BAKU, Azerbaijan, Nov. 30
By Tamilla Mammadova – Trend
2020 has been special by the fact that the international accelerator 500 Startups has been introduced in Georgia, which will help Georgian startups in the development, said the head of Georgia’s Innovation and Technology Agency (GITA) Avtandil Kasradze, Trend reports via Georgian media.
Georgia’s Innovation and Technology Agency has been working on the development of startups and their funding in Georgia for several years, Trend reports via Georgian media.
Kasradze said, that the funding started in 2018 and the results were received from 2020.
As he explains, 2-3 years are enough to become clear whether a startup is viable to become a business.
"From 2018 until now, we have spent over 8 million lari ($2.4 million) on more than 200 startup projects, while 25 startups have already hit the market and brought 32 million lari ($9.6 million) to Georgia, as you can see, it exceeds our expenditure. However, there is still great potential for growth," said Kasradze.
Georgian Innovations and Technologies Agency’s mission is a form an ecosystem which improves all kinds of innovations and technologies in the country, to promote commercialization of knowledge and innovations, to stimulate using them in all fields of economy, to create an environment for the growth of innovations and high-tech products and developing high-speed internet nationwide.
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