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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Afghanistan's Karzai confirms U.S. in talks with Taliban 6:03am EDT Oracle seeks up to $6.1 billion in Google lawsuit 17 Jun 2011 Tired Gay succumbs to Dix in 200 meters 03 Jul 2010 Spam clogging Amazon's Kindle self-publishing 16 Jun 2011 ".brands" approach with Internet name shake-up 17 Jun 2011 Discussed 72 Republicans to debate, with Romney the frontrunner 47 Weiner tells friends he will resign: NY Times 42 IMF cuts U.S. growth forecast, warns of crisis Watched Airbus' view of flying in the future Mon, Jun 13 2011 Hefner, fiancee split; Schwarzenegger mistress talks Wed, Jun 15 2011 Cyber warfare heats up 2:54am EDT small business brad feld: Your idea is not special Every day, venture capitalist Brad Feld receives pitches from entrepreneurs who think their idea is unique. "And they are wrong," he says, noting that Google was not the first search engine and Facebook was not the first social network. What matters most, he says, is "the entrepreneurs’ execution of the ideas." Full Article Top 50 small business workplaces Notes on raising seed financing Russian online companies the new investor darlings Tweet Share this Email Print Related News UPDATE 4-Russia, China fail to reach 30-year gas supply deal Fri, Jun 17 2011 Special report: Government in cyber fight but can't keep up Thu, Jun 16 2011 Carlsberg sees Russia beer market up 3-5 percent Thu, Jun 16 2011 Pandora's allure fades on profitability doubts Wed, Jun 15 2011 Insight: Got money? The Kremlin can help Mon, Jun 13 2011 Analysis & Opinion Plan to ease U.S. disclosure rules only half right Deals wrap: Timberland shares jump Related Topics Technology » Media » Yandex founder and CEO Arkady Volozh (front, 2nd R) celebrates as Yandex is listed on the Nasdaq exchange during their IPO at the Nasdaq market site in New York May 24, 2011. Credit: Reuters/Mike Segar By John Bowker ST PETERSBURG, Russia | Sat Jun 18, 2011 9:13am EDT ST PETERSBURG, Russia (Reuters) - Russian internet firms are winning the capital of foreign investors due to their ability to bypass country-specific risks while attracting users and advertising revenue. The two most successful Russian stock-market floats of the past twelve months have been web-based firms, their fortunes contrasting with a cluster of private issuers that have tried and failed to access capital markets. Russian search engine Yandex raised $1.4 billion on New York's Nasdaq stock exchange in May, six months after the internet holding company Mail.ru raised around $1 billion in London. Shares in both firms soared on debut as investors ignored long-held Russia concerns such as corruption and poor treatment of minority shareholders to gain exposure to a previously untapped sector. "If you are selling to the government, or another company (in Russia) you may have to pay a bribe. Selling directly to the consumer via the internet means there is no gatekeeper. This is key for investors," said Esther Dyson, a U.S. emerging markets investor who was an early backer of Yandex. Yandex CEO Arkady Volozh said investor enthusiasm could also be put down to the novelty value of a Russian internet success story following a decade of quiet development. "Russia is just appearing on the radar. When people meet us at international conferences they treat us just like a start-up, but we are a mature company," he told Reuters on the sidelines of the St Petersburg International Economic Forum, Russia's answer to Davos. "In the last decade we (Russia) have built a software industry and a new internal internet market that is big enough to support local commerce," he added. NEW ECONOMY Russia's gadget-loving President Dmitry Medvedev has put the tech sector at the heart of his plans to modernize the economy and reduce its dependency on oil and gas, a project he hopes will also convince top Russian scientists and entrepreneurs to remain in the country. He told a panel session on Friday that he backed the industry despite concerns about cyber security -- a reference to when hacker attacks temporarily closed down Russia's most popular blog site earlier this year. Mail.ru Chief Executive Dmitry Grishin said the business model of Russian social networking firms is similar to that in developed economies, where advertisers are spending more capital online to target individual preferences displayed on social networking sites. But he added that relatively low penetration of the internet in Russia indicated a higher growth potential. "We have around 50-60 million users, but we have a big opportunity to double that over the next few years. There are around 300 million Russian speakers," he said. "We are working in a pure, new economy ... It is a business that is not built on oil, gas and natural resources. The only key assets for us are smart young people who are our employees," he added. (Reporting by John Bowker, Editing by Douglas Busvine/Ruth Pitchford) Technology Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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