Open Innovations

Richard Branson

Seven years ago at the Clinton Global Initiative I pledged to invest the dividends from our transport business into renewable fuels and resource efficiency.

Since then we have invested in fuel companies, set up our Green Fund, founded the Carbon War Room and established The Earth Challenge - as well as making a number of investments in emerging fuel businesses.

Today, I'm back in Moscow - at the country's largest technology forum - Open Innovations. We are launching our second Virgin Green Fund with our Russian partners Rusnano. This one is targeting the Emerging Markets and the exciting venture will invest in growth companies to improve energy efficiency and find the technologies and fuels of the future.

We will focus on Russia, Turkey and Central and Eastern Europe - where there is a real need to improve the efficiency of industry. There are lots of opportunities to invest in great companies and also do some good for the planet as well.

At the Forum I was quizzed by 100 of Russia's brightest young entrepreneurs and encouraged them to build their businesses with a smile and look to throw some of the conformity that marks so much of Russian business. There is so much enthusiasm and opportunity in the country.

I was also lucky enough to share a platform with Prime Minister Medvedev and then be invited to a session with him on how to encourage innovation and investment in Russia.

Fascinating day and of course plenty of questions on space.

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