Startups are rapidly emerging as a new business sector, making our lives easier through continuous innovation and unique ideas.
Lately, there has been an exponential growth in the number of successful Azerbaijani startups.This surge can be attributed to the heightened attention from the state towards the startup ecosystem, along with the implementation of state-supported mechanisms that encourage the creation and development of innovative ideas. Such kind of support contribute to the generation of new ideas by stimulating youth and expanding beyond the country's borders through the development of startup projects.
Recently, an Azerbaijani startup was procured by the Dutch company “Dr.Agro”. Gunay Imanzadeh, the founder of the online educational platform “Metatesk”, has been included in the list of Forbes magazine's “30 UNDER 30". The educational platform "Unibroad", developed by Azerbaijani youth, has been recognized among the world's leading educational startups in London, alongside offerings from companies like "Microsoft", "Meta", and "Samsung". And the startup "Recepta," serving as a platform for digitizing paper receipts, represented our country at the annual investment meeting (AIM Congress), held from May 7th to 9th in Abu Dhabi, where startups from nearly 100 countries worldwide showcased their projects to investors.
The notable successes of Azerbaijani startups have been achieved in just the past few months. These startups equally enjoy government's support for the development of their projects. Four of the mentioned projects have also been awarded with the certificate "Startup" within the framework of the state support provided by the Small and Medium Business Development Agency (KOBİA). This document exempts projects from profit or income tax on revenues generated from innovative activities for a period of 3 years. This allowed startups to reinvest their project income into further developing their projects. The document also provides the project with an advantage in involvement of investments from both local and foreign investors, as well as facilitating smoother integration into the relevant ecosystem.
In addition to the certificate “Startup”, the project “Dr.Agro” received financial support in the amount of 16 thousands of manats as the winner of the 4th grant competition held by KOBİA. It's worth noting that from January to April 2024, KOBİA issued 22 certificates "Startup" to micro and small entrepreneurs, bringing the total to 145 up to date. Furthermore, over 1 million manats in grant funds were allocated to finance 58 projects, including startup initiatives through 4 grant competitions organized by KOBİA,
The aforementionmed startups are just some of Azerbaijani startups that have flourished with state backing, successfully launching their projects into the global market. Our startups arec currently developing their projects and successfully moving towards turning them into profitable businesses with the support of the state, have even greater achievements ahead.
Powered by Froala Editor
