MEDT to facilitate the creation of innovative companies at universities

The amendments prepared by Russian Economic Development Ministry to the federal law #217 should facilitate the creation of small innovative enterprises at universities.

According to the FL-217 adopted in 2099, Russian universities have the right to set up small companies to implement the results of research into production. However, experts said low efficiency of the law and developed amendments to it, which should liberalize the procedure for the establishment of small innovative enterprises with research organizations, the Deputy Head of Economic Development Oleg Fomichev said.

According to him, the adoption of the amendments will make it possible to place exclusive rights to intellectual activity as a contribution of the university to the share capital of the newly created company. The rules that set a minimum share of the university in the company will also be reduced or eliminated.

Fomichev said that this rule prevented private investors from entering companies' share capital, and established companies have no potential for growth since universities cannot always have enough money required for the development of start-ups after the launch.

Fomichev said that there will be a number of other less significant amendments in addition to these changes.