Azerbaijan, Baku, 16 July / corr. Trend I.Khalilova / Innovation projects of Azerbaijan, which are to be realized by entrepreneurs, will be estimated at a venture conference to be held at the end of November, Fuad Ismayilov, the director of the National Scientific Fund, said on 15 July.
Grants will be allocated for the best ideas of scientists. Ismayilov said that the quantity of grants and their amount were increased this year in connection with joining to scientific and technological and entrepreneurship program of the Ministry of Economic Development and the Ministry of Communication and Information Technology. A total of five grants worth $10,000 each will be allocated instead of four grants worth $5,000 each. The Azerbaijani Academy of Sciences, the US National Fund of Research and Development, as well as, the Communications Ministry will allocate these grants.
"Experts will estimate projects at the venture conference," Ismayilov said.
This grant program has been realized for three years since 2006. The US Fund will allocate $20,000 for 2008.
The head of the National Scientific Fund considers that it is still early to speak about the establishment of the Venture Fund in Azerbaijan, because there is still a big risk to finance projects with its means.
"At the current stage the local and the US funds assist to realize innovation ideas," Ismayilov said.
According to Samir Nuriyev, the head of the Entrepreneurship Development Department of the Economic Development Ministry, a catalogue will be designed on the base of projects presented by scientists and its presentation will be held at the November conference. He considers that the Azerbaijani entrepreneurs have improved enough to use innovations in their activities.
The exchange rate of US dollar was AZN 0.8051 on 15 July.
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