Central regions | Technology & innovation | Finance, business

VEB Bank and Russian academicians to jointly push for innovation

23 Jan '14
VEB Bank, one of Russia’s largest government-owned banks, and the Russian Academy of Sciences (RAS) have agreed to cooperate in pursuing national innovation policy, VEB Bank announced.

The partners aim to make R&D in nanotechnology and the chemical, energy and mechanical engineering sectors profitable for the Russian economy.

The cooperation agreement between VEB Bank and the Academy calls for the creation of conditions that foster the development of small and medium-sized innovation businesses and the commercialization of domestic innovation solutions in related sectors in Russia. VEB Bank emphasized that Russia’s big business “sees necessity in such action,” and businessmen are willing to make the scientific R&D sector commercially viable.

The two partners are expected to focus on pushing RAS-supported innovation projects across sectors; putting together an independent panel of experts to evaluate the commercial and technological viability of new ideas that seek funding; developing and supporting innovation-oriented education; and backing scientific activity focused on the development of new technology solutions.

For many years following the demise of the Soviet Union, science was far below other areas on the Russian government’s priority lists, which has led to Russia trailing in innovation behind many countries, emphasized Maxim Sbityakov from Corpomir.ru. According to statistics he cited, the developed countries each spend $500 per capita a year on fundamental science and R&D, while in Russia it’s just $100.
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