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Skolkovo is a site in the Moscow suburbs that will provide special economic incentives for companies operating in five priority sectors for modernizing the Russian economy: energy efficiency, information technologies, medical equipment and pharmaceuticals, nuclear technologies, and space technologies and telecommunications.

Skolkovos core mission is modernizing the Russian economy. Skolkovo will be a site for the development and commercialization of prototype design technologies, new materials and technologies, and professional education. Skolkovo is more than a science and technology park: it is a fully-featured city in which creativity is the norm. Skolkovo is also more than a city: it is an umbrella for the innovation ecosystem in Russia, providing education, research support, tax incentives and commercialization support all across Russia.

The project was first proposed by Russian President Dmitry Medvedev. It is managed by the non-profit Skolkovo Foundation (known more formally in Russian as the Fund for the Development of the Center for Elaboration and Commercialization of New Technologies), which was established by presidential order in February 2010 and is headed by Viktor Vekselberg and co-chaired by Viktor Vekselberg and Craig Barrett. President Medvedev heads the board of trustees.

The main purpose of Skolkovo is to create an environment for attracting an intellectual capital to generate innovations.. The founders of the Skolkovo Foundation are the Russian Academy of Sciences, the Bank for Development and Foreign Economic Affairs (Vneshekonombank), the Bauman State Technical University in Moscow, the Fund for Assistance to Small Innovative Enterprises, RUSNANO, and Russian Venture Company.

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