Emerging technologies such as artificial intelligence (AI) and machine learning have fuelled competition between non-US contenders to be the next Silicon Valley. Russia’s ambition to become a major technology hub is supported by its banks, with its biggest institution, state-owned Sberbank, and popular online bank Tinkoff, a comparative newcomer, among the leading fintech incubators. The two have even joined forces in areas such as mobile peer-to-peer payments.
In February, Sberbank hosted its first tech Demo Day in Moscow, in partnership with 500 Startups, a San Francisco-based early-stage venture fund and seed accelerator. During the event, 30 fledgling Russian IT firms – shortlisted from more than 840 applicants for a start-up accelerator programme launched in late 2018 – gave US-style presentations to a judging panel and audience of potential investors. The 30 were whittled down to seven firms for the second stage, which takes place in California in April 2019 and includes mentoring from 500 Startups and the opportunity to pitch to US investors.
