Azerbaijan kicking off technological startup development project

Azerbaijan kicking off technological startup development project

BAKU, Azerbaijan, Jan.7

By Zeyni Jafarov – Trend:

The Asian Development Bank (ADB) is launching a project to support the development of technological start-ups in Azerbaijan, Trend reports referring to the ADB.

According to the bank, the project's estimated cost is $550,000, of which $550,000 will be financed as grants by the e-Asia and Knowledge Partnership Fund (the Republic of Korea).

The project envisages the creation of effective and functional institutional mechanisms to support technological start-ups of the INNOLAND Incubation and Acceleration Center within the State Agency for Public Service and Social Innovations under the President of Azerbaijan (ASAN).

One of the project’s goals is also the development of the private sector in the country and the strengthening of human capital. The project will enhance management through ICTs in line with the priority of ADB's strategy with Azerbaijan for 2009-2023.

The Asian Bank will engage consultants and the project will be implemented by ASAN Service, State Agrarian University, Ganja State University and Innoland Sheki. The project is expected to be completed until June 2022.

The Azerbaijani government is taking measures to strengthen favorable conditions for the formation and growth of a powerful startup industry in the country's regions.

As of 2019, more than 20 public and private start-up centers were operating in Azerbaijan. Tech startups classified as small and medium-sized enterprises and certified as startups are exempt from innovation income tax for 3 years.

Since 1999, the ADB has allocated funds in the amount of $4.4 billion to the country in the framework of cooperation with Azerbaijan.

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Follow the author on Twitter: @jafarov_zeyni

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