Resources and Tools for Researchers and Entrepreneurs

On 28 April 2025, the Hub for Scientific Entrepreneurship in Bulgaria hosted a webinar on “Practices in Scientific Entrepreneurship.” The event featured leading experts, including Assoc. Prof. Dr. Kostadin Kolarov (UNWE), who shared his experience in entrepreneurship research, and Dr. Nedislav Veselinov, a scientific entrepreneur, who discussed the journey from research to business creation. Participants from universities and institutes across Bulgaria and abroad learned about entrepreneurial opportunities, practical challenges, and solutions in launching research-based businesses. The event fostered open discussion, idea sharing, and collaboration, strengthening the bridge between science and entrepreneurship. The Hub will continue to serve as a platform for dialogue and joint problem-solving in scientific entrepreneurship. The webinar also introduced participants to EURAXESS network opportunities, project results in HPC+ technologies, and upcoming activities of the Hub.

On September 2–5, 2024, the Scientific Entrepreneurship Hub in Bulgaria (SciEntHubBG) was featured at the 12th International Conference on Empowerment Entrepreneurship (BAMDE’24) in Albena, Bulgaria. This event brought together leading experts, entrepreneurs, and academics to discuss the future of entrepreneurship and building a sustainable future. During the conference, the SciEntHubBG team presented the project “Converging Academic and Practical Expertise with the Scientific Entrepreneurship Hub.” The presentation emphasized the Hub’s pivotal role in fostering collaboration among researchers, industry stakeholders, and innovators, advancing sustainable business practices in Bulgaria and across the EU. As part of the EURAXESS StartUp Hub network, SciEntHubBG supports startups and researchers by providing access to key resources and expertise. Reflecting the conference’s focus on sustainability, the Hub highlighted its initiatives to drive Bulgaria’s green and digital transformation by connecting academic research with market needs.

The Fotonika experience shows that successful scientific entrepreneurship begins with recognizing a genuine need and taking action, even when resources are scarce. The founders didn’t wait for ideal circumstances or outside investment—they used their own funds to renovate their workspace and started developing solutions that mattered to their community.

A key lesson was understanding value creation: Fotonika always aimed to build products that solve real problems and offer clear benefits, ensuring that the value to users exceeded the production costs. Rather than chasing grand ambitions right away, they started with small, practical projects—like building a flight simulator—to prove their abilities and build trust with customers.

Funding was secured gradually, moving from personal networks (family and friends) to competitions, grants, and accelerators. The founders were cautious about taking on investors, preferring to retain control over their company and its mission, even if that meant slower growth at first.

Fotonika also benefited from strong networks and expert mentorship, collaborating with universities and international specialists to overcome technical challenges. Hard work and commitment were essential—long hours and persistence helped the team overcome setbacks and skepticism, even when they faced the risk of failure or running out of funds.

Over time, these practices paid off. Starting from a garage, Fotonika became a profitable and respected enterprise, trusted by clients and partners. Their journey demonstrates that scientific entrepreneurship depends on initiative, adaptability, practical problem-solving, and a willingness to grow step by step while maintaining independence and a focus on real impact.

The lecture explores how intellectual property (IP) gains value as a company asset, emphasizing that its worth comes primarily from the exclusive rights it provides—allowing owners to block competitors and capture economic benefits. Dr. Kolarov explains that IP’s value is only realized if it generates direct economic gains or adds value to other business assets, such as brand reputation or technological advantage. The lecture outlines three main valuation approaches:

1. The market approach compares the IP to similar assets traded in the market.
2. The cost approach looks at the expenses involved in developing or replacing the IP.
3. The income approach focuses on the future revenue or profits that the IP is expected to generate.

Each method has its strengths and limitations, and the right choice depends on the context, available data, and the type of IP. Dr. Kolarov also highlights practical challenges, such as unique features of each invention, rapid technological change, and the need for pragmatic, business-oriented thinking. He cautions against common mistakes—like overvaluing IP based only on sunk costs or underestimating its market potential. Ultimately, effective IP valuation requires both legal protection and an understanding of the real market and business environment in which the asset operates. Success depends not just on innovation, but also on practical use, commercialization strategies, and timely alignment with market needs.