Innovation Agency to establish new partnership with Hanaco Venture

9 October 2019 10:57 (UTC+04:00)

By Leman Mammadova

Israel’s Hanaco Venture Capital is interested to invest in setting up research centers in Azerbaijan.

This was discussed during a meeting with Pasha Romanowski and Alon Lifshitz, Hanaco Venture Capital’s managing partners, and Lior Prosor, Daniloff Capital’s managing partner, at the Innovation Agency under the Ministry of Transport, Communications and High Technologies of Azerbaijan on October 8.

The representatives noted that they are ready to discuss opportunities for partnership with Azerbaijani companies and to help establish contacts with leaders of Israeli and the U.S. innovation ecosystems.

Praising investment and partnership opportunities, both sides agreed to launch research centers in Azerbaijan.

It was noted during the meeting that so far Hanaco Venture Capital has invested $4.5 million in the Iownit project, a resident of the Innovation Agency. The representative said that the Fund is ready to invest more in local startups over the next few years.

Tural Karimli, Chairman of Board of the Innovation Agency, briefed the guests on international projects, successful startups and future projects.

Karimli said that the Agency intends to carry out investment and grant operations through the Iownit platform based on blockchain technology.

Headquartered in New York and Tel Aviv, Hanaco Ventures invests in promising startups in Israeli ecosystem. Daniloff Capital is an independent investment management boutique specializing in emerging markets.

The Innovation Agency’s goal is to create a dynamic innovation system in the country that serves to transform ideas into products to get access to the market. Within this process, the main goal is to create conditions for the production and export of innovative and technological products under the “Made in Azerbaijan” brand.

As startups are mainly related to the application and development of new technologies, Azerbaijani Ministry of Communications and High Technologies is taking important measures to support them.

In this regard, several agencies were created in the country to enhance innovative environment and widespread introduction of new technologies.

Recently, a joint consortium has been established with the participation of the Innovation Agency under the Ministry of Transport, Communications and High Technologies, AzInTelecom LLC and companies Lenovo, Nutanix, and iQRex to ensure the participation of startups in tenders held by various government agencies and individual companies, as well as in important projects and to support them in this field.

The consortium will provide local startuppers with an opportunity to get access to various financial sources, to take part in important projects, including large and medium-sized tenders.

Moreover, a strategy for innovative development will be developed in Azerbaijan. Boston Counsulting company has already been involved in this direction as an expert.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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