Work Underway To Set Up Venture Capital Fund In Azerbaijan - IRIA Chairperson

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 1. Work is currently underway in Azerbaijan to create a venture capital fund, Chairwoman of the Board of the Innovation and Digital Development Agency (IRIA) of Azerbaijan's Ministry of Digital Development and Transportation Inara Valiyeva said, Trend reports.

She spoke at the InMerge Innovation Summit taking place in Baku.

"We are working on venture capital, cooperating with the Azerbaijani government to establish a venture capital fund. Our country's ecosystem is quite new. IRIA is supporting this effort by conducting incubation programs in five Azerbaijani universities. Over the course of the year, the incubator produced over 45 firms, with the most promising joining the accelerator program. More than $30,000 was invested in five firms through the accelerator program," Valiyeva said.

The InMerge Innovation Summit has started in Baku on November 30 and will end on December 1.

InMerge, the region's largest innovation summit, is aimed at bringing together prominent organizations, entrepreneurs, and investors to debate the topic of innovation and potential alliances.

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