The bill of the Ministry of Development and Investment, which concerns the reform of the institutional framework of spin-offs, which was formulated in cooperation with the Ministry of Education and Religious Affairs .

The bill concerns the simplification and clarification of the operating framework of spin-off companies. That is, the companies that arise from Research Centers and Universities, investing in the know-how that is produced. At the same time, it aims to encourage the creation of more patents.

For the first time, a complete and flexible institutional framework is being put in place that significantly facilitates the process of establishing technoblast companies by the country's Universities and Research Organizations.

Attempts are also being made to modernize the operating framework of the technoblast companies, which until now has been fragmented, incomplete and anachronistic.

Essentially, answers are given to key questions, for which until now there was legal ambiguity.

The relevant provisions on the Technoblast Bill

• Strengthening the development role of research organizations with the necessary flexibility for the establishment of capital companies. The aim is to utilize their research results for the production of modern innovative products (technoblast companies - spin offs).
• Possibility of founding and participating in the technoblast companies of all categories of teaching and laboratory staff.
• Simplification of the institutional framework and the process of establishing spin off companies.
• Strengthening the role of Technology Transfer Offices, as distinct structures with the main aim of enhancing innovation. At the same time, his support in matters of utilizing the know-how and research results produced within the research organization.
• Possibility of establishing technoblast companies in collaboration with other Research Organizations.
• Common goal, the exploitation of the results and the further encouragement of the research activity of the Research Institutes and University Institutions. Also the simplification of procedures for the benefit of Universities, Research centers and inventors. The new institutional framework promotes innovation, supports the world of research and invests in connecting knowledge with entrepreneurship.

The National Research, Technology and Innovation Council (ESETEK) with the support of the Sectoral Scientific Council (TES) for the Transfer of Technology and Intellectual Property proposed the specific provisions, which were elaborated by the Minister of Development and Investments Mr. Adonis Georgiadis, the Minister of Education and Religious Affairs Ms. Niki Kerameos, the Deputy Minister of Development and Investments, responsible for Research and Innovation Mr. Christos Dimas and the Deputy Minister of Education, responsible for Higher Education, Mr. Angel Syrigos.