Posted: 1 year ago

Georgian Ecosystem Garners Global Recognition in Startup-Innovation Arena, says Deputy Minister Irakli Nadareishvili

Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development, has hailed the remarkable achievements of this year's 150,000 GEL grant awards by the Innovation and Technology Agency. Several members of the Investment Council, consisting of elite international investors and business representatives, have demonstrated their faith in Georgian startups by investing in them directly.

The Deputy Minister made these remarks following the announcement of the grant program's winners. He highlighted the importance of fostering an innovative startup ecosystem, terming it a key priority of the Georgian government.

"The Innovation and Technology Agency has been instrumental in supporting Georgian startups through a comprehensive program spanning several years. Every year, we witness the emergence of increasingly interesting startups in Georgia. The tenth iteration of the co-financing grant program has identified 20 of the most successful and promising startups. The Investment Council members' decision to invest in these Georgian startups is a testament to our thriving, competitive ecosystem that has carved out a reputable niche in the global startup-innovation landscape," noted Nadareishvili.

Following the latest GITA 150,000 GEL co-financing grants program, 20 startups emerged as winners. The decision was made by an investment committee comprising esteemed international venture investors.

Launched for the tenth time on February 8, 2023, the Innovation and Technology Agency of Georgia's co-financing grants program has funded a total of 175 startups over nine rounds. International experts, specially chosen for the grant program, identified the finalists from all applications received. These finalists received training from foreign trainers to present their ideas before the Investment Commission.

The program aims to stimulate the development of innovative products and services with international potential in Georgia, promoting their commercialization and fostering the creation of innovative enterprises. Co-financing grants remain one of the most prevalent financing tools supporting innovation across both developed and developing economies.