YSU Business Incubator initiates opportunities to turn research into business

Turning scientific results into a business project is often seen as a major challenge, requiring not only knowledge but also a business mindset and systematic planning. This process involves both the development of innovative ideas and the creation of a business model, as well as aligning with market demands. In this context, it is crucial to understand how to effectively apply scientific research in the market, while also identifying mechanisms for funding, marketing, and sales to succeed in today’s technological and innovative environments.

Yerevan State University’s Business Incubator offers the "Mini MBA" program, which provides the opportunity to gain a deep understanding of how knowledge can be transformed into a successful business, combining innovation, research, and business skills. To learn more about the program, we spoke with Professor Ruben Gevorgyan from the Chair of Mathematical Modeling in Economics at the Faculty of Economics and Management, who also serves as the director of YSU Business Incubator. 

What Does the "Mini MBA" Program Offer?

The "Mini MBA" program consists of several phases, including courses, mentoring, support in developing business ideas, and preparation for the funding application. 

In the first phase of the program, participants will be introduced to the fundamental principles of business and management, which will help them better understand the dynamics of the business environment. The course will enhance participants’ strategic thinking and leadership skills, essential for the effective management of technological projects and teams. Participants will also learn how to confidently present their business ideas, keeping in mind the importance of communication.

Throughout the program, participants will also be introduced to the principles of responsible and inclusive business operations, based on ethics and sustainability. This is particularly important in the development of modern business. 

"There are numerous scientific research projects underway at YSU, as evidenced by the number of published research articles, highlighting the university's leadership in the field. However, it is crucial not to remain within the confines of scientific results. It’s important to demonstrate how scientific work can be transformed into a business. Research must have its business application, which is a widespread phenomenon at leading universities," said Ruben Gevorgyan.

He added that there are two key prerequisites for participating in the "Mini MBA" program: first, the scientific research must have the relevant potential, and second, the researcher must be willing to embark on this journey.

"Our goal is to highlight that there is a path available, which is not difficult, and that researchers can transform their scientific work into a business while continuing their scientific endeavors. The program not only provides the necessary knowledge but also shows that walking this path alone is not mandatory. Therefore, it is crucial to understand what kind of specialists are needed to assist in this process. We offer researchers the opportunity to form teams, as both an idea and a team are essential for building a business. In the first iteration of the course, we will demonstrate how to properly form a team with competent and effective collaboration, which will help navigate this path," the professor added.

He mentioned that additional information about the program's start will be provided soon. At the end of the program, selected ideas will be given the opportunity to receive initial funding through YSU Business Incubator.

What is the Structure of the Program?

The 6-week course will cover the following topics:

• Entrepreneurial management

• Strategic planning

• Technological entrepreneurship

• Quantitative analysis in business

• Finance

• Accounting

• Marketing

• Leadership and teamwork

• Presentation skills for ideas

• Mentorship

YSU "Mini MBA" program will provide participants with the knowledge and skills necessary for success in business. This program creates a platform for the training of innovative and skilled professionals who are ready to lead and generate new ideas within this environment. 

"We have held numerous meetings with partner foreign universities and have gained insight into how this process is organized in different countries. These meetings allowed us to explore best practices and understand how universities can support the commercialization and transformation of scientific work into business. It became clear that this process is essential for all leading universities, and it is one of their key priorities," emphasized Ruben Gevorgyan. 

What is Required to Participate in the "Mini MBA" Program?

To participate in the program, applicants must be researchers with a unique idea, as well as have the desire and willingness to pursue this opportunity. The knowledge, information, and skills gained through the program will not only help participants understand the business world but also enable them to effectively apply their scientific ideas and bring them into practical use in the business world.

It is important to note that participation in the program is free of charge.

Who is Eligible to Participate?

Although the "Mini MBA" program is primarily designed for students and graduates from non-business disciplines, the course is open to anyone interested in participating. 

"Priority will be given to university members, but if others express interest, we are ready to work with them as well and provide comprehensive support in transforming scientific results into business," emphasized R. Gevorgyan.

Who Will Instruct the Program? 

The program will be taught by both YSU academic staff and invited experts, including business professionals and individuals with experience in the business sector. This experienced team will help participants acquire both academic knowledge and practical skills needed to turn their ideas into viable businesses.

At the end of the program, participants will receive certificates.

The program is a significant contribution to our country’s research ecosystem, while also providing the necessary platform where scientific research can be transformed into market-driven and competitive business solutions.