IRIA: “Startups face challenges in accessing finance”
There are still significant challenges regarding startups’ access to financing in Azerbaijan.
According to Startup.az, this was stated by Farid Osmanov, Chairman of the Board of the Innovation and Digital Development Agency (IRIA) under the Ministry of Digital Development and Transport, at a press conference on the agency’s activities in the past year.
He noted that particularly for early-stage startups, incentive mechanisms to improve access to financial resources need to be strengthened:
“During the reporting period, three venture funds were established with the direct and indirect participation of the agency. Through these funds, as well as international venture funds, initial financing was allocated to startups. However, the volume of these funds does not satisfy us, and we are working in this direction. We are cooperating with international venture funds to support their entry into our country, while also working to foster more startup founders in Azerbaijan, generate new ideas, and increase the attractiveness of locally created startups.”
According to Osmanov, the main challenge lies in legislation:
“The key issue is the formation of the appropriate legal framework. We believe that within a short period this year we will be able to take successful steps toward adopting relevant legislation, after which these figures will grow rapidly.”