Commercialization of Ukrainian & Slovak scientific research: facets and implementation algorithm

Volodymyr Yermachenko (), Volodymyr Yermachenko (), Natalia Hrebennyk (), Oleksandr Litvinov (), Martin Klus () and Daniela Podmanická ()
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Volodymyr Yermachenko: Bratislava University of Economics and Management, Slovakia
Volodymyr Yermachenko: Simon Kuznets Kharkiv National University of Economics, Ukraine
Natalia Hrebennyk: Odessa National University of Economics, Ukraine
Oleksandr Litvinov: Odessa National University of Economics, Ukraine
Martin Klus: Bratislava University of Economics and Management, Slovakia
Daniela Podmanická: Bratislava University of Economics and Management, Slovakia

Entrepreneurship and Sustainability Issues, 2023, vol. 11, issue 2, 184-198

Abstract: The article emphasizes the need to develop entrepreneurship in the academic environment to commercialize the scientific research results as one of the possible directions. The problems that prevent Ukrainian and Slovak scientists from commercializing their scientific developments are highlighted, classified, and described in detail, and recommendations are proposed for solving these problems. The commercialization of scientific research is based on transforming scientific developments into profitable commercial products or services that can be successfully introduced to the market. The study examines various aspects of commercialization, including evaluating the commercial potential of scientific research, developing business models, finding investors and partners, intellectual property, marketing innovations, and sales. The elements of innovative ecosystems of different countries and Ukraine are described. Various algorithms for commercializing scientific research are suggested and scrutinized, including specific steps scientists must perform to introduce their developments to the market successfully. The difference in commercialization processes in Ukraine and economically developed countries is demonstrated. A business commercialization algorithm is proposed, which assumes that the first step is to analyse the demand for innovation. It has been proven that projects developed under the market's needs today and in the future are more effective for commercial use. Hence, this approach provides better opportunities for attracting investments, creating strategic alliances with the industrial sector, and increasing effective commercial projects. Recommendations suggested by the authors can help Ukrainian and Slovak scientists commercialize their scientific works more effectively, which will positively impact economic development.

Keywords: commercialization of knowledge; technology transfer; entrepreneurial university; commercialization algorithm (search for similar items in EconPapers)
JEL-codes: F63 O31 O34 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:11:y:2023:i:2:p:184-198

DOI: 10.9770/jesi.2023.11.2(13)

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