Azerbaijan's first acceleration program for startups implemented

Azerbaijan's first acceleration program for startups implemented

BAKU, Azerbaijan, Jan. 14

By Nargiz Ismayilova - Trend:

The Barama Innovation and Entrepreneurship Center launched the first acceleration program for early-stage startups in Azerbaijan in 2019, a source at the center told Trend.

"The Barama Innovation and Entrepreneurship Center implemented the first acceleration program for early-stage startups, involving more than 30 local and international mentors and financial support of up to 25,000 manat [$14,705], as well as an exchange program with the US," the source said.

According to the source, in 2019, updating the Barama regional centers in Ganja and Lankaran, the center launched preliminary incubation programs in 2020. Each regional center holds monthly meetings and training sessions to develop startups in the regions, and promotes their development.

The source also added that the center has already held more than 300 events, collected 3,500 applications and launched 45 startups.

According to the source, more than 40 applications were submitted for the latest acceleration program, 22 of them went through the first round, 10 - the second round and now the center is going to select five teams that can use the acceleration program.

"The intensive program for 12 weeks will be supported by mentors and specialists in various fields, including price offer, product development, business model, as well as legal and financial support. The program is aimed at supporting startups at the initial stages of the development of minimum viable product (MVP), attracting customers and entering new markets," said the source.

"The selection process for the initial acceleration program consists of three stages: an automatic online evaluation, individual meetings with a team of internal specialists and, finally, the showcase day," the source added.

The Innovation Agency of Azerbaijan supports several business incubators and innovation centers in the country, including the Barama Innovation and Entrepreneurship Center

Barama Innovation and Entrepreneurship Center is the first business incubator in Azerbaijan, created in 2009 with the support of Azercell Telecom LLC and PASHA Bank. The main goal of the center is the development of a digital economic system in Azerbaijan.

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Follow the author on Twitter: @IsmailovaNargis

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