Events

MINSK, 1 April (BelTA) – Belarus President Alexander Lukashenko suggests creating a system of venture capital financing in the country’s scientific sector. The head of state made the statement at the conference held on 31 March to discuss Belarusian science development prospects together with leading scientists, BelTA learnt from the presidential press service.

The President pointed out that the budget financing system is not always flexible and favorable for science as, unlike the real sector of the economy where the effect can be precalculated, the scientific sector is a zone of special investment risk.

“As I am being informed, scientists have reasons to be afraid of taking up breakthrough but risky projects at the expense of budgetary money at a time when such projects are the main engine of progress worldwide. That means we need not only budgetary resources,” the head of state said.

According to the President, the way out in such a situation is in the development of a system of venture capital financing – a network of big and small funds that will invest in scientific projects and then sell the results of the research. The budget can take part in these funds on the public-private partnership principle.

“We need to analyze the legislation of the world sci-tech leaders and adapt it to the Belarusian realia. We should also pay attention to the right of the scientist to set up a company, a firm and implement his/her achievements. It is also possible,” Alexander Lukashenko said.

“Let smart people be rich. The state will benefit from it,” he added.

The head of state instructed the government in cooperation with the Belarus President Administration and the National Academy of Sciences to take necessary measures to secure an efficient protection of intellectual property rights and, if needed, to improve the Belarusian legislation in the area.