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Prokhorov Touts New Innovations.

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| July 03, 2008 | COPYRIGHT 2008 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From The Moscow Times)

Billionaire Mikhail Prokhorov said Wednesday that he would soon create a foundation to support scientists, joining a growing chorus of businessmen eager to invest in new innovations.

"We have to use our advantages, like the high creativity of the population," Prokhorov told an annual conference of Russian businesses.

"The most important problems to solve with new innovations are connected with energy, the environment, clean water and transportation," he said, speaking without looking at his notes.

To solve the problems, strong links need to be built between businesses, science and the state, Prokhorov said. IT parks could serve as these bridges, he added.

Prokhorov, Russia's fifth-richest man with a fortune estimated by Forbes at $22.4 billion, did not offer further details about his planned foundation. But he said he planned to focus on renewable energy sources, hydrogen energy and nanotechnology.

Prokhorov's enthusiasm was echoed by politicians and other businessmen at the conference. State Duma Speaker Boris Gryzlov called for the creation of a task force through which the White House, the Duma and United Russia could discuss and adopt decisions aimed at promoting and developing new innovations.

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