During the past two days more than 400 high-level business, political, cultural and academic minds from around the world discussed the state of Russia's investment climate and explored topics including attracting foreign investment and fostering World Trade Organization (WTO) accession. Approximately 50 participants attended a workshop held yesterday entitled 'How to Become a Great Russian Entrepreneur,' which looked at a new generation of Russian business leaders.

Moderated by Alexei Pushkov, an author and program director of TV Center in Russia, 'How to Become a Great Russian Entrepreneur' left participants a little weary about the state of venture capitalism in Russia.

"There is little to nothing in the way of venture capitalists in Russia right now," said Jack Barbanel, President and CEO of Strategic Investment Group, an investment banking and private equity firm based in Moscow. "Russia has many brilliant minds in the area of science and that's all you hear about. It lacks the people to be the CEOs and to fill other head management positions."

The panel discussed the fact that there is no shortage of financial risks being taken in Russia. The problem lies in the number of risks that turn out successful."There is venture, but not venture capitalism," said L.Craig Johnstone, Vice-President of The Boeing Company.

One participant identified the majority of venture capitalists as non-Russians. "The venture capitalists are young kids from the UK who've lost their jobs and come here," said Barbanel.

Participants agreed that with reforms moving forward and an improving investment climate, the time for venture capitalism is better than ever. "There are some very lucrative areas out there," said Johnstone. "I was sitting next to three men who started out with a couple thousand dollars and now are billionaires. Now is the time for venture capitalism, people just have to be clever and patient."

Bruce Nasby, Senior Vice-President of Students in Free Enterprise, an educational center that teaches free market capitalism to students worldwide, agreed that the opportunities for venture capitalism in Russia are out there. "First and foremost, we need to get away from the old business mentality. We need to spread the idea of free market enterprise."

While participants identified Russia's current lack of successful venture capitalism as a problem, many were hopeful for the future. "As Russia's economy grows stronger, we hope to see a strong wave of venture capitalism arise," said Barbanel.