Archil Gachechiladze on What Georgia Needs to Become a Startup Hub

According to Archil Gachechiladze, General Director of "Georgia Bank", in order to make Georgia a center of startup attraction, it is necessary to create a competitive environment and create more co-working spaces as part of the acceleration programs in this field. He spoke about this in the "Forbes Week" program.

"The ideal scenario would be for the competition to increase and new competitors to enter the market. Along with the "Bank of Georgia" and 500 startups, there were accelerators with their own funding that encouraged competitiveness. We need several players to establish the country as the hub. This will not work with one player. The most desirable scenario I see is: that there are professional venture capital funds that are managed by professionals. There are many companies, including regional ones, who want to do business here. I think that all this can be done in 4 years.

Another issue that I consider important is the creation of co-working spaces where startups will work together. In this regard, I know that there are several players on the market who intend to create such spaces, and other spaces may be created where the accelerator will be located. 3-4-person startups need to interact with other startups, so I think it is important to create such spaces", said Archil Gachechiladze.

We remind you that the partnership of "Bank of Georgia", GITA and the world's leading global accelerator, 500 Global, continues. Within the framework of an additional 4-year collaboration between the parties, 500 Global will train startups in Georgia for four years. The global acceleration program will be held twice a year, and startups from all over the world will have the opportunity to undergo an intensive training course, which will end with a demo day.