State grants encourage innovation and technology in Georgia

The Innovation and Technology Agency of the Ministry of Economy and Sustainable Development is starting three new grant projects to support talented people and commercialise innovations and technology.

The grants will promote establishment of high-tech start-up companies.

At a special conference today, Deputy Minister of Economy Dimitri Kumsiashvili noted the grants will also ensure the development innovative and technological infrastructure in the country.

"Within the grant programs two laboratories of industrial innovation will be formed [at] universities, which will be fitted with the newest high-tech equipment. [The successful] universities will be selected by an independent board,” he said.

Overall, 1.8 million GEL will be allocated to the three grant projects. In addition, mini-grants amounting to 50,000 will be allocated to an additional for 20 projects.

Before the funds are awarded, each application will be reviewed by international and local experts and based on their conclusion, the final decision will be made by an independent grant board independent from the agency.

"Grant programs should contribute to the emergence of market-oriented products and companies and stimulate export-oriented high-tech products in Georgia,” Kumsiashvili noted.

Anyone willing to participate in the project will be able to download the grant application forms from the Ministry of Economy website from October 6. Applications will be accepted until November 6.