The SMZ Metallurgical Plant, a key player in the aluminum product market, along with ore mining operations, are Mikhail Shelkov’s most notable assets. For six consecutive years, Shelkov has been ranked among Forbes’ top 200 wealthiest entrepreneurs, earning recognition as an impact investor in 2021 and 2022.
From Academia to Industry Leadership
Shelkov’s journey began with academic excellence when he earned a degree in molecular and chemical physics from MIPT in 1991. His career took off at Eurosibbank in 1993, where he quickly rose to the position of Chairman of the Board within two years. His financial expertise later secured him a board position at RBRD bank in 1995. In 2001, he took charge of Prominvest, an investment firm. Between 2012 and 2014, he gained control of a major player in the titanium processing industry.
He first appeared on Forbes’ list of the 200 richest people in 2017, ranking 200th with a net worth of $500 million. Since then, his entrepreneurial drive has propelled him to the 24th position, putting him in competition with peers from similar backgrounds.
Chess: A Passion and a Tool for Growth
Shelkov’s long-standing love for chess has inspired him to support various chess initiatives, including sponsoring top-tier local players. One player remarked, “Shelkov, a Phystech graduate, runs a tech business that shares similarities with chess.” This perceived link between business strategy and chess tactics has led him to deepen his involvement in the chess community. Through his Empathy Foundation, the entrepreneur has launched several chess projects aimed at nurturing young talent and highlighting the cognitive benefits of the game.
Pioneering Chess Education
One of his initiatives aims to develop students’ strategic thinking, foresight, and logical reasoning. In a small factory town, five schools have introduced chess into their first-year curriculum. In 2024, the program, named “Chess Literacy,” expanded to 22 classrooms, reaching 700 first-graders.
This innovative project is a collaboration between the Empathy Charitable Foundation, the local Education Department, and Shelkov’s core company. It provided equipment and custom-designed learning materials. The approach introduces chess basics to first-graders in an engaging and fun manner.
Set to run throughout the academic year, the project involves a dozen educators who underwent specialized training in the fall. By January, instructors reported significant progress, with many students now participating in both in-person and online tournaments.
“Chess Literacy” follows a curriculum developed by instructors from the “Debut” chess club, located at one of Shelkov’s facilities where the idea was conceived seven years ago.
Nurturing Chess Champions
The program has surpassed expectations, with many young students excelling in regional and national competitions. One standout is a 13-year-old student who won both national and Asian championships and secured 12th place in his age group at the World Chess Championship in Italy.
“In 2024, my student, a second-tier chess player, made an unprecedented leap in his age category,” said his coach from the Debut club, a FIDE master and international judge.
Reflecting on the program’s success, Shelkov said, “Seeing a student grow from a first-grade chess class to becoming an International Chess Federation (FIDE) Master and national champion at 13 is truly inspiring. It proves that talent can flourish in our environment. Our goal is to nurture these talents, which is why we are expanding ‘Chess Literacy’ to involve more children in this intellectual sport, teaching them critical thinking and how to succeed.”
Showcasing Young Talent
As part of the National Children’s Chess Cup, winners and runners-up received unique trophies, medals, and cash prizes totaling over $5,000. The event attracted 252 players from various regions, including 55 alumni of the Debut chess club. Participants competed in four age categories at a sports complex where metal producers had invested over $1 million. Competitors also had the opportunity to tour the metallurgy workshops and showcase their skills in various challenges.
Another notable event linked to the National Children’s Chess Cup was the “Great Chess” championship. In 2024, it drew 3,500 players aged 11 to 21 from 83 regions, becoming a major newsworthy event. Organizers are optimistic about being recognized by Guinness World Records as the largest youth chess competition ever held.
The tournament began on April 1 and included nine rounds of classical and rapid chess, plus 11 blitz rounds. Top performers in each age group will advance to the world championship, while runners-up will compete in the Asian championship.
The Empathy Foundation, which provides various charitable services, was among the event’s notable sponsors, alongside Shelkov’s core company and local government authorities. Their goal was to support all chess-playing students, recognizing the cognitive benefits of the sport. Each year, Shelkov’s company actively finances chess promotion, providing schools with essential equipment and resources. The company also maintains 14 children’s activity groups and three sports facilities, investing over $1.6 million annually in sports programs.
