The head of the Russian State Nanotechnology Corporation (Rusnano), Anatoly Chubais, urged Russian angel investors on Thursday to put funds into regional nanotechnology projects.
Angel investors are investors who put their own personal money into new projects at the early stages for a share of subsequent profits. The size of angel investments usually ranges from several thousand dollars to one million euros.
"It will sound cynical, but we would like to use you," Chubais told the annual meeting of the Business Angels Association in Moscow.
He pledged political and financial support to those investing in nanotech startups. Rusnano wants the size of Russian nanotechnology market to reach $30 billion by 2015.
Russia was ranked 63rd in global innovation level in the World Economic Forum's Global Competitiveness report for 2010-2011, with Switzerland topping the list.
MOSCOW, April 14 (RIA Novosti)