Word: teche
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...That pretty much sums up Russia's predicament. It has a huge pool of scientists and engineers, and the per capita number of patents issued there is nearly three-quarters that of the U.S. Yet Russia's global share of the high-tech market is around 0.3%; America's is 130 times higher. Russia has to fix lots of things for that imbalance to change. Among them: its weak enforcement of intellectual property laws, onerous business registration procedures and strict controls on the export of hard currency. Also, Russian entrepreneurs lack the business basics...
...Still, Russian tech companies are starting to figure out how to capitalize on their strengths. IBS Group (www.ibs-company.com) is successfully targeting the $2.5 billion domestic IT market. And TerraLink Technologies (www.terralink.ru) sells its software development and engineering services both at home and abroad. There are 5,000 to 8,000 professional programmers in Russia, generating revenues of $60 million to $100 million a year - a number that is growing 40% to 60% annually. Clients include Boeing, Intel, Motorola, Nortel and Sun Microsystems. But very few Russian companies meet international quality standards and even fewer have track records in the West...
...George Pachikov, a well-known Russian tech pioneer, has moved the headquarters of his company, ParallelGraphics (www.parallelgraphics.com), to Ireland and hired a local as ceo. The company traces its origins to 1988 and a Russian software start-up called Paragraph. It was among the first to develop handwriting recognition and digital ink technologies, which were licensed by Apple for the Newton and are now used in many new-generation personal digital assistants. Briefly owned by Silicon Graphics, the 3-D business was bought back by Pachikov and relaunched as ParallelGraphics, now one of the top 10 Russian software exporters...
...Enron, which soared on its tech connections, is now taking a beating with its tech-iness, and the boss is back to saying energy is their No. 1 business. And that's the good news. Prices for Enron's main market - natural gas - will skyrocket as demand climbs. Which is bad for Californians. Skilling predicts the shortfall in California this summer will be 5,000 megawatts - five times greater than the problem that sparked the power crisis in January. In fact, Skilling predicts Silicon Valley and homeowners alike will be paying for the state's misguided deregulation attempt for "another...
THAT'S NO SMALL VALUE During the tech boom, small-cap value funds were about as exciting as coin collecting. Their boring, old-world holdings--industrials, retail and the like--remain the "antitech," but these days that's a plus: low p/e ratios, slow growth and sane market caps. Now that big is bad and growth is yesterday's (or tomorrow's) news, small caps will provide some shelter from the tech storm...