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Azerbaijani startups to enter Europe via Innovation Agency's new agreement

ICT Materials 11 December 2020 10:06 (UTC +04:00)
Azerbaijani startups to enter Europe via Innovation Agency's new agreement

BAKU, Azerbaijan, Dec.11

By Sadraddin Aghjayev – Trend:

Azerbaijan’s Innovation Agency, Turan Trade LLC, Hungarian export agency Startup Campus LTD and the non-profit company HEPA concluded a four-side memorandum of entrepreneurship development cooperation, Trend reports referring to the agency.

Owing to the experience and infrastructure of the memorandum parties, it’s planned to implement the ‘Discover Europe’ online program. Within the framework of the program, the structures will provide their local start-up projects with access to European markets.

The Agency’s Board Chairman Tural Karimli said that thanks to the ‘Discover Europe’ program, Azerbaijani startups will get access to European markets, financial support, new partners and direct access to international markets.

He added that Azerbaijan will provide support for the development of startups in the field of fintech and an increase in financial flows to the region.

After assessing the needs of local businesses, the parties that signed the memorandum will implement bilateral programs for exploration, innovation, energy and smart cities projects under the ‘Discover Azerbaijan’ and ‘Discover Europe’ programs.

Participating startups, small and medium-sized businesses, will receive helpful advice on target markets, potential corporate partners and local investment opportunities. The management and implementation of the program will be organized by Startup Campus LTD.

These solutions will open up new opportunities for digital networks to build future partnerships in the East.

General Director of Startup Campus LTD Zsolt Kovacs noted that along with Southeast Asia, special importance is attached to Turkey and Azerbaijan.

“We have gained significant experience over the past three years, creating international programs with our Azerbaijani partners to create real business,” Kovacs said. “Through the partnership program, Startup Campus LTD will use its experience, network and resources to provide nearly 12 startups and small businesses, selected by the innovation agency, online programs that will introduce them to foreign innovation ecosystems. The selected start-ups will have access to the European market and all other necessary resources with the full and comprehensive support of the leading technological institutes in Germany, the UK and Hungary.”

According to General Director of Turan Trade LLC Ibrahim Ismayilov, the company’s network resources are aimed at uniting enterprises that intend to expand business opportunities in the region.

CEO of the Hungarian Export Agency HEPA Christoph Szabo said that the agency will provide high-quality support services to further export success of Hungarian enterprises to improve the country's international image in cooperation with economic institutions.

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.

It also promotes the participation of the authors of start-up projects working in Azerbaijan in international investment start-up events, exhibitions, conferences and festivals, and also issues travel grants to hold meetings with foreign investors.

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Follow the author on Twitter: @agdzhaev

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