NECESSITY AND PROBLEMS OF COMMERCIALIZATION OF INNOVATIVE PROJECTS IN GEORGIA

NANULI MAKHARADZE

Doctor of Business and Management, Batumi Shota Rustaveli State University, Assistant professor

E-mail: maxaradze.nanuli@bsu.edu.ge

http://orcid.org/0000-0002-2322-0052

Abstract

The article discusses the current and implemented projects of the Georgian Innovation and Technology Agency, due to the need of innovative projects commercialization. Based on the experience of developed countries, it is known that the state is the main investor in innovation policy, which invests money in education, generaly in research (including in the development of innovation infrastructure - in the activities of research organizations, consulting, intermediary and financial institutions) and also in the implementation of its results, which involves the implementation of innovation-oriented government orders / grants and projects.

During the research, the focus was on several innovative projects of the Georgian Agency for Innovation and Technology, based on which the problems related to commercialization were studied and the relevant results were evaluated. The projects were mainly evaluated on the basis of funding qualification and industry criteria. Through the economic-statistical, analysis and synthesis methods of the research, the sectoral structure of the projects financed by the Georgian Innovation and Technology Agency was revealed. The need to commercialize these projects should enable the development of the country's economy and increase public welfare.

Due to the need to commercialize innovative projects, it is important to deepen the link between the private sector and the education system, which should contribute to the successful implementation of the country’s innovative policies and the development of the country’s economic growth.