“Minister: Law on Startup Financing Could Be Adopted in the Coming Months.”
“We currently do not have financial mechanisms that ensure the financing of startups.”
Startup.az reports that this was stated by Minister of Digital Development and Transport Rashad Nabiyev during the meeting on the “Unified Action Plan for Azerbaijan’s New Digital Architecture” chaired by President Ilham Aliyev.
“There is already a draft law on this matter, whether it concerns venture capital, crowdfunding, or other mechanisms, and the action plan also envisages that this law will be adopted within the next few months. If adopted, in fact, today we have only three funds totaling 12 million manat, which do not reflect the potential of our market. In other words, these are angel investors investing 12 million manat, and this amount is also invested in startups at different levels, which is not sufficient for market development. If such a mechanism exists, I am confident that by attracting both local investors and funds from abroad, we will give a significant boost to the development of the market,” the minister said.