Laying Out How The Russian Economy Can Be Jumpstarted

Alexei Beltyukov has his own vision on how to put the Russian economy back on the right track. As one of the founding members and top advisers of the Skolkovo Foundation, Alexei Beltyukov works with Russian startups and businesses across his country. He and the foundation’s efforts have helped create tens of thousands of jobs. They have also guided thousands of small businesses and startups to success.

Russia’s weak economic growth have been a cause for great concern recently. Forecasts of already weak growth in GDP are becoming even smaller. A drop in oil prices and the plunging of the ruble have hit the Russian economy and lowered people’s buying power. All of this is troublesome, but it does not mean that Russia is without hope and bound for a recession or worse.

While international sanctions involving politics and increased competition can be unavoidable, investing in your own country and people can prove to be an antidote to these calamities. Alexei Beltyukov believes that the Russian government should invest in its own people and help startups in Russia to be able to stand on their own two feet. This will counteract the effects of job loss to the removal of foreign investment in Russia. It will create new jobs and new revenue for the government.

Alexei Beltyukov was born and raised in the Soviet Union where all businesses were controlled by the government. There was no support or framework for entrepreneurs in the USSR. By contrast, now the Skolkovo Foundation, among others provides aid to help jump start businesses. The Skolkovo Foundation primiarly focuses on helping technology companies through advisement, funding and networking.

Russia is still a developing economy and is thus still much more prone to shocks in the economy based on fluctuation in oil prices and the value of the ruble. Adding jobs through new businesses, especially in technology and business is a way to strengthen the Russian economy and make it more resilient to such shocks. Diversification, investment in people, jobs and technology is always a recipe for success. And this is what Alexei Beltyukov, a successful businessman, investor and adviser at Skolkovo Foundation is advocating for.  With an education from INSEAD, nobody is more qualified than Alexei.

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