Azerbaijan Developing Startup Ecosystem With Support Of Leading Countries In Field

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 19. Azerbaijan is developing a startup ecosystem with the support of leading countries in this field, Executive Director of the Center for Analysis of Economic Reforms and Communications Vusal Gasimli said during the graduation day of the StartUp School project of the Enterprise Azerbaijan portal, trend reports.

According to him, about 300,000 projects are created annually in the world, of which only 10 percent are successful.

"It's important to establish a platform of interaction between startups and investors, because the project needs funding to implement it. Our StartUp School project serves as this platform and we are confident that our startups will succeed in implementing their ideas," he said.

Gasimli also noted that at the startup map, the leading positions are held by the UK, China, UK, Germany, and Israel.

"The development of the startup ecosystem in Azerbaijan is carried out with the support of experts from these countries. Our cooperation with the University of Nevada is an example of this. It's very important for us to develop cooperation with leading universities and think tanks," he explained.

Gasimli also said that the economy of Azerbaijan is quite stable and the country doesn't need external finance.

"Now we need to bring knowledge and experience to the country, including the sectors of the startup ecosystem, medicine, education, and other important areas. Of course, we have already established such cooperation and we aim to strengthen it," the official added.

Back in September 2021, the Center for Analysis of Economic Reforms and Communication and the University of Nevada signed the Cooperation Agreement. The agreement identifies the areas of cooperation as visits of faculty's teachers, exchange programs, joint research activities, participation in seminars and academic meetings, exchange of scientific materials and other information, and short-term academic programs.

Enterprise Azerbaijan registered 200 startup projects within the framework of the Startup School project from February through March this year. As many as 33 have reached the final out of 200 projects, which will be developed with the support of mentors from the US, Türkiye, Israel, and other leading countries along with Azerbaijani experts.


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