Azerbaijan plans to create fund to support startups
BAKU, Azerbaijan, May 14
By Sadraddin Agjayev – Trend:
Innovations are essential for the sustainable economic development of any country, Deputy Minister of Transport, Communications and High Technologies of Azerbaijan Elmir Velizade said, Trend reports.
Velizade made the remark at the Government Address event within the framework of the World Net Summit online conference.
He noted that Azerbaijan has included the development and implementation of innovations in the package of priority tasks for economic development as well.
“Azerbaijan is actively developing the IT industry, including innovation. We are trying to create all conditions for attracting investors to the IT and innovation industry, including for improving our startup projects. We have clearly set goals and ideas in this area, as well as plans to create a fund in this direction. It will create more opportunities for startups and their projects,” Velizade added.
According to decree No. 325 of the President of Azerbaijan Ilham Aliyev, on November 6, 2018, an Innovation Agency was created, on the basis of Azerbaijan’s State Fund for Development of Information Technologies and High-Tech Park LLC, which are subordinate to the Ministry of Transport, Communications and High Technologies of Azerbaijan.
The agency helps local entrepreneurs in acquiring modern technologies and technological solutions and organizes their transfer, supports innovative researches, encourages innovative projects, including start-ups, and finances them through grants, soft loans, and venture financing.
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