Azerbaijan supports development of startups - deputy minister

By Trend

Baku Business Center hosted the final stage of the startup competition “Yeni Fikir VI” organized by the Economy Ministry and Baku Engineering University, supported by BP Azerbaijan and in the partnership with the ASAN Innovation Center, Trend reports.

The competition aims to stimulate startups and support innovative entrepreneurship.

The event was addressed by Azerbaijani Deputy Minister of Economy Sahib Mammadov, who noted that the Entrepreneurship Development Fund of the Ministry of Economy organized the reception of startup projects, and more than 10 startups are supported in the Incubation Business Center under the Fund.

In turn, Rector of Baku Engineering University Khavar Mammadov noted that conditions for winning teams will be created at the university’s technopark and Innoland incubation and acceleration center at the ASAN Innovation Center.

In the five competitions held so far, 842 startup projects were presented, of which more than a hundred projects were directly supported, while primary investment and incubation services were rendered to 35 projects with the help of sponsors and partners.

A total of 118 projects were presented for the sixth startup competition “Yeni Fikir VI”, announced in March this year, and 12 of them received a ticket to the finals. In the finals of the competition, five winners on the most promising projects will be announced. Under the financial support of BP Azerbaijan, the winning projects will be awarded prizes.