For the first time in Azerbaijan, with the initiative of Innovation Agency, a representative office of Bogazici Ventures is starting its activities in Azerbaijan.
According to the assessment of Bogazici Ventures, Turkey’s one of the largest technology venture capital fund, the pace of development of information technologies and innovations in Azerbaijan creates favorable conditions for the launch of venture activities in the region.
The main goal of Bogazici Ventures is to ensure fast development of Azerbaijani startups and their access to foreign markets by providing financial support. The launch of Bogazici Ventures in Azerbaijan is expected to strengthen the region’s overall economy, as well as draw attention to the region as a result of the active growth of local startups in recent years and play an important role in turning Azerbaijan into a regional technology hub.
The opening ceremony was attended by Ambassador Extraordinary and Plenipotentiary of Turkey to Azerbaijan Erkan Ozoral and head of the Azerbaijani office Turan Almammedov.
At the event, Chairman of the Board of the Innovation Agency Tural Karimli informed about the work to be done and future plans for the development of innovation and high technology in Azerbaijan. At the same time, wide cooperation of prospect local startups with the Bogazici Ventures were discussed.
All startups assigned to categories A and B by the Innovation Agency’s startup classification can apply to the $ 5 million investment fund allocated by the Bogazici Ventures for the development of startups in Azerbaijan. The investment decision for startups will be made in accordance with Bogazici Ventures’ internal evaluation team and investment committee within the framework of international standards.
In his speech, Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to the Republic of Azerbaijan Erkan Ozoral noted that in accordance with the policy set by the President, the non-oil sector, including information and communication technologies and high technologies are developing rapidly to ensure sustainable development. For this reason, Turkey, as a state, is always ready to support the development of innovations.
Turan Almammedov, head of Bogazici Ventures representative office in Azerbaijan shared detailed information on the pace of information technology development in Azerbaijan.
The main goal of Bogazici Ventures is to ensure the rapid development and access to foreign markets by providing both financial support and global scaling know-how to promising startups in Azerbaijan. As a result of the active growth of local startups in recent years, attracting attention to the region and the launch of a venture fund in Azerbaijan is expected to play an important role in strengthening the overall economy of the region and turning the country into a technological center.
The press conference also answered journalists’ questions about the expected activities of the mission and the future of the startup ecosystem in Azerbaijan.
At the opening ceremony, boards of the Embassy of the Republic of Turkey in Azerbaijan and the Bogazici Ventures were added to the “Sponsors and Partners” corner of the Agency.
About the Innovation Agency:
The Innovation Agency was established on the basis of the State Fund for Information Technology Development and the High Technology Park Limited Liability Company under the Ministry of Transport, Communications and High Technologies of Azerbaijan.
The Innovation Agency is an agency that assists local entrepreneurs in acquiring modern technologies and technological equipment, organizes their transfer, supports innovation-based research, stimulates innovative projects, including startups, and finances them through grants, soft loans and ventures.
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