Start-up Georgia:
20 winners each attract 100,000 GEL funding

US investors and Silicon Valley business experts selected 20 winners of the Start-up Georgia new business program. Photo by the PM's press office., 26 Aug 2016 - 12:25, Tbilisi,Georgia

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.

Business experts from Silicon Valley in the United States (US) and local representatives revealed the 20 finalists as the best of the best who had entered the competition.

All of the 20 finalists will receive 100,000 GEL (about $43,767/€ 38,769 *) to launch their innovative businesses in Georgia.

Additionally, five entrepreneurs were invited to Slovakia to attend a one-week training course.

When Start-up Georgia launched two months ago, creative entrepreneurs were invited to describe their business ideas and submit an application to the competition.

One of the winners received an award of Start-up Georgia. Photo by the PM's press office. 

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.

With the help of the experts from successful businesses in Silicon Valley, the best 51 business ideas were selected in the first stage of the competition and those behind these 51 ideas took part in a five-day training program led by the US Silicon Valley experts.

The training taught the group how to properly prepare themselves and their business for launching, marketing tools and more ahead of their final presentation to a group of US investors.

From Monday entrepreneurs presented their 51 new business ideas to the US investors, Silicon Valley experts and local business representatives. Yesterday the 21 winners were announced.

PM Kvirikashvili congratulated the 20 winners their success and thanked them for applying the Start-up Georgia program. Photo by the PM's press office. 

Start-up Georgia 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*).