Ecosystem of startup projects developing successfully in Azerbaijan

ICT Materials 24 May 2020 13:14 (UTC +04:00)

BAKU, Azerbaijan, May 24

By Sadraddin Agjayev – Trend:

Taking into account the previous mistakes, some Azerbaijani startuppers annually create new projects to enter the international markets over the past five years, Director of Azerbaijan’s INNOLAND Incubation and Acceleration Center Mammad Karim said, Trend reports referring to the online event "Investment opportunities of the Azerbaijani startup ecosystem".

“To enter the international level, the startups must primarily arise local investors’ interest, that is why the projects begin to develop and inspire confidence among foreign investors,” venture capital investor Farid Musayev said.

Musayev stressed that professional investors must follow the trends in startup design worldwide and not to be limited to investing in the projects within their own country.

“I prepared the review on the attractiveness of the projects in such countries as Ukraine, Turkey, Dubai, as well as the Silicon Valley,” venture capital investor said. “I consider the Silicon Valley ecosystem to be the most attractive to investors as a simplified and quick process for developing startups has been established there.”

“The analysis on the average statistics data of about a hundred startup projects shows that investors make investments in only one project out of 30 considered projects,” Musayev said. “This testifies that the ecosystem of startups is not at such a level that investors want to see.”

"The ecosystem of startups is currently at the stage of development in Azerbaijan,” venture capital investor said. “I mean IT specialists, their high qualification, the ideological nature of the projects themselves, as well as the interest of investors. The domestic ecosystem of startup projects is actively developing in this sphere. We have many interesting projects and organizations that may further arise interest of foreign audience and investors, as well as enter the international markets.”


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