On Sept. 28, 2010, a law “On the Skolkovo Innovation Center” was signed giving rise to the project’s managing entity, the not-for-profit Skolkovo Foundation.

Charged with providing the catalyst for the diversification of the Russian economy, the Skolkovo Foundation’s overarching goal is to create a sustainable ecosystem of entrepreneurship and innovation, engendering a startup culture and encouraging venture capitalism.

The Skolkovo Foundation identified five key areas of potential growth: energy efficiency, strategic computer technologies, biomedicine, nuclear technologies and space technologies.

Dozens of innovative projects developed by Skolkovo startups have found success in international markets, in particular, equipment for the dynamic modeling of oil and gas fields, next-generation screen displays and laser systems for soft-tissue surgery.

Surveys have showed that Skolkovo startups are three times more likely to attract investment than non-members.

The Skolkovo Foundation Website