Founder of the Family Business Network invests in the unravelling of the COVID-19 genome

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A team of Bulgarian scientists and students is on the verge of a major
breakthrough in the fight against the virus

The oldest and most prestigious university in Bulgaria, St. Kliment Ohridski, is
on the threshold of a molecular genetics breakthrough of global significance.
Thanks to the esteemed founder and chairman of the Family Business
Network –Bulgaria – the philanthropist, entrepreneur, and honorary consul of
Uzbekistan, Petar Mandjoukov, numerous school and university students will
get the chance to work with cutting-edge technology. The Petar Mandjoukov
Foundation is the exclusive investor in a state-of-the-art laboratory created for
the needs of the Genetics Department of the University of Sofia. The donation
will help the medical and scientific community to combat COVID-19.

According to the Dean of the Faculty of Biology, Prof. Stoyan Shishkov, we are
witnessing a sustainable trend toward an increasingly larger and more inspired
agenda of family entrepreneurs in support of important scientific discoveries.

Never before has humankind experienced such a vicious and ubiquitous crisis as the
Covid-19 pandemic, said Mandjoukov. He added that no one as yet can predict the
economic consequences of this pandemic. The global crisis has brought into the
limelight the key role that family businesses play in the restoration of the economy.
One of the biggest lessons from the past year is that the global economy is not
adequate enough in conditions of social isolation and limited movement of people
and goods. This is where family businesses have to step in and take charge of the
reinvigoration of the local industries. On a global scale, family companies are the
leaders in corporate social responsibility, according to a study by
PricewaterhouseCoopers among 2,801 owners of family businesses. 80% of the
corporate donation campaigns in the fight against the pandemic are organised by
family-based companies. The famous entrepreneur said that in 2020 all around
Europe, including in Bulgaria, it was precisely the family-run businesses that rose to
the occasion and started manufacturing essential products for protection and
disinfection. Thanks to their efforts the mask and disinfectant delivery crisis was
overcome in a matter of months, he commented.

Along the same lines, the British Prime Minister, Boris Johnson, praised the decisive
role of family businesses in the resurrection of the economy from COVID-19 and for
the future. Hosting an exclusive round table on February 26 on the issues of family
businesses, the Prime Minister became acquainted with the mechanisms used by
family businesses to tackle the effects of the pandemic, and the significant role they
have in the support of the local communities. In Bulgaria, the role of businesses in
support of science and medicine has grown in the context of Covid-19.

‘Wealth is a relative concept. I am very fortunate to be able to call myself a wealthy
man. But people like me have to realise that we cannot be wealthy only for our own
benefit. Each of us is a member of society and we all have the duty to contribute and

support the medical community’ said Mandjoukov. At the height of the first wave of
the pandemic, the Bulgarian entrepreneur donated to the Military Medical Academy
high-tech ambulances, respirators, breathing ventilators and air filtering systems.
The overall price of the donated equipment was approximately EUR 1 million, as
reported by the Military Medical Academy. The highly esteemed Bulgarian
benefactor called on all wealthy people around the world to contribute to the global
efforts.

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