The Russian market is vast
It has a population of 146 million, colossal e-commerce, and a business-to-consumer marketplace. There are two reasons for it. The first is its internet audience of 90 million, who have low purchasing power, the second is its wealthy enterprises. They typically buy something rare from overseas startups because of import substitution and a long list of other concerns, but they are still really interested in innovations.
The Russian market is not crowded with foreign startups
This is because in order to reach the market, you need a visa for local business development, to speak the Russian language, to have a particular type of connection, to understand local laws, to have a local team with the skill to test the market and locally developing businesses, etc. But we can make it easier for you.
In Russia, there are still 246,000 US millionaires
Although these millionaires live in the country and are interested in foreign startups, they have no idea how to find the right companies and invest. There are few chances to raise money for local startups.
$20,000 per year — average price for a developer
The Russian market is a paradise for hiring technology professionals and engineers because of skills and price. For example, the average price for a developer is about $ 20,000 per year, plus taxes).
The market is not very competitive
The Russian market is not as competitive in some niches as other large markets, so there is still room for innovation in growth.
I would like to share six things that overseas startups should know about the Russian market
Articles about Businesses in Russia
Moscow is №9 in the startup ecosystem report 2020 by StartupBlink