Startup
Posted: 5 days ago

Payze Founder Discusses Georgia’s Position in the Global Innovation Index 

According to Payze co-founder Gaga Tsurtsumia, the innovative economy of the country is still very young, and there is a lot of work to be done in this regard. He stated this while talking about the "Global Innovation Index" in the BMGtv program "Analytics."

According to Tsurtsumia, the fact that Georgia occupies the 74th place in the ranking means that some things are being done in the country, although there are no large-scale changes.

"There were very interesting changes in terms of the innovative economy. Many good companies have been established recently. Although the innovative economy is very young in Georgia, there is still a lot to be done. As a result, the fact that we are 74th indicates that some things are being done individually, but the country has yet to make a significant charge.

Success in tech startups is pure statistics, which means that one out of every 100 startups can do very well. We don't even have 100 startups yet, yet we already see very good examples. The first was an example of Pulsar AI, which was bought by an American company, and then there was Theneo, which won big at Web Summit. In order for there to be many examples of such success, more people should be involved in this field, and the probability will increase that Georgia will appear more on this industrial map,"  said Gega Tsurtsumia.

To the question of "what should be done to support the digital economy," Tsurtsumia cited the example of his own company.

"Before coming to the USA, we were accepted in Estonia. We needed to open a company in Estonia to get investment. Then the pandemic had just started, and we had to act in a force majeure situation. It turned out that all of this could be done online. We opened the company electronically, and this barrier to receiving investment was removed. Such things should be introduced in Georgia as well", said Gega Tsurtsumia.