Milner Incubator on Hold

By The Moscow Times

June 21, 2011

Yury Milner, the founder of Mail.ru Group, which listed on the London Stock Exchange in November, decided to steer clear of Russian startups for the time being, a source close to Mail.ru said, RBC Daily reported.

Milner failed to launch his own business incubator in Russia that would support Internet startups. The organization was supposed to make $50,000 investments in a number of promising projects.

"The launch of this initiative is a question of the foreseeable future," Milner's spokesman Leonid Solovyev told RBC Daily.

(MT)

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