IT-investors club to appear in Azerbaijan [UPDATE]

By Azernews

By Amina Nazarli

A club of investors in the field of information technologies will be established in Azerbaijan, according to Elchin Zeynalov.

Executive Director of the State Fund for Development of Information Technologies under the Ministry of Transport, Communications and High Technologies said that this is a classic form of investment activity, which provides for the participation of investors in the development of the project as shareholders.

"It is more important for us to create an investor club for the development of IT projects, and we are working on it now. I believe that this club of investors will be created by the end of the year. The club's members will be successful investors in the field of information technologies," Zeynalov said.

The creation of such a club, according to the executive director of the State Fund, will allow commercializing ideas that require financial injections.

The State Fund is the only structure in Azerbaijan that provides grants for the development of IT projects, soft loans and investment policy.

The State Fund for Development of Information Technologies was established by the presidential decree dated March15, 2012. The main objectives of the Fund are conducting of the state policy on development and support of small enterprises in scientific-technical sphere, providing them with direct financial assistance, training, which in turn will contribute to the creation of new jobs in the country.

Zeynalov went on saying that the State Fund forms a new approach for the development of start-ups in the regions.

He told Trend that for this purpose, on the initiative of the Ministry, a two-day training Startup Yarat is organized in "Electronic Government" educational center. The trainings involve industry experts and experts from the State Fund and Park High Technologies Ltd. who share their experience and answer the questions of participants.

The training is conducted in the format of a video bridge and covers five regions including Nakhchivan, Ganja, Lankaran, Mingachevir and Sumgayit.

“Our goal is to develop a start-up movement in the regions, increase the interest in electronic services outside of Baku for an even greater development of innovative entrepreneurship in the country,” Zeynalov said.

Speaking at the opening of the training, Deputy Minister of Transport, Communications and High Technologies of Azerbaijan Elmir Velizade said that the sessions of industry experts contribute to improving the skills and knowledge of participants, who want to promote their projects.

"One of the important components is to increase the skills of beginning startups so that they can correctly represent their projects. This is very important, since, in the competitions held by the State Fund, information on projects is often presented in a short form, which subsequently raises questions. Projects should reveal their essence," Velizade said.

"We are interested in the increase of such projects so that the ideas of young professionals are embodied in a concrete project that in turn would become a business and bring revenue. We are happy that this movement today covers not only the capital but also the regions. Today, start-ups from the regions are connected to this start-up movement, and submit their projects to the state fund competitions," the deputy minister said.

The ICT is considered to be one of the crucial spheres for the further development of the economy and an integral part of the economic and political reforms which are currently implemented in Azerbaijan.

Azerbaijan, which is a regional leader in the ICT sector, intends to expand its international cooperation to further develop the sector. The income obtained in the sector in Azerbaijan is projected to hit $9 billion by 2020.