Legislative framework for startup financing under development
Last year, the Innovation and Digital Development Agency (IRIA) carried out activities in five key directions aimed at building the innovation ecosystem in Azerbaijan.
According to Startup.az, this was stated by Farid Osmanov, Chairman of the Board of IRIA, at a press conference on the agency’s annual activities.
He said that the first direction focused on the development of relevant infrastructure, the second on improving access to financial resources and developing human capital with appropriate knowledge and skills, as well as supporting local startups in entering foreign markets and fostering an overall innovation culture in the country.
“All our activities during the reporting period were carried out within these five directions. Our team organized various hackathons and acceleration programs together with both local and international partners, and implemented relevant innovation programs, including in cooperation with educational institutions. Over the past three years, significant work has been done, products have been developed, and now their operation within the innovation ecosystem is being supported, monitored, and evaluated by us,” Osmanov noted.
He added that alongside major events held in Baku, innovation ecosystem development activities were also organized in the regions.
“These initiatives took place in Lankaran, Ganja, Nakhchivan, and Sumgayit to support innovation activities. More than 10 programs were implemented in cooperation with relevant educational institutions in these cities,” he said.
According to F. Osmanov, more than 20 startups were supported financially last year within the framework of the country’s existing financing model.
“To further expand financing activities, the development and improvement of the relevant legislative framework has been a priority. Work with the relevant state bodies in this direction is already nearing completion,” he concluded.