Azerbaijan to launch of venture capital fund to boost startup support

A venture capital fund will be established to support startups in Azerbaijan, Azernews reports, citing Yevgeniya Bikmurzina, the head of the Innovation Ecosystem Department at IRIA (Institute of Scientific Research on Economic Reforms).

In 2024, the initiation of innovative activities is targeted at six new universities to support the creation of startups.

She stated that this year, support will be provided for 8 incubation programs. In 2024, four innovation programs will be organized in more than 10 regions of Azerbaijan. Additionally, support is planned for 5 acceleration programs.

This year, 8 competitions will be organized for startups and innovative projects. As part of mentorship programs, the training of 50 mentors is scheduled. An online experience program aims to provide online training to 100 innovation entrepreneurs.

As for the goals, they include the establishment of a venture capital fund, the creation of a $10 million fund for Azerbaijani founders, the signing of 38 investment agreements by angel investors and venture funds, the initiation of another club for angel investors called "DIVIDA," the establishment and support of 1 cluster center within the "Absheron Valley" program, and the creation and support of the activities of 2 regional innovation centers, as emphasized in Yevgeniya Bikmurzina's statement.