Mikhail Prokhorov, one of Russia's richest men, is planning to set up a foundation to support scientific research and innovation. The 43 year old self-made billionaire, who is Russia's fifth-richest man with a fortune estimated at more than $20 billion, told the annual conference of the Russian Union of Entrepreneurs and Industrialists that stronger links between business, science and the state were key to the country's future.

"We have to use our advantages, like the high creativity of the population," said Prokhorov, who made his money in finance and precious metals. He identified Russia's most challenging problems as energy, the environment, clean water and transportation and suggested that supporting university-based IT parks could be part of the solution.

Renewable energy, hydrogen energy and nanotechnology were all key areas that deserved more support he told the Moscow meeting. The Russian Union of Entrepreneurs - which represents some of the country's richest businessmen - has drawn up a range of tax breaks they say the state could use to encourage greater innovation in science. The tax incentives are likely to go before parliament soon where most observers expect them to be adopted.

nick.holdsworth@uw-news.com


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