Despite substantial achievements in the recent past, the innovation climate in Russia is in need of major improvements. Comprehensive institutional and policy reforms are required, including in areas outside the remit of policy makers in technology and innovation. In this context, the Helsinki Seminar on "Innovation Policy and the Valorisation of Science and Technology in Russia" gathered government officials, scientists and businessmen from Russia and several OECD Member and observer countries -- Canada, France, Germany, the United Kingdom, Hungary, Italy, Korea, the United States and Israel -- as well as from countries of the Newly Independent States (NIS). Participants examined the climate for innovation in Russia and discussed the lessons that can be drawn from the institutional reforms and recent policy initiatives in OECD countries to enhance the contribution of science and technology to innovation and growth.