ADB Reports on Georgia's Developing Ecosystem for Technology Startups
The report by the Asian Development Bank (ADB) acknowledges that Georgia's technology startup ecosystem is starting to develop but still needs to grow and adapt.
The report notes that financial technology and e-commerce startups are prevalent in Georgia, while startups that have the potential to contribute to human capital development, agricultural productivity, and climate change mitigation, such as those in education, healthcare, agriculture, and environmental protection, are developing more slowly.
The study highlights that startups in Georgia face a range of challenges, particularly in terms of financing, as venture capital investment is still at an early stage of development. While the government offers grant programs and non-financial support, such as digital training and infrastructure, capital investments need to be sought as startups grow. The report emphasizes that startups should focus on creating real innovations through research and development of new technologies and conducting market research to identify demand for their products or services.
ADB, which was founded in 1966 and unites 68 countries, aims to promote sustainable development in the Asia and Pacific region while eradicating extreme poverty. The organization continues to work towards this goal by supporting the development of technology startups in Georgia and other countries.