Start-up Georgia: Gov’t launches new program to support innovative business
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The Government of Georgia has today officially launched an innovative program Start-up Georgia that offers support to all entrepreneurs with interesting, new business ideas.
This afternoon Georgia’s Prime Minister Giorgi Kvirikashvili addressed youth at the Technology Park in Tbilisi and announced the launch of the program. In his speech he spoke of the importance of innovation and told them never to give up if they had a unique and creative business idea.
This program, which is the part of our Four-Point Reform Agenda, will transform our country into a more positive place, create new opportunities and develop business aspiration in our country,” said Kvirikashvili.
This program is one of the essential parts of our economic policy,” he added.
Innovative #business promotion program #StartupGeorgia started today.Don't be afraid of new ideas&make first step pic.twitter.com/0aJU0bKVN6
— Giorgi Kvirikashvili (@KvirikashviliGi) June 17, 2016
Kvirikashvili stressed there were vast financial opportunities open to people with creative business ideas, and their success in business would flow on to the general public and contribute to the development of Georgia’s economy.
To emphasise his point, PM quoted the saying of several famous people who stressed the importance of never giving up and continuing to strive to achieve their dream.
The main points of the startup program:
- Applications to the program can be submitted from June 17 to August 1.
- Application forms and other information about the program can be found here.
- Any Georgian citizen or group is eligible to participate in the program if they have an interesting business idea.
- A special office will open at the Technology Park in Tbilisi where interested people can get assistance when filling out an application form. The office will also provide comprehensive information about the program.
- The program coordinators are Georgia’s Partnership Fund and the Innovation and Technology Agency;
- The Partnership Fund will create a special daughter company, named Startup Georgia Fund. The Startup Georgia Fund will form a new joint company (startup) with each beneficiary;
- Successful entrepreneurs will receive at least 10 percent of the whole cost of the project. The cost of the idea will be at least 40 percent of the whole project budget. In a joint startup company, beneficiaries will own at least 50 percent of shares in their new business.
- In the future the beneficiary will have the opportunity to purchase the Fund’s share in the business and own 100 percent shares, or find another investor.
- If a business proposal is specific to the high-technology field, and is regarded as unique, the beneficiary will be wholly financed by the Innovation and Technology Agency. In this situation the beneficiary will retain 95 percent shares of the new business. The Agency can allocate up to $46,000 for these candidates.
- Any business idea can be financed within the program that doesn’t contradict Georgian legislation;
- The Innovation and Technology Agency and Startup Georgia Fund will offer free trainings, coaching, mentoring and consulting for all beneficiaries.
- Initially the Government will allocate $5 million to the program, but this will gradually be increased to $16 million.
- The program hotline: 2 90 00 30.
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