(MENAFN- AzerNews)
Nazrin Abdul
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In recent years, Azerbaijan has made significant strides in
developing its startup ecosystem. The government has recognized the
importance of entrepreneurship and innovation as key drivers of
economic diversification. Initiatives such as the "Azerbaijan 2020:
Look into the Future" strategic roadmap aim to support the growth
of startups through various measures, including financial
incentives, infrastructure development, and access to
education.
Several incubators and accelerators have emerged, providing
aspiring entrepreneurs with mentorship, resources, and networking
opportunities. Events like Startup Weekend and the Baku Startup
Forum have also fostered a sense of community among entrepreneurs,
investors, and tech enthusiasts. Additionally, collaborations with
international organizations and tech hubs have helped to further
integrate Azerbaijan into the global startup scene.
As a result, the startup ecosystem in Azerbaijan is gradually
evolving, with an increasing number of innovative companies
emerging across sectors such as technology, agriculture, and
tourism. This growth not only contributes to the local economy but
also positions Azerbaijan as an attractive destination for
investment and entrepreneurial talent in the region.
One of the upcoming events in the field of startups in the
country took place on September 19 at ADA University. This event is
noteworthy because it marks the first time the regional stage of
the World Startup Championship will be held in Azerbaijan. The
competition, considered one of the most prestigious startup
competitions globally, was organized by the Technovate-SABAH Angel
Investors Club.
The event is significant for contributing to the development of
the startup and investment ecosystem in Azerbaijan by bringing
together investors, company leaders, startup founders, and
government officials.
Speaking at the event, Farid Ismailzadeh, the founder of
Technovate Investments and the Angel Investors Club, stated that
hosting this event in Azerbaijan will further the development of
the country's startup ecosystem.
"The Startup World Championship is one of the most advanced
startup competitions in the world, bringing together the winners of
regional stages organized in different parts of the globe each year
for a chance to win a prize worth 1 million dollars in San
Francisco, USA. The purpose of the competition is to discover
innovative entrepreneurs, connect them with global investors, and
help them grow their businesses internationally," he said.
Alya Abbaszadeh, the executive director of Technovate-Sabah
Angel Investors Club and the event organizer, shared insights with
the participants regarding the club's activities, achievements, and
future goals over the past year.
Alya Abbaszadeh noted that the Technovate-Sabah Angel Investors
Club has invested 200 thousand US dollars in global startups so
far. She mentioned that the club currently has more than 150
members: "Our main goal is to increase investment, promote
innovation, and support entrepreneurs around the world. We don't
just want to write checks; we want to create stories and drive
transformation. Our dream is to turn these investments into
billions of dollars and witness hundreds of success stories that
will leave lasting impacts on our society, economy, and the
world."
Highlighting the important role of education in this endeavor,
A. Abbaszadeh emphasized that club members receive training on
startups and investments from foreign specialists at the Angel
Investor School.
Fariz Ismayilzadeh, Vice-Rector of ADA University, who hosted
the event, also spoke and emphasized the role of universities in
the development of startups in the country. Federico Altepost, the
ambassador of the World Championship for Startups, praised
Azerbaijan's participation in this global competition for the first
time and expressed his satisfaction in seeing an Azerbaijani
startup reach the final stage to be held in the USA.
The U.S. Ambassador to Azerbaijan, Mr. Mark Libby, also
addressed the audience. He highlighted the event's significance in
increasing the number of startups with global ideas in Azerbaijan
and emphasized the importance of learning from global experiences.
The ambassador reiterated the United States' commitment to
supporting the startup ecosystem and programs in Azerbaijan.
"Together with our international colleagues in Azerbaijan and
around the world, we organize training and business development
programs to contribute to the startup and entrepreneurship
ecosystem. This year, we had the opportunity to teach over 100
women in rural areas of Azerbaijan how to prepare business plans
and secure startup capital," he emphasized. He noted that such
initiatives are vital for economic diversification.
"We want to see the growth of Azerbaijan's community of
incubators, accelerators, venture capitalists, and angel investors.
We appreciate Azerbaijan's efforts to expand its technical,
research, development, and legal capabilities, and we look forward
to the government implementing additional reforms that will
encourage these innovations," the ambassador added.
Inara Valiyeva, Chairman of the Innovation and Digital
Development Agency, spoke about recent steps taken in the fields of
startup, investment, and innovation. She highlighted the successes
achieved at national, regional, and global levels and noted that
hosting such events accelerates progress in these areas.
Deputy Minister of Economy Anar Akhundov, Deputy Minister of
Science and Education Hasan Hasanli, Minister of Labor and Social
Protection of the Population Anar Aliyev, and Deputy Chairman of
the State Agency for Service to Citizens and Social Innovations
under the President of Azerbaijan Jeyhun Salmanov also spoke at the
event. They emphasized the significant role of the event in
developing not only startups and investment but also other sectors
in the country.
Later, five startups selected from among 100 registered
participants presented their business ideas to the audience,
evaluated by a jury of seven members, including well-known local
and international investors and experts. The jury announced the
winning startup, which will represent Azerbaijan at the final stage
in the USA on October 4.
The event attracted over 500 guests, including government
officials, angel investors, startup teams, company directors,
students, and others. Key partners in organizing this innovative
event included the Innovation and Digital Development Agency,
Sabah, ADA University, Next Step Innovation Center, and the Law
Office of Vugar Jafarov, along with sponsors like AZERCELL, ABB
Bank, PASHA Holding, Visa, GoldenPay, PASHA Hayat, Bestcomp Group,
PASHA Travel, and Holberton School Azerbaijan.
It should be noted that the World Startup Championship is one of
the most prestigious startup competitions globally, bringing
together the winners of regional stages from around the world every
year in San Francisco, USA, for a chance to win a prize worth 1
million dollars. The competition aims to discover innovative
entrepreneurs, connect them with global investors, and help them
develop their businesses worldwide.
In conclusion startups are newly established businesses, often
focused on developing a unique product or service and typically
seeking to scale rapidly. They are characterized by innovation,
agility, and a willingness to take risks. Startups matter because
they drive economic growth, create jobs, and foster innovation. By
introducing fresh ideas and solutions, they challenge established
industries and contribute to a dynamic market landscape.
Furthermore, successful startups can attract investment, leading to
a cycle of further innovation and economic development.
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