US investors help bring 51 Georgian start-ups to life
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Investors from the United States (US) are pledging to financially support the best of Georgia’s young, creative minds to turn their new business idea into reality.
A group of investors from the US are coming to Georgia next week, while business experts from Silicon Valley have come to Georgia to meet the 51 finalists of Start-up Georgia and prepare them to launch their business.
When Start-up Georgia launched two months ago, creative entrepreneurs were invited to describe their business ideas and submit an application to the Start-up Georgia state project.
The competition attracted 726 applications of new business ideas. Of this 580 proposals were submitted as innovative ideas while 146 were regarded as high technology businesses.
Georgia’s Economy Minister Dimitry Kumsishvili said the selection was made in two stages; the first stage was a general review of applications and the second stage was a review of the merits of the business.
This involved a risk assessment, business sustainability, investment attractiveness, team skills and more,” said Kumsishvili.
Fifty-one finalists were selected but now Georgian and the US business experts must work to shortlist the candidates who will receive financial backing.
Kumsishvili said the 51 finalists all had business ideas that had the potential to be commercialised for world markets, and each had promising investment potential.
Shortlisting the successful candidates will be done before the end of August and by September the scheme will begin financing new business ideas.
The Silicon Valley business representatives are leading a five-day training program that is teaching the the 51 finalists how to properly prepare themselves and their business for launching, marketing tools and more. The training started yesterday in capital Tbilisi.
The final round of the competition will be held from August 22-25. By next week the US investors will have arrived in Georgia and together with the Silicon Valley business experts, they will listen to the final presentations and choose the winners.
Kumsishvili said the Start-up Georgia scheme was an important part of the Government’s four-point reform agenda that was created to support local businesses and develop the economy. The scheme promised great financial and theoretical support for entrepreneurs to help bring their business proposals to life.
The Government established an initial fund of 11 million GEL (about $5 million/€4.19 million*) that will be shared between chosen business projects, however the amount of funds available is set to increase to 35 million GEL (about $15 million/€13.77 million*).
*Currencies are equivalent with latest National Bank of Georgia exchange rate.
Hundreds of Georgia’s young, creative minds have applied to a new program that offers funds and support to turn their new business idea into reality.
The Government of Georgia has today officially launched an innovative startup program that offers support to all entrepreneurs with interesting, new business ideas.
The Government of Georgia is starting a new program to finance start-ups in the country as a way to foster entrepreneurial spirit, encourage the creation of new businesses and develop the economy.
The Government of Georgia is creating a special group to convey the opportunities, problems and ideas of the business society to the Government, to foster entrepreneurial spirit in the country.
Supporting start-ups and infrastructure development
The Government of Georgia is taking action to speed up the creation of vital infrastructural projects and assisting entrepreneurs who establish new start-ups in the country.
20 winners each attract 100,000 GEL funding
Start-up Georgia, a Government-initiated competition to find the best new business ideas, has selected 20 winners who will each receive 100,000 GEL to bring their idea to life.
Georgia is preparing to host a visit of two members of the United States (US) Congress. Congressmen Duncan Hunter and Mark Sanford are expected to arrive in Tbilisi later today.
“Gov’t makes Georgia a heaven for entrepreneurs”
"Georgians are very warm, hospitable and passionate people serious about making difference, improving Georgia and putting Georgia on the map."
20 winning business ideas undergo intensive training
Winners of the nationwide Start-up Georgia competition are preparing to undergo intensive training before heading to the United States (US) where they’ll present their creative ideas to business experts and investors.
Georgia is keen to boost bilateral ties with the United States (US) by promising to continue offering a favourable investment climate to businesses and investors.
Georgia is welcoming nine completely innovative ideas and fully-funded ventures to the most viable sector of Georgian economy - the high-tech and innovations-based industry.