Azerbaijan latest bet on the future with the launch of a new program on the innovative startup ecosystem.

Baku wants to give concrete answers to the always-changing technological scenario by launching a new program to reinvigorate the country’s infrastructures and boost the economy by supporting a new program on an innovative startup ecosystem.

As this particular time demands, the opening ceremony was held on videoconference on February 15. The ceremony was named “Azerbaijan 500 ASAN Startup,” and the founding principle was the aim to help develop a culture of innovation, increase knowledge, and connect startups with investors and access to capital.

The program was already planned in November 2020, through a memorandum of cooperation on startups’ development in Azerbaijan. The agreement was signed between the State Agency for Public Service and Social Innovations and 500 Startups.

Rashad Nabiyev, Minister of Transport, Communication, and High-Tech, pointed out the importance of this type of action in order to offer a better environment to startups and create healthy support through accessible international investments for the ecosystem.

500 startups, as the title of the program refers to, will be put in the condition to develop their competitive positioning and play a key role within the infrastructure and tech environments.

Behind the program can be found the organization and support of the Innovation Center and sponsorship of PASHA Holding. The program will last six months and will provide all the necessary tools, expertise, mentoring, and of course, funding to exploit the technological potential of the entrepreneurial edge of Azerbaijan. This is the goal of the program on an innovative startup ecosystem that will mainly include digital meetings and events and, when possible, also physical events.

Access to the global market and development acceleration looks now brighter and more at hand for quite a bit of young and innovative entrepreneurs from Azerbaijan, and the country is showing to really taking things seriously with regards to innovation and technology.