Minister: Grant awarding in Azerbaijan hinders startups

29.11.2022,12:53


November 29, Fineko/abc.az. Until now, financing for startups in Azerbaijan has been possible only through state grants, in some cases through bank loans, and in rare cases through small investments by investors willing to take risks.

ABC.AZ reports that Minister of Digital Development & Transport Rashad Nabiyev made the above-said statement at the presentation of venture fund Caucasus Ventures.

"World experience shows that awarding of state grants and bank financing, hindering the development of startups, on the contrary, leads to bad habits," the minister stressed.

He emphasized that Caucasus Ventures is the first venture fund in Azerbaijan created jointly by public and private companies:

"Although this venture fund will not solve all the problems, it will play an important role in achieving some progress, strengthening the ecosystem and supporting the influx of foreign investors into the country," the minister believes.