The Georgian Government is going to commence the startups’ funding project throughout Georgia.
The Partnership Fund (PF) and the Georgia’s Innovation and Technology Agency (GITA) will implement this project. Accordingly, this is joint initiative that will support business ideas and gives them the chance to realize plans.
It is known that the new institute will start accepting applications at the end of the month – May 2016. Consequently, the funding process will start from September 2016.
In the first stage of the program 11 million will be allocated, however, later the budget will increase till 35 million GEL.
Irakli Kashibadze, the chairman of Georgia`s Innovation and Technology Agency, noted that 11 million GEL will be completely utilized for project funding. Thus financing the business initiatives of young people will be carried out, in order to produce interesting projects and business plans as for local market for international as well.
According to him this project does not only take into account financial support but a lot of recommendations, or high-tech consulting services will be also provided within the framework of the project.
The procedure that each startup must execute is identical. There will be experienced investors invited from Silicon Valley. The ultimate goal is the funded startups to move to Silicon Valley by the end of the year 2010 for the purpose of attracting additional investments.
It is required the project to be innovative. However, it is not necessary it to be high-tech.
Additionally, Irakli Kashibadze stated that:
“We are working on the development of the technological park itself. In the near future, in a few days the group for technological Park development will be created, thus any person who has a desire to be involved in this procedures and to take part in the improvement processes of multiple services, or to provide good ideas, are freely welcome”.