Agreement between Innovation Agency and 500 Startups to turn Azerbaijan into region’s technological hub signed
A memorandum of cooperation in the field of entrepreneurship development and a cooperative business agreement between the Innovation Agency under the Ministry of Transport, Communications and High Technologies and the leading American venture and acceleration company 500 Startups were signed.
The moderator of the virtual signing ceremony, held in accordance with the requirements of the pandemic period, informed about the essence of the memorandum to be signed between the Innovation Agency and 500 Startups. According to the agreement, 500 Startups will provide a range of services aimed at the development of the Azerbaijani startup ecosystem, implement acceleration and investment programs jointly with the Innovation Agency.
Chairman of Board of the Innovation Agency Tural Karimli gave detailed information about the acceleration program to be held within the framework of joint cooperation. He stressed that this project is important not only for Azerbaijan’s innovation ecosystem, but also for the entire region. He also noted that the first joint acceleration program planned with an international company will be the largest acceleration program in Azerbaijan. According to him, international companies operating in our country are also showing interest in this program.
Noting that two Azerbaijani startups are currently participating in 500 Startups acceleration programs, CEO of 500 Startups Christine Tsai expressed hope that their number will increase in the future. Noting 500 Startups, which has over 10 years of experience, is involved in creating startup ecosystems in many countries, Christine Tsai spoke about the company’s possible contribution to the Azerbaijani ecosystem.
It should be noted that as a result of the efforts of the Innovation Agency this year, it was possible to achieve the involvement of large players in foreign markets in Azerbaijan’s startup ecosystem. The opening of the first joint venture fund in Azerbaijan worth $ 5 million, the creation of joint technology parks with Turkey, and now the emergence of such an international company as 500 Startups, are shaping our country as a regional leader and technology hub. Cooperation with such a leading global acceleration company as 500 Startups is an important step in providing the startup ecosystem of Azerbaijan with a material, technological and scientific base, as well as creating the necessary conditions for turning it into a regional leader and a strong player in the international market.
500 Startups, a leading American venture and acceleration company as a global accelerator, is represented in 75 countries. 500 Startups, which has invested in over 2,400 startups, supports and invests them from an early stage of development. The mission of the company, with 8 offices on 5 continents, is to grow the economy through entrepreneurship.
