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Dutch company acquires Azerbaijani startup

10 May 2024 14:58 (UTC+04:00)
Dutch company acquires Azerbaijani startup
Ulviyya Shahin
Ulviyya Shahin
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Azerbaijani start-up "Dr. Agro" was bought by the Dutch company, Azernews reports, citing the Small and Medium Business Development Agency (SMBDA).

The founder of the online education platform "Metatesk" startup, Gunay Imanzade, has been listed in Forbes' "30 under 30" list. The Azerbaijani youth-founded education platform "Unibroad" has been showcased alongside products from companies such as "Microsoft," "Meta," and "Samsung" as one of the world's best education startups in the city of London. The "Recepta" startup, a platform for digitizing paper checks, represented our country at the Annual Investment Meeting (AIM Congress) held in Abu Dhabi from May 7-9, showcasing its project among the favorite projects of the judging panel.

The noted successes of Azerbaijani startups have been achieved in just the past few months. The main common denominator among these startups is the support provided by the state for the development of their projects. Four of these projects have been awarded the "Startup" certificate provided by SMBDA within the framework of state support. This document exempts projects from profit tax or income tax for a period of 3 years based on the revenue generated from innovation activities. This enables startups to reinvest their earnings into further developing their projects. The document also gives priority to the project in attracting capital from local and foreign investors, facilitating easier integration into the respective ecosystem. Additionally, the "Dr.Agro" project, along with the "Startup" certificate, also received financial support in the amount of 16,000 manats as the winner of the 4th grant competition organized by SMBDA.

It should be noted that in the months of January to April of the current year, SMBDA has issued 22 certificates to micro and small entrepreneurs, and so far, 145 "Startup" certificates have been issued. Within the framework of 4 grant competitions organized by SMBDA, more than 1 million manats have been allocated to support the financing of 58 projects, including startup projects.

These mentioned startups, having developed their projects with state support and successfully entered the global market, are just a few of Azerbaijan's startups. With the support of the state, our startups, which are currently developing their projects and successfully transforming them into profitable businesses, are poised for even greater achievements in the future.

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