Innovation and Technology Agency Announced GEL100 000 Co-financing Grant Program

Innovation and Technology Agency of the Ministry of Economy and Sustainable Development has announced the 100000 GEL Co-financing Grant Program for the fifth time. The presentation of the Grant Program was held at the Technology Park.

“Today, when we all are facing the new realities, new ideas, new approaches and innovations in any field are especially important,” – Natia Turnava, the Minister of Economy and Sustainable Development, said at the presentation.

Natia Turnava highlighted that the 100000 GEL and the 650000 GEL grants have already become a systematic, traditional program and a part of the startup ecosystem developing in Georgia.

“So far, we already have 76 winners, which is a great achievement and I hope we will bring this number up to 100 this year. This is very important because now we have the 5th stage of the competition, which indicates that a market with a certain history has already been created and the ecosystem is also improving,” – the Minister said.

According to the Minister, this is a program of a high standard since its participants are assessed by the Silicon Valley Venture Funds, the Engel Investors, their representatives and the experts.

“Whatever is acceptable to them can most likely be interested globally. Winning our competition is a prerequisite that you can have a good chance of finding secondary financing and attracting investors in the global arena,” – the Minister added.

The Co-financing Grants Program of the Innovation and Technology Agency is supported within the Georgia National Innovation Ecosystem (GENIE) Project. In all, 76 startups were funded in four rounds of the Grants Program. The goal of the program is to develop innovative products and services having international potential in Georgia, commercialize them and stimulate the creation of the innovative enterprises.