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April 14, 2022 12:45 am

Russian Tech Industry Faces 'Brain Drain' As Workers Flee

mspohr shares a report from the New York Times: In early March, days after Russia invaded Ukraine and began cracking down on dissent at home, Konstantin Siniushin, a venture capitalist in Riga, Latvia, helped charter two planes out of Russia to help people flee. Both planes departed from Moscow, carrying tech workers from the Russian capital as well as St. Petersburg, Perm, Ekaterinburg and other cities. Together, the planes moved about 300 software developers, entrepreneurs and other technology specialists out of the country, including 30 Russian workers from start-ups backed by Mr. Siniushin. The planes flew south past the Black Sea to Yerevan, the capital of Armenia, where thousands of other Russian tech workers fled in the weeks after the invasion. Thousands more flew to Georgia, Turkey, the United Arab Emirates and other countries that accept Russian citizens without visas. By March 22, a Russian tech industry trade group estimated that between 50,000 and 70,000 tech workers had left the country and that an additional 70,000 to 100,000 would soon follow. They are part of a much larger exodus of workers from Russia, but their departure could have an even more lasting impact on the country's economy. The long-run impact may be more significant than the short-run impact," said Barry Ickes, head of the economics department at Pennsylvania State University, who specializes in the Russian economy. "Eventually, Russia has to diversify its economy away from oil and gas, and it has to accelerate productivity growth. Tech was a natural way of doing that." Before all this started, Russia had such a strong technology base," [Artem Taganov, founder and chief executive of a Russian start-up called HintEd] said. "Now, we have a brain drain that will continue for the next five to 10 years."

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