Total Turnover of Companies Holding “Startup” Certificates Reaches AZN 63 Million
The total turnover of companies that have received a “Startup” certificate in Azerbaijan has increased from AZN 8.8 million to AZN 63 million in recent years.
According to Startup.az, this was stated by Orkhan Mammadov during the “5th Islamic Development Bank Group Startup and Innovation Competition – 2026,” organized within the framework of the 51st Annual Meetings of the Islamic Development Bank Group.
“This represents an increase of more than seven times and demonstrates both the potential of innovative businesses and the positive impact of targeted government support measures. SMBDA’s grant competitions also play an important role in supporting innovative ideas. Through these programs, more than AZN 2 million in financial support has been provided to 129 startup and business projects. These initiatives go beyond financial assistance by helping entrepreneurs acquire new knowledge and skills, establish partnerships, and gain access to future investment opportunities. In addition, SMBDA supports the participation of Azerbaijani startups in international exhibitions, forums, and innovation events, creating opportunities for them to showcase their solutions to global investors and potential partners,” he said.
Mammadov noted that the success achieved by Azerbaijani startups on international platforms in recent years reflects the emergence of a strong and dynamic innovation ecosystem in the country.
“The fact that nearly 100 applications from Azerbaijan were submitted to this year’s competition is clear evidence of the country’s strong innovation potential, entrepreneurial spirit, and creativity. It also confirms Azerbaijan’s growing role as a regional innovation and technology hub.
At the same time, no innovation ecosystem can achieve sustainable growth solely through national efforts. In today’s world, innovation requires international cooperation, knowledge exchange, and strong partnerships. In this regard, our cooperation with the Islamic Development Bank Group is of particular importance. Through its initiatives in innovation, technology, and entrepreneurship, the Islamic Development Bank makes a significant contribution to strengthening cooperation among member countries and creating new opportunities for entrepreneurs.
This partnership provides valuable opportunities for Azerbaijani startups to connect with international investors, mentors, and global innovation networks. We believe that our cooperation with the Islamic Development Bank will continue to expand in the coming years, creating new opportunities in joint acceleration programs, financing innovative projects, international mentoring networks, technology transfer, and supporting startups’ access to foreign markets,” he added.
Mammadov also stated that, to date, 282 “Startup” certificates have been awarded to business entities in Azerbaijan. These startups operate in fintech, e-commerce, digital marketing, educational technologies, digital payment systems, artificial intelligence solutions, logistics technologies, and other innovative sectors.
He emphasized that SMBDA continues to implement a broad range of support mechanisms aimed at fostering innovative entrepreneurship and ensuring the sustainable growth of startups.
“One of the most important instruments in this area is the ‘Startup’ certificate mechanism. This mechanism makes startups more attractive to investors, facilitates the establishment of new partnerships, and supports their growth in both domestic and international markets. The effectiveness of these support measures is clearly reflected in the performance indicators of the businesses that have benefited from them.
SMBDA remains committed to strengthening the integration of Azerbaijan’s innovation ecosystem with international platforms and considers the Islamic Development Bank Group one of its key strategic partners in this process,” Mammadov stressed.