The Internet Initiatives Development Fund was established to help young graduates and entrepreneurs working in the information technology sector. It aims to develop internet business in Russia and create good conditions for carrying out new high-tech projects.
At a meeting of the Agency for Strategic Initiatives’ supervisory board on November 22, 2012, Mr Putin proposed setting up a fund to select and finance promising online projects of social significance. The establishment of the Internet Initiatives Development Fund was announced at the supervisory board’s meeting in March 2013.