In recent years, the Government of Uzbekistan has acknowledged the need for invigorating the innovative activity as the main driver of sustainable growth. Attempts have been made to set up new institutions and a system of links and incentives to form an innovation infrastructure similar to the one observed in developed market economies. The government has been trying to institutionalize both financial instruments (ie, grant schemes, tax-relieves, venture funding) and non-financial instruments (i.e., technology transfer centers, annual Innovation Fair) to stimulate innovations.

The project “Support to Innovation Policy and Technology Transfer” provides support to the Government of Uzbekistan in strengthening the capacities of technology transfer institutions, improving the organization and the outcomes of the Innovation fair as well as development and implementation of programs supporting the innovation development.

In addition, the project plans activities aimed at increasing the commercialization of innovation project and technologies, as well as bridging the gap between the applied science and real-life issues in economic, social and environmental spheres. These activities include support in creation and formation of electronic database of innovation ideas and projects, preparation of proposals on effective mechanisms of financing innovation projects, and development of national standards and methodological guidelines on evaluation of objects of intellectual property.

Experts note that one of the reasons for low commercialization rates of local innovation projects is lack of standardized and widely accepted standards for valuation of intellectual property. While there are attempts to create national valuation standards and guidelines for valuation of tangible assets (ie, real estate, vehicles etc) there is no national valuation standard for valuation of an intellectual property (such as a technology, know-how, patent, trademark, etc).

In order to help accelerate the commercialization of new technologies and know-how produced by local R&D sector the project in partnership with the State Property Committee have developed draft National Standards for Valuation of property “Standards for evaluation of intangible assets and objects of intellectual property” and methodic guidelines on their application based on international valuation standards.

The introduction of standards will allow establishment of clear requirements in conducting valuation of intangible assets and objects of intellectual property, definition of single terminology, rules and regulations in defining the cost, as well as rules for reflecting the results of the evaluation in the reports. The Standards will also help in improving the professional level and quality of valuation services in Uzbekistan, introduction of international experience of effective use of valuation methods.

Experts emphasize that improvement of system of national standards applied in the valuation activity in Uzbekistan creates opportunity for the use of more accurate and understandable reference points in conducting work on the valuation of property and allows provision of effective protection of interests of this market participants, both valuators as well as users of their services. As a result of adoption of these standards the necessary legal and legislative framework for conducting valuation activity will be expanded, economic incentives will be created for active development of market of intellectual property in Uzbekistan.

“Improvement of system of national standards and its expansion with the standard for evaluation of intangible assets and objects of intellectual property will be turning point in the development of evaluation activity and will support the development of evaluation market and raise the extent of commercialization of innovation development in Uzbekistan” – says Usmon Rakhimjanov, Project manager.