Commercialization of scientific ideas taking place slowly in Azerbaijan

Azerbaijan Materials 15 August 2012 15:52 (UTC +04:00)

Azerbaijan, Baku, Aug. 15 / Trend H.Veliyev /

The commercialization of scientific ideas is moving slowly in Azerbaijan, Azerbaijani National Academy of Sciences (ANAS) President Mahmud Kerimov told Trend on Wednesday.
In his view, commercialization is relevant today in Azerbaijan. This question has been discussed recently with the Belarusian colleagues, whose experience in promoting innovation in the market, according to Kerimov, will be useful for Azerbaijan.

In his opinion, from scientific development to its practical application, it's necessary to go along a rather complicated way, and the lack of legal framework in innovation, in a sense, slows down this process.

"It is necessary to admit that one of the reasons that this area is not developed in Azerbaijan, is the lack of private sector development based on high technologies and poor perception of new technologies by them. There is no today electronic and electrical industry, which was earlier. We lost it. It is very difficult for Azerbaijani physicists to introduce their research developments, but due to the recovery of the chemical industry there are some opportunities for chemists, whose developments could potentially find their way. Work is also ongoing in the field of biological and agricultural sciences, which find their practical application," Kerimov said.

Institute of IT Director Rasim Aliguliyev told Trend that venture capital is required for the development of Azerbaijani science and implementing scientific ideas. Unlike investments in the other sectors of the economy, investment in research projects is fundamentally different.

Investments in the development of intellectual ideas, according to the expert, are of interest for few people. This is due to the fact that venture capital investment is accompanied by certain risks and the investor may simply not be able to recover the investment.

However, if you look at developed countries, it is there in 50-60 years that due to venture capital technology parks have been built and companies, which today occupy leading positions in the world began to appear.

According to the director, it is necessary to study the experience of countries that through innovative ideas and know-how have been able to build the economy and take leading positions in the world in order for economy to be based on innovation.