As Russia Advances, High Tech Gets Left Behind

Here is an article which provides an insight into the entrepreneurship climate in Russia.

Posted by Aditya Maru

By Steven Pearlstein

Wednesday, July 11, 2007; Page D01

 

MOSCOW Most Russians know plenty about Roman Abramovich, the 41-year-old former commodities trader who parlayed his interest in former state oil and aluminum companies into an $18 billion empire that includes England’s Chelsea soccer team and the governorship of the Arctic province of Chukotka, where reindeer outnumber people.

And they know all about Mikhail Prokhorov, 42, Russia’s nickel czar, who caused a minor diplomatic incident this year when police raided his infamous Orthodox Christmas bashes at a French ski resort after receiving reports that he’d flown in private planeloads of Russian prostitutes for the event.

But few Russians have ever heard of Anatoly Karachinsky or Arkady Volozh, who are as close as it comes to a local Bill Gates or Sergei Brin.

Biotech Reigns At Wharton’s Business Plan Contest

Posted Raghav Somani

A decade ago, when the Wharton Business Plan Competition (BPC) began, the Internet dominated discussions about entrepreneurship. That, of course, was before the bubble burst and many dot-coms were revealed to be, in the words of New Yorker writer John Cassidy, little more than dot- cons.

These days, the Internet remains a critical enabler of commerce, but no one pretends that staking out a little real estate on the Web will ensure business success. Instead, student entrepreneurs who compete in the Wharton BPC have recently turned their attention to another promising arena: health care–specifically biotechnology, that combination of medicine, basic science and engineering that has unraveled the human genome and, if it lives up to its promise, could deliver a raft of new treatments for a variety of diseases.

Five of the eight finalists at this year’s Venture Finals–the culminating event in the year-long business-plan competition–offered up ideas for businesses that could help people live longer or less painful lives. They ranged from one as simple as creating better padding for the junctures between prostheses and amputees’ residual limbs to one as complex as using nanoparticles–infinitesimally small specks of matter–to better diagnose and treat cancer.

 Other health-related ideas included a gel that would replace damaged knee cartilage, a drug to prevent a common form of blindness, processes for embedding pipes with bacteria killers and a medical device to stop tumor growth. Rounding out this year’s finalists were software that would aid in patent applications and a process for tinting windows with a pulse of electricity.

The Wharton BPC, open to any team that includes a University of Pennsylvania student, lasts much of the academic year. In the fall, hundreds of teams present briefs of business ideas. By the late spring, that group is winnowed down to 25 semi-finalists, who prepare full-fledged business plans. The eight finalists are selected based on these plans.

At the Venture Finals on April 30, a panel of four judges evaluated the finalists, listening to a 10-minute presentation from each, before subjecting each to 10 minutes of interrogation. The judges, all investment professionals and Wharton alumni, came from Cardinal Partners, Weston Presidio, Schering-Plough (nyse: SGP – news - people ) and Felicis Ventures.

Forbes: Singapore’s 40 Richest

Posted by Raghav Somani

The city-state of Singapore has had a banner year. GDP was up 7.9% for 2006, the main stock index is up 19% year to date, and its 40 wealthiest citizens are worth a collective $32 billion, $4 billion more than last year. Fortunes centered on real estate, shipping and palm oil did particularly well. Ng Teng Fong takes the top spot based on the success of his hotel and mall holdings in Singapore and Hong Kong. Chua Thian Poh smartly bet on Sentosa Cove, which is emerging as the best address in Singapore. The richest of the list’s 12 new entrants is Zhong Shen Jian, who made his $2.5 billion fortune selling luxury residences in his native China. He is one of three newcomers to list companies on the Singapore stock exchange last year. The other two are Robert Chandran of marine fuel outfit Chemoil and Raymond Goh, whose Swiber Group provides offshore oil and gas services. Kuok Khoon Hong and Peter Lim make their debuts thanks to soaring palm oil demand. One of the list’s biggest gainers is Brian Chang, who operates one of Asia’s largest dry docks out of China. Banking tycoons didn’t do as well, recently hit by the global downturn in mortgages. Wee Chow Yaw’s United Overseas Bank (other-otc: UOVEY.PK – news - people ) dipped 10% since mid-July. A $100 million net worth was needed to make the list, up from $55 million last year. Dropoffs who failed to make the cut include Tang Wee Kit–who, with his brother, launched an unsuccessful $150 million bid to buy out retailer C.K. Tang’s minority shareholders–and Sudhir Gupta, who was forced to sell his stake in tiremaker Amtel-Vredestein for pennies on the dollar to his Russian partners. To better highlight individual wealth, we unraveled some extended family holdings. As a result Kwek Leng Beng’s net worth dropped by $2.5 billion, but he is now joined by his cousins Kwek Leng Kee and Kwek Leng Peck. We also delineate cases such as the Khoo family in which siblings share a fortune. Public fortunes were calculated using share prices and exchange rates as of Aug. 10. For privately held fortunes we estimated what they would be worth if public.

Apple unveils iPhone grand plan

posted by Raghav Somani

The iPhone’s break-through touch screen means that Apple’s mobile handset is a virtual blank slate, and the ability to write mobile software free from the usual constraints is likely to have software geeks salivating.

“You’ve got the ultimate in flexibility in user interface,” says Van Baker, an analyst at Gartner.

“That, combined with a big, high resolution screen, makes it an intriguing platform in the mobile space.” John Doerr, a partner at Kleiner Perkins Caufield & Byers, a Silicon Valley venture capital firm, underscored the excitement around the iPhone’s potential to emerge as a powerful new software platform on Thursday.

Taking the stage at Apple’s headquarters immediately after Mr Jobs’s presentation, Mr Doerr announced a new $100m venture capital fund dedicated to backing companies that are building software for use on the iPhone. Mr Doerr said Apple’s software plans could lead the iPhone to emerge as the “third great platform” for software makers after the personal computer and the worldwide web.

“In your pocket, you have something that’s broadband and connected all the time. It knows who you are and where you are. That’s a big deal. It’s bigger than the personal computer,” he told the cheering crowd.

Citigroup solutes the Enterprising

Posted by Raghav Somani

Micro Entrepreneur Award recognizes business skills of the impoverished

Renubala Behra would never have become a model for others if she had suppressed her business acumen. Wife of an ice candy seller from Cuttack, she, like many other women, used to manage on a family income of Rs 4,000 a year. Life changed when she herself took on the job of making and selling ice candies. An accomplished entrepreneur today, she owns ice candy brand N-Joy, which earns an annual net profit of about Rs 1 lakh and employs nine others like her.

“This is the impact of entrepreneurship. For an entrepreneur, it may start with looking at an opportunity, but what follows are the benefits like employment for the people around, and an example for the society to follow,” said Union Commerce and Industry minister Kamal Nath, while felicitating the winners of Citigroup Micro Entrepreneur Award 2005.

Citigroup Micro Entrepreneur Award

Posted by Raghav Somani

The winners of the Citigroup Micro Entrepreneur Award 2004 with Union Minister for finance P. Chidambaram (From left to right) – Kishor Waghmare, Reena Mahanand, Keshar Devi, Amaravathi Latha, Ashok Bajpai, Devki Devi, Sanjay Nayar (CEO – Citigroup India), P. Chidambaram, Eeranna F Hombalimath, Sarvesh Sarup (Consumer bank head – Citigroup India), Sanjida Malik, Kamalesh R, Kamala Das, Badri Singh, Haresh Pednekar (he accepted the award on behalf of Rajendra Nakul Kaskar.

About the Award
Citigroup Micro Entrepreneur Award aims to identify and honor the entrepreneurial skills of the underprivileged who have exhibited best performance that has helped them emerge from below the poverty line, create jobs and add value to society.

The Micro Entrepreneur Award 2004 process was implemented by Partners in Change (PiC)

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