BAKU, Azerbaijan, September 29. Startups
operating in Azerbaijan will have expanded opportunities to operate
in Central Asia, Chairman of the Board of the Azerbaijan Innovation
Development Agency, Farid Osmanov told media, Trend reports.
“As the Innovation and Regional Development Agency, we have
implemented continuous measures to build an innovation ecosystem in
our country, form knowledgeable and skilled human capital in this
direction, create an appropriate startup ecosystem, and develop
startups both in the domestic market and in access to foreign
markets,” he explained.
The official said that as a continuation of these events, one of
the important elements of the innovation ecosystem is increasing
access to financial instruments.
“In this direction, we, as the agency, are cooperating with two
funds and have begun the process of establishing a third fund
within the framework of today’s event. We are already completing
negotiations on cooperation with the Vital Capital Venture Fund.
Work on the establishment of the relevant fund has reached the
final stage.
The Vital Capital Fund is one of the largest venture funds in
Central Asia, and through this fund, the startup ecosystem that is
being formed in our country will be provided with more convenient
access to financial resources.
At the same time, the opportunities for startups operating in
our country will expand not only within the country but also in
Central Asia and other regions. We feel that the work done in this
direction will be very beneficial for our startups. The capital of
the fund will be financed by the Agency at the initial stage. It’s
planned to allocate $1 million in the first stage and negotiations
in this direction are ongoing,” he added.
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