"We will see changes in the grant system, and funding per startup will increase," said Avtandil Kasradze, Chairman of the Georgian Innovation and Technology Agency, during a nighttime interview on the “Business Partner” TV program.
According to Kasradze, four international accelerators will begin operations in Georgia starting this September.
“The competition is currently underway, and this summer we will select the four accelerators that will begin operating in Georgia from September. This means that grants will accompany the acceleration process. If a startup is accepted into one of the accelerators, it will benefit from support by world-class mentors — experienced professionals and former CEOs of leading technology companies — to help avoid common mistakes made by startups. Consequently, the government’s investment in each startup, which will increase from 150,000 GEL to 200,000 GEL, will be used more effectively and yield greater results,” Kasradze explained.
He added that another 40 startups are set to receive funding.
Speaking on the overall competitiveness of Georgian startups, Kasradze emphasized that they are on par with those in leading global tech hubs.
“The issue is not the quality — it’s capital. These startups need more investment to grow, and the government is addressing this by implementing IT sector reforms. One key initiative is the 0% tax regime — the government waives taxes for startups during their first three years,” he said.
Kasradze also noted that both the Georgian government and the Innovation and Technology Agency invest millions of GEL in startups each year.
“To date, investments in Georgian startups have exceeded half a billion GEL — more than 550 million. By the end of this year, we expect that number to reach 700 million,” he added.
He concluded by saying that Georgia’s IT sector has the potential to become a major revenue generator for the national economy.
“The pace of Georgia’s economic development will largely depend on how innovative and technology-driven we become in the coming years,” Kasradze said, noting that the tech sector’s share in Georgia’s GDP has already risen to 7%.
