VC backer of Google and PayPal heads for Dagestan | beyondbrics

VC backer of Google and PayPal heads for Dagestan | beyondbrics:

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Most investors steer clear of Russia’s troubled North Caucasus, where law enforcers are battling an Islamist insurgency. Except, that is, for rich Dagestanis who want to support their troubled homelands. Among them is Ziyavudin Magomedov (pictured), billionaire founder of Russia’s Summa group, who has encouraged a leading US business incubator to scout for innovative talent in Dagestan.

Plug & Play, a California-based start-up incubator that helped the founders of Google and PayPal launch their businesses began operations in Makhachkala, the capital of Dagestan last week.

The US group will provide budding entrepreneurs in Dagestan with training and connections with high technology and venture capital experts in Silicon Valley.

Summa, which controls a vast empire of transport, logistics, oil and telecoms assets in Russia, will take responsibility for managing infrastructure and local resources at the Plug & Play venture in Makhachkala."

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