According to recent reports, the Russian economy is experiencing problems. Alexei Beltyukov has made suggestions that he believes can help the Russian economy bounce back. Beltyukov is the advisor of the Skolkovo Foundation, a government endorsed organization. It promotes business, technology, and innovation in Russia.
The Russian economy had a sharp decline even before the Crimean standoff. Many investors pulled their money out of Russia. Alexei Ulyukov, Russia’s Economy Minister announced that the country had a growth of 0.8 percent during the first quarter of the year. It was minimal considering the growth projections were set at 2.5 percent. The start of the Ukrainian conflict shook the Russian markets. In March 2014, billions in market capitalization were wiped out with the main stock index dropping by 10 percent. Additionally, the cost of imports increased after the ruble lost against the dollar by 9 percent.
Xrepublic points out that Russia’s economy slowed for a fourth consecutive year in 2013. The decline was as a result of a fall in consumer spending as well as a weakening investment and demand for energy. The Crimean tensions added to the list of things that contributed to the economic slowdown. As a result, capital and entrepreneurial talent left the country.
However, all is not lost. Alexei Beltyukov notes that for Russia to restore itself, it needs to prioritize its entrepreneurs. Therefore, the Russian government has to set up systems that support small business along with entrepreneurs. Alexei Beltyukov is one of Skolkovo Foundation’s founding fathers. The Skolkovo Foundation was established in 2010. It was created with the objective of supporting small business owners and steer in a new age of entrepreneurship.
The foundation provides consultation on business strategies, tax breaks for the business community in Russia, and technological incubation. These services have helped many Russian entrepreneurs. Most importantly, the foundation gives grant money to entrepreneurs that invest in new ventures. To date, over 13,000 jobs have been created through the assistance provided by the Skolkovo Foundation. It is committed to having a broader economic growth in Russia. Alexei Beltyukov believes Russia can benefit more from entrepreneurship.
About Alexei Beltyukov
Alexei Beltyukov is a well-respected entrepreneur and philanthropist. He is the vice president of the Skolkovo Foundation. Alexei Beltyukov is a graduate of the INSEAD Business School. He is credited as the founder of several companies that include New Gas Technologies, Solvy, A-Ventures, and Endemic Capital. Alexei Beltyukov is also well known through his charity work. He helped to create the Russian Alumni Scholarship that enables talented Russian students to get quality education at INSEAD.