Business
Posted: 8 months ago

EU and WB to Foster Commercializing Research Projects

On November 12, the Innovation and Technology Agency of Ministry of Economy of Georgia and Tbilisi Ilia State University signed a framework agreement on cooperation as part of Technology Transmission Pilot Program (TTPP). The document was signed at Ilia State University.

Objective of TTPP is to foster commercializing such research projects that meet the global market requirements and challenges. As a result, the Innovation and Technology Agency will promote development of research innovations for preparing them for commercialization. The project will be implemented by the Innovation and Technology Agency jointly with the World Bank with the financial support of EU.

As part of the project, research institutes introduced applications, of which projects with commercialization potential were selected. Since April 219 innovative research projects on the fourth level of technological readiness (TRL4) and on the top level of technological development are being examined in details and their business potential are being explored.

A commercialization plan will be prepared for the selected projects. Based on this plan, jointly with the World Bank, the Innovation and Technology Agency will ensure funding of projects with high commercialization potential. Moreover, the projects will be offered to potential business partners with the aim to introduce the technologies and license them.

In 2020, the Innovation and Technology Agency will provide 1 million EUR financial support for the chosen projects.