Baku, Azerbaijan, Feb. 13
By Huseyn Valiyev – Trend:
Azerbaijan's State Fund for Development of Information Technologies is preparing proposals on regulating the activities of venture funds in the country, the state fund told Trend.
The work in this direction is conducted with the relevant state agencies of Azerbaijan, according to the fund.
“It is expected that the proposals will be ready this year, which is important from the point of view of the innovation system’s development,” the State Fund said. “The prepared proposals will be reflected in the relevant legislation.”
On Feb. 8, the state fund told Trend that legislative regulation is an important component for establishment of an IT venture fund in Azerbaijan.
“Private companies play an important role in establishment of venture funds,” the state fund said. “There are certain gaps in the Azerbaijani legislation in this sphere. Therefore, the process is delayed.”
Earlier, the state fund appealed to private companies with the idea of establishing an IT venture fund and a club of investors. This is an ordinary form of investment activity, which envisages the participation of investors in project development as shareholders. The creation of such a club is important because it will allow commercializing ideas that require financial injections.