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SMBDA and Baku State University have signed a Memorandum of Understanding 12.07.21

The Small and Medium Business Development Agency (SMBDA) continues to cooperate with universities in developing relations between the private sector and academia and promoting youth entrepreneurship.

On July 12, SMBDA and Baku State University (BSU) signed a Memorandum of Understanding on cooperation. The document was signed by the chairman of the Agency Board Orkhan Mammadov and the rector of the Baku State University Elchin Babayev.

The document is aimed at expanding practical ties between the private sector and academia, arranging joint programs in this area, supporting the formation of students’ business ideas, implementing innovative initiatives, and increasing the activity of inventors, performing research required for the development of entrepreneurship using the scientific potential of the university, including joint activities to raise awareness of SMBs and implementing joint projects. According to the Memorandum of Understanding, the Agency and BSU will create a Business Incubation Center at the university to promote innovative entrepreneurship among young people, and collaborate in benefiting SMEs from the training and innovation infrastructure, developing the private sector-university cooperation platforms, and supporting the implementation of the “theory-to-business” principle for startups and business incubators.

“It is important to integrate scientific innovationы into business to arrange business at the level of modern requirements and increase competitiveness. The benefits of close collaboration with research centers and universities on a global scale are already known. In our country, as all over the world, highly educated young people with innovative thinking, constantly looking for innovations, are the leading force in creating modern business. We believe that the document signed between SMBDA and BSU will take business relations between universities and the private sector to a new level, and the Business Incubation Center to be established at the university will contribute to the creation of a business bridge between the university and the business community and the training of our youth for a business scene”, - said Orkhan Mammadov.

“The University closely cooperates with industrial enterprises; new centers, departments, and laboratories are being created at the University to perform investigations and integrate them into production and fulfill joint research. The document signed today between the university and SMBDA will be important in terms of expanding ties between science and the private sector, while the Business Incubation Center to be established will serve to support students in forming business ideas", - said the Chancellor of BSU Elchin Babayev.