Official: Teknofest Azerbaijan one of most prestigious events in innovative technologies

By Sabina Mammadli

Teknofest Azerbaijan is one of the most prestigious events for introducing innovative technologies and solutions provided by local startups, as well as expanding their relationships with investors.

Zaur Gardashev, Advisor to the Chairman of the Small and Medium Business Development Agency, made the remarks.

According to him, the SME Development Agency is one of the main partners of the Teknofest International Aviation, Space, and Technology Festival's Take Off Baku Startup Summit.

He also stated that the international significance of the Take Off Baku Summit will grow, and he hopes that such events will be held in Baku more frequently.

He stated that the summit's goal is to create an effective business environment in the region, support the development of local startups, and ensure long-term cooperation among the ecosystem's key players.

"As part of the summit program, meetings with investors, companies, and foreign mentors will be organized. Local and international startups will present their projects to investors and venture fund representatives as part of the festival. In addition, at the festival's conclusion, startups that have proposed innovative projects and solutions will be recognized. The first prize is $15,000, the second prize is $10,000, and the third prize is $5,000," Gardashev said.

He also mentioned that startups from both the local and international levels will present projects related to innovative solutions at the Take Off Baku Summit.

Gardashev emphasized that startup projects cover financial technology, education, healthcare, smart city and smart village, smart devices, transportation and logistics, infrastructure and security, and the development of new business lines with an innovative business model.

Furthermore, the adviser recalled that applications for participation in the Take Off Baku Startup competition had already closed.

"We have received approximately 300 applications from more than 30 countries to date. In terms of the number of applications filed, Turkey and Azerbaijan are at the top. Egypt, Malaysia, the United States, the United Kingdom, Canada, Singapore, India, Pakistan, and other countries have also submitted applications," he stated.

According to the competition rules, 35 local and 15 foreign startups will be chosen for the main stage.

"Startups that pass the first stage will be able to work with international mentors for a month." During the summit, a jury of local and international partners will choose the semi-finalists and winners of the finals from among 50 startups. It should be noted that representatives from our agency will be included in the international jury and mentor teams that will select the winners," he added.

The advisor also stated that the agency has always supported the development of Azerbaijan's startup ecosystem.

"As you know, we issue start-up certificates to micro and small businesses, exempting them from profit and income tax on innovative activities for a three-year period. At the same time, we provide grants to support local start-up projects, implement various activities to help them enter international markets, and assist with project presentations to local and foreign investors. We have already informed over a thousand SMEs about the summit," he stated.

Gardashev stated that work is currently underway to organize business-to-business meetings and other events within the framework of this summit.

Our agency will provide valuable prizes to the first three Take Off Baku Summit winners.

It should be noted that the next International Festival of Aviation, Space, and Technology Teknofest will be held on May 26-29 in Azerbaijan.

Teknofest, which debuted in 2018, aims to popularize areas such as aviation, space industry, and digital economy, encourage entrepreneurship in these fields, and identify the knowledge and skills of young engineers through competitions organized within the festival's framework, and present national technologies to the general public.