Dr Vasily Vysokov, chairman of the Board of Directors of Center-invest Bank, recently met with young academics from Southern Federal University to discuss the potential commercial application of their work.

During the meeting, which was held at the bank’s head office in Rostov-on-Don, young academics presented their projects to Dr Vysokov and other experts from the bank. The experts looked at the projects in detail and made recommendations as to how they could be further developed and improved.

In light of these discussions, Dr Vysokov shared his own experience and his views on the challenges involved in strengthening links between the worlds of higher education and business. “Business transforms resources into the production of new goods and services, capturing new markets,” he said. “Defending your thesis is also a business process, in which you need to find new qualities and materials, and new areas for the application of scientific knowledge. As academics, it is important that you think beyond the viva Board of Examiners; you must also think about your customer, about the consumer who will be willing to pay for your research and academic work.”

Center-invest Bank has considerable experience of financing start-ups: as at 01.10.2015, we had provided 400 new entrepreneurs with a total of RUB510m in loans. We are able to provide finance for the commercialisation of research and academic work, provided that the loan applications are completed properly and that applicants demonstrate an understanding of the nature of small business.

Dr Vysokov recommended that all of the young academics attending the meeting sign up for the bank’s online course “Enterprise for All”, as it would provide them with the essential basic knowledge about entrepreneurship.

There is high demand for this type of consultation. The administration of Southern Federal University has already proposed that the bank hold another such event at its branch campus in Taganrog.