Posted: 1 month ago

Startup Georgia Resumes Funding for Innovation-Driving Projects

"Startup Georgia" has relaunched its funding initiative for innovative projects, with available budgets reaching up to GEL 100,000. Director Giorgi Lomidze announced the reopening of applications during the "Business Partner" broadcast.

Lomidze noted a surge in interest from startups eager to leverage this opportunity, which aims to foster ventures that can generate export potential and contribute to import substitution. The initiative also looks to back businesses that present novel technological solutions or those that address environmental issues effectively.

"Startup Georgia is funding up to 90% of a project's budget, requiring entrepreneurs to contribute just 10%. They retain the majority stake, as our goal isn't to hold shares but to foster growth and innovation. After a set buyback period, we relinquish our share, returning full ownership to the startup. Funding ranges from GEL 15,000 to GEL 100,000," Lomidze elaborated.