“İRİA supports the emergence of 250–300 new startups annually on average.”
The Innovation and Digital Development Agency (İRİA) under the Ministry of Digital Development and Transport supports the creation of an average of 250–300 new startups each year.
Startup.az reports that this was stated by Camal Ağayev, Head of the Startup Ecosystem Support Department of İRİA, at the “Azerbaijan–Türkiye Business Forum: Digital Transformation and Technology Bridge” held in Baku.
“Approximately 10–15% of these startups begin operating after a certain period of time. The surviving startups adapt very well to the local market. At the same time, cooperating with a startup or team operating in Azerbaijan creates an important opportunity not only to access our market, but also the Central Asian market. This is because Azerbaijani startup teams include many specialists who speak English, Turkish, and Russian at a high level. This facilitates smooth operations as well as adaptation to the market and culture. Turkish companies can more easily enter markets such as Uzbekistan and Kazakhstan by partnering with Azerbaijani startups. Currently, a number of our startups have already gained strong positions in these countries’ markets.”