Azerbaijan launches new program on innovative startup ecosystem

By Azernews

By Ayya Lmahamad

Azerbaijan has launched a new program aimed to form an innovative startup ecosystem and infrastructure in the country’s economy amid the rapid development of technologies.

The opening ceremony of the “Azerbaijan 500 ASAN Startup” program was held in the videoconference format on February 15.

During the ceremony, it was noted that this program will help increase the knowledge and skills of local startups and their access to investors.

Minister of Transport, Communications and High Technologies Rashad Nabiyev emphasized the success of startups in the country and the importance of sustainable infrastructure and access to foreign investment for ecosystem development. He added that the next successful step will be the cooperation with 500 Startups, which plays an important role in this sphere.

CEO and Co-founder of the US 500 Startups company welcomed support for startups in Azerbaijan, and measures to develop talented developers in the startup environment.

The goal of the Azerbaijan 500 ASAN Startup program, organized with the support of the Innovation Center and sponsorship of PASHA Holding, is to create enthusiasm and give impetus for innovative entrepreneurship among potential startup developers in the country. In addition, the program will last six months and will include many online and offline events.

In November 2020, a memorandum of cooperation on startups’ development in Azerbaijan and implementation of venture funding programs was signed between the State Agency for Public Service and Social Innovations and 500 Startups. The main goal of the agreement is to accelerate the development of startups ad the innovation ecosystem in Azerbaijan, to enable local startups to gain access to the global market and foreign investors.