Azerbaijan boosts startup ecosystem with growing venture fund support, says Agency head
Akbar Novruz
Read moreMore than 30 startups in Azerbaijan have already received investments through venture funds, with efforts underway to further expand this support, Azernews reports.
The announcement came from Farid Osmanov, Chairman of the Board of the Innovation and Digital Development Agency under the Ministry of Digital Development and Transport, during the final event of the "Innostart" project held in Baku.
Osmanov stressed that one of the key elements in developing the country’s innovation ecosystem is ensuring startups have access to financing tools. “In this regard, taking into account international experience, continuous measures are being taken to form both venture financing and angel investments,” he noted.
He added that three venture funds are currently operating in Azerbaijan, and the Agency is working to increase their number, thereby widening opportunities for entrepreneurs and strengthening the local innovation landscape.
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