Science and Business Sector - Memorandum of Understanding signed between Rustaveli Scientific Foundation and Georgian Business Association

On October 18, the Shota Rustaveli National Science Foundation and the largest business association of Georgia held signing ceremony. The memorandum was signed by General Director of Rustaveli Foundation - Zviad Gabisonia and the Executive Director of Business Association - Levan Vepkhvadze. It is notable, that this is the first precedent where a cooperation is achieved between the science and a business association. To that end, the Parties shall cooperate actively in promoting joint applied research between the scientific-academic and the business sector, and in developing a culture of interest in scientific research in the business sector. This cooperation will fully support the implementation of the recommendations developed by the EU Horizon 2020 policy support structure.

Furthermore, the memorandum will present the winning projects in the field of applied research, the business companies, thus commercializing scientific projects, and turning them effective and hopefully profitable. One of the major challenges for post-Soviet countries is the commercialization of applied scientific research, the transfer of research to commercial estate, and the intensification of cooperation between science and the private sector, that ultimately contributes to the country's socio-economic development.

Additionally, the parties are preparing a joint event, which will be held on November 5.