Supporting Commercialization of Scientific Projects with help of the European Union and World Bank

Today, on October 17, 2019, the Georgia’s Innovation and Technology Agency (GITA) and the Ivane Javakhishvili Tbilisi State University (TSU) signed the Partnership Framework Agreement for the Technology Transfer Pilot Program (TTPP). The event was held at 6.00 PM in the Library of TSU.

“For the first time in Georgian history, the Georgia Innovation and Technology Agency, in cooperation with the World Bank, has received a grant from the European Union in the amount of EUR 1 million to assist in commercialization of science technologies.” said Avtandil Kasradze, the Chairman of GITA. “The agreement between the agency and the state university creates a system through which technological transfers will be enabled”.

"The EU backs Georgia's ambition to become a more innovative economy. With this project, we support great ideas to be turned into novel products and services", said Vincent Rey, Head of Cooperation at the Delegation of the European Union to Georgia.

The TTPP aims to support the commercialization of those scientific research results and projects that respond to global market needs and challenges. Within the framework of the project, GITA will support the development of scientific innovations at the TSU, and the maturation of projects for commercialization and technology transfer. The project is funded by the European Union and implemented by GITA, with the support from the World Bank.

Within the framework of TTPP, GITA has received project applications from various universities and research and development institutions and based on the detailed evaluation process, projects with higher commercialization potential were selected. The TTPP was launched in April of 2019 and since then GITA have been actively involved in due diligence processes that includes evaluation of the business potential of research projects that have reached a Technology Readiness Level (TRL) level 4+ and above. After due diligence stage with assistance of local and international experts on each selected project there will be a Commercialization Roadmap elaborated, and based on this Georgia’s Innovation and Technology Agency with the technical support of the World Bank Group will finance activities for maturation of the projects with high potential of commercialization. Georgia’s Innovation and Technology Agency will offer the projects to potential industrial partners, facilitate negotiation and contracting between private or public customers and scientific teams in order to license out technologies.

By the end of 2020 selected projects will receive up to 1 million EUR financial support in total from Georgia’s Innovation and Technology Agency.