Startups receive million dollars investment, says director of IDDA
Ulviyya Shahin
Read moreCurrently, two technoparks are operating under IRIA. Last year, over 200 local companies applied for activities outside the technopark. Yevgeniya Bikmurzina, the director of the Innovation Ecosystem Department at the Innovation and Digital Development Agency (IDDA), spoke at a press conference on the results of IRIA for the year 2023 and the goals for 2024, stating that 70 companies have obtained residency for activities outside the technopark.
In 2023, more than 40 foreign companies visited Baku to familiarize themselves with the local ICT market. Fifteen foreign companies applied to become residents of the technopark, and currently, efforts are underway to grant residency to seven foreign companies. During the first quarter of 2024, 11 local companies obtained residency. Additionally, by the end of the first quarter, it is expected that four local and two foreign companies will receive their registration certificates," added Y. Bikmurzina.
Speaking about the activities in 2023, a representative mentioned that investments from the "Caucasus Ventures" fund amounted to 1 million US dollars for 15 startups. Currently, support has been provided for the creation and operation of two Angel Investor clubs: "Technovate-Sabah Angels Club" and "LTC Angels Network." "Technovate-Sabah" conducted training for 109 angel investors. "Bloom Creative Technologies" and "LTC Angels Network" organized a boot camp for angel investors with the support of IRIA and PASHA Holding.
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