The Georgian private sector may also join the co-financing component of the Startup Georgia state program.
The private sector is demonstrating huge interest. They own capital and they want to become Venture Investors, Irakli Kashibadze, chairman of the Georgia’s Innovation and Technology Agency (GITA) told the Commersant.
Supposedly, various foundations and private investors will unite efforts and join this initiative to increase the total budget of startups through their own financial resources, Kashibadze said.
As reported, in the previous week Georgian Prime Minister Giorgi Kvirikashvili introduced a new state program – Startup Georgia. Young people and beginner businessmen are able to take part in this program to implement innovations-oriented business ideas. Applicants are not required to provide financial co-participation to launch their business projects.
The initial phase of the program will be financed by 11 million GEL. Later the program budget is considered to grow to 35 million GEL.
The project is coordinated by the Partnership Fund and the GITA.
The winner projects will be financed by 15-100 thousand GEL and applicants are not required to ensure financial co-participation, Irakli Kashibadze said.
Submitted projects will be appraised by international experts. High-technology enterprise projects will pass two-level assessment procedures.
Real venture investors will be invited at the end of August from Silicon Valley and they will take a final decision on where the government should invest and which projects are of global importance.
The first phase of the project will end in autumn 2016 and the second phase will start at the end of 2016, Irakli Kashibadze said.