Azerbaijan's startup ecosystem thrives with launch of Startup World Cup

In recent years, Azerbaijan has made significant strides in developing its startup ecosystem. The government has recognized the importance of entrepreneurship and innovation as key drivers of economic diversification. Initiatives such as the "Azerbaijan 2020: Look into the Future" strategic roadmap aim to support the growth of startups through various measures, including financial incentives, infrastructure development, and access to education.

Several incubators and accelerators have emerged, providing aspiring entrepreneurs with mentorship, resources, and networking opportunities. Events like Startup Weekend and the Baku Startup Forum have also fostered a sense of community among entrepreneurs, investors, and tech enthusiasts. Additionally, collaborations with international organizations and tech hubs have helped to further integrate Azerbaijan into the global startup scene.

As a result, the startup ecosystem in Azerbaijan is gradually evolving, with an increasing number of innovative companies emerging across sectors such as technology, agriculture, and tourism. This growth not only contributes to the local economy but also positions Azerbaijan as an attractive destination for investment and entrepreneurial talent in the region.

One of the upcoming events in the field of startups in the country took place on September 19 at ADA University. This event is noteworthy because it marks the first time the regional stage of the World Startup Championship will be held in Azerbaijan. The competition, considered one of the most prestigious startup competitions globally, was organized by the Technovate-SABAH Angel Investors Club.

The event is significant for contributing to the development of the startup and investment ecosystem in Azerbaijan by bringing together investors, company leaders, startup founders, and government officials.

Speaking at the event, Farid Ismailzadeh, the founder of Technovate Investments and the Angel Investors Club, stated that hosting this event in Azerbaijan will further the development of the country's startup ecosystem.

"The Startup World Championship is one of the most advanced startup competitions in the world, bringing together the winners of regional stages organized in different parts of the globe each year for a chance to win a prize worth 1 million dollars in San Francisco, USA. The purpose of the competition is to discover innovative entrepreneurs, connect them with global investors, and help them grow their businesses internationally," he said.

Alya Abbaszadeh, the executive director of Technovate-Sabah Angel Investors Club and the event organizer, shared insights with the participants regarding the club's activities, achievements, and future goals over the past year.

Alya Abbaszadeh noted that the Technovate-Sabah Angel Investors Club has invested 200 thousand US dollars in global startups so far. She mentioned that the club currently has more than 150 members: "Our main goal is to increase investment, promote innovation, and support entrepreneurs around the world. We don't just want to write checks; we want to create stories and drive transformation. Our dream is to turn these investments into billions of dollars and witness hundreds of success stories that will leave lasting impacts on our society, economy, and the world."

Highlighting the important role of education in this endeavor, A. Abbaszadeh emphasized that club members receive training on startups and investments from foreign specialists at the Angel Investor School.

Fariz Ismayilzadeh, Vice-Rector of ADA University, who hosted the event, also spoke and emphasized the role of universities in the development of startups in the country. Federico Altepost, the ambassador of the World Championship for Startups, praised Azerbaijan’s participation in this global competition for the first time and expressed his satisfaction in seeing an Azerbaijani startup reach the final stage to be held in the USA.

The U.S. Ambassador to Azerbaijan, Mr. Mark Libby, also addressed the audience. He highlighted the event’s significance in increasing the number of startups with global ideas in Azerbaijan and emphasized the importance of learning from global experiences. The ambassador reiterated the United States' commitment to supporting the startup ecosystem and programs in Azerbaijan.

"Together with our international colleagues in Azerbaijan and around the world, we organize training and business development programs to contribute to the startup and entrepreneurship ecosystem. This year, we had the opportunity to teach over 100 women in rural areas of Azerbaijan how to prepare business plans and secure startup capital," he emphasized. He noted that such initiatives are vital for economic diversification.

"We want to see the growth of Azerbaijan's community of incubators, accelerators, venture capitalists, and angel investors. We appreciate Azerbaijan's efforts to expand its technical, research, development, and legal capabilities, and we look forward to the government implementing additional reforms that will encourage these innovations," the ambassador added.

Inara Valiyeva, Chairman of the Innovation and Digital Development Agency, spoke about recent steps taken in the fields of startup, investment, and innovation. She highlighted the successes achieved at national, regional, and global levels and noted that hosting such events accelerates progress in these areas.

Deputy Minister of Economy Anar Akhundov, Deputy Minister of Science and Education Hasan Hasanli, Minister of Labor and Social Protection of the Population Anar Aliyev, and Deputy Chairman of the State Agency for Service to Citizens and Social Innovations under the President of Azerbaijan Jeyhun Salmanov also spoke at the event. They emphasized the significant role of the event in developing not only startups and investment but also other sectors in the country.

Later, five startups selected from among 100 registered participants presented their business ideas to the audience, evaluated by a jury of seven members, including well-known local and international investors and experts. The jury announced the winning startup, which will represent Azerbaijan at the final stage in the USA on October 4.

The event attracted over 500 guests, including government officials, angel investors, startup teams, company directors, students, and others. Key partners in organizing this innovative event included the Innovation and Digital Development Agency, Sabah.hub, ADA University, Next Step Innovation Center, and the Law Office of Vugar Jafarov, along with sponsors like AZERCELL, ABB Bank, PASHA Holding, Visa, GoldenPay, PASHA Hayat, Bestcomp Group, PASHA Travel, and Holberton School Azerbaijan.

It should be noted that the World Startup Championship is one of the most prestigious startup competitions globally, bringing together the winners of regional stages from around the world every year in San Francisco, USA, for a chance to win a prize worth 1 million dollars. The competition aims to discover innovative entrepreneurs, connect them with global investors, and help them develop their businesses worldwide.

In conclusion startups are newly established businesses, often focused on developing a unique product or service and typically seeking to scale rapidly. They are characterized by innovation, agility, and a willingness to take risks. Startups matter because they drive economic growth, create jobs, and foster innovation. By introducing fresh ideas and solutions, they challenge established industries and contribute to a dynamic market landscape. Furthermore, successful startups can attract investment, leading to a cycle of further innovation and economic development.