. With the stigma of sanctions limiting access to capital markets abroad and the government tightening controls at home, more entrepreneurs and investors in particular are looking elsewhere.
Since Russia annexed Crimea in March, Pavel Durov, the founder of VKontakte, Russias version of Facebook, left the country to develop a mobile social network, saying he was unwilling to comply with government demands to turn over personal data on Ukrainian users. Game Insight LLC, ranked by Forbes magazine as the nations seventh-largest Internet company, shifted its headquarters from Moscow to Lithuania. Pavel Muntyan, the Russian founder of Toonbox animation studio, moved his staff of 15 from Moscow to Cyprus.
Artem Kulizhnikov, founder of a startup designed to help musicians annotate music, is packing his bags to leave Moscow in December.
His destination: Dubai or Singapore, where he sees a better chance of securing funding for his second company.
Russian venture-capital funds want to invest their money only in Russia, but we want to build an international business and they wont support us, Kulizhnikov, a former analyst at investment firm Alor SPB, said at a forum at Moscows Digital October center on Oct. 10. We dont need that much. Maybe $5 million to $10 million, to hire engineers, specialists, etc.
Story: Russia Set Aside $83 Billion for Pensioners. Putin Is Using It to Aid Russia Inc.
Kulizhnikov, 22, is part of a growing brain drain as Russias worst clash with the U.S. and Europe since the Cold War accelerates an exodus of capital and its brightest minds in finance and technology. More people emigrated from Russia in the first eight months of 2014 -- 203,659 -- than in any full year under Vladimir Putins rule, according to the Federal Statistics Service. With the stigma of sanctions limiting access to capital markets abroad and the government tightening controls at home, more entrepreneurs and investors in particular are looking elsewhere.
Since Russia annexed Crimea in March, Pavel Durov, the founder of VKontakte, Russias version of Facebook, left the country to develop a mobile social network, saying he was unwilling to comply with government demands to turn over personal data on Ukrainian users. Game Insight LLC, ranked by Forbes magazine as the nations seventh-largest Internet company, shifted its headquarters from Moscow to Lithuania. Pavel Muntyan, the Russian founder of Toonbox animation studio, moved his staff of 15 from Moscow to Cyprus.
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My Russian clients are all trying to escape: Russian Brain Drain Saps Talent as Sanctions Hit (Original Post)
uhnope
Oct 2014
OP
But Russia is holding on to their finest mind, right? I'm sure Comrade Eddie is enjoying
msanthrope
Oct 2014
#2
Do you think Putin was somewhat less than honest when Comrade Eddie ask him
Thinkingabout
Oct 2014
#4
I think Comrade Eddie and Vlad the Shirtless are one of the finest stand-up acts
msanthrope
Oct 2014
#6
ck4829
(35,077 posts)1. Sanctions are probably just one part
Putinism and free thinking don't seem to mix very well.
uhnope
(6,419 posts)3. yes my clients cite the dictatorship, not the economy
msanthrope
(37,549 posts)2. But Russia is holding on to their finest mind, right? I'm sure Comrade Eddie is enjoying
his stay.
Thinkingabout
(30,058 posts)4. Do you think Putin was somewhat less than honest when Comrade Eddie ask him
About spying? Yep, sure was. Bet it extends further than Ukraine.
msanthrope
(37,549 posts)6. I think Comrade Eddie and Vlad the Shirtless are one of the finest stand-up acts
to come along in quite a while. That staged question about surveillance was a classic.
snooper2
(30,151 posts)5. this is CIA propaganda! Putin's Russia is all that is GREAT!
PeoViejo
(2,178 posts)7. You forgot the sarcasm thingie n/t
gwheezie
(3,580 posts)8. I don't get into Russian politics
but russia no longer was a modern country when Putin sanctioned making beating gay folks a sport. I can't stand the guy.