According to Vladimir Karanik, in addition to acquiring new knowledge and carrying out fundamental research that would lay the foundation for scientific development over the next 5–10 years, improving the economic efficiency of scientific research is another important aspect.
“Our task is to be closer to the real economy, respond more quickly and more effectively to the requests of our industry leaders,” the scientist stated, adding that such results can only be achieved through a comprehensive approach.
Vladimir Karanik named three ways to monetise scientific research. The first one is to turn a new technology developed by scientists into an enterprise. He used Konus Hot Dip Galvanising as an example, a company built from scratch that has been successfully operating for many years.
The second option is to address the needs of the real economy, Vladimir Karanik explained, “A particular company comes to us with a specific request, then we develop the technology. For example, the Physical-Technical Institute is involved in plasma spraying, induction heaters, and metal hardening machines, all widely used by our leading companies, like MTZ, MAZ, and BELAZ.”
According to the scientist, the last monetising opportunity, still relatively undeveloped, involves developing technologies and selling intellectual property rights for royalties, “Our selective breeders got the most action last year. Producers were paying them royalties for cultivating the grain varieties they developed. Last year, it was roughly BYN 1.9m.”