On May 26, 2017, Nobel Prize winner Vernon Smith visited Ukraine and spoke at the conference at the Kiev Institute of International Relations of Taras Shevchenko National University. The conference was sponsored by the IPR Group. Besides sponsorship, IPR Group representatives published several articles in the conference journal and made several interventions during the conference.

The conference main subject was to share world positive experience for speeding up European type reforms in Ukraine. Nobel Prize winner Vernon Smith emphasized that successful European reforms were based on the ethical norms and values as identified in the Bible, and innovative approach for business development.

In their interventions the IPR Group representatives said that speeding up economic reforms in Ukraine requires drastic improvements in country governance, as well as introduction of a transparent innovation policy, which should be supportive for promising ideas that emerge from Ukrainian universities and research institutions. Ukrainian government has to assist innovation development economy with venture capital and help transforming innovative ideas to mass production.

Empirical evidence worldwide persuasively proves a positive link between technological innovation and economic performance. With a view of innovation oriented reforms Ukraine should increase support for scholars to bridge the gap between science and production. A transparent innovation funds should support promising ideas that emerge from Ukrainian universities and research institutions, assist them with venture capital, and help implement ideas to mass production. Such funds could be the first step in creating a financial infrastructure to support innovation and improve the efficiency of the national economy.

Active development of innovation leads to cost reduction, promotion of production and sale of goods and services on domestic and foreign markets; it also revitalizes protection of intellectual property rights, which requires strengthening in today’s Ukraine and is directly related to the development of innovation. Legal base in the area of intellectual property rights protection require further improvement on the basis of EU relevant standards.

Appropriate legal protection of trademarks, industrial designs and inventions enables entrepreneurs to participate in the competition in the market without violating rights of other producers and allows them to receive relevant revenues from commercialization of their intellectual property. However, commonly known that some companies are not intend to follow the rules of fair competition on the market and significant number of infringements of intellectual property rights is still monitored; so, honest producers should been guaranteed  that the country has all the necessary tools and measures for the protection of their rights.

The IPR Group will continue to maintain contacts with Vernon Smith and already undertakes further steps for developing cooperation with Nobel Prize winner.