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Georgia’s Innovation and Technology Agency provides access to finance for innovative project

Business Materials 28 October 2020 16:51 (UTC +04:00)
Georgia’s Innovation and Technology Agency provides access to finance for innovative project

BAKU, Azerbaijan, October 28

By Tamilla Mammadova – Trend:

Georgia’s Innovation and Technology Agency (GITA) is providing Access to Finance for innovative projects, also supports R&D commercialization and technology transfer, the GITA told Trend.

"In this regard, together with the awareness-raising and training programs, GITA provides access to finance by different types of grant programs," the agency said.

According to the source, in this direction, the government is providing pre-seed and seed stage financing for startups, covering the risks and enhancing their skills for further investment opportunities.

"Since 2016 the support from the World Bank Group was secured for the Project - Georgia National Innovation Ecosystem (GENIE) in the amount of $23.5 million. The main objective of the project is to increase innovative activities of the micro, small, and medium-sized enterprises (MSMEs), including startups, and individuals in Georgia and their participation in the digital economy," the GITA said.

According to the agency, it includes a) access to finance – issue the grants for SMEs and innovative projects; b) scale up the infrastructure projects in the region; c) enhance skills and capacity by providing pieces of training and mentorship programs for startups by providing different types of incentives.

"GITA also provides Small Grants for Prototyping. Grants are awarded for purposes of designing, testing, and refining prototypes in the field of innovation and technology," the agency said.

Mini-grants program ($5,000) objectives:

- Implementation, testing, and refining innovations for further commercialization;
- Integration of interested individuals in the International Ecosystem of Innovations and Technologies;
- Share the experience and knowledge in the field of Innovation and Technology;
- Strengthen the local innovation and technology ecosystem.

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