Georgia in search of new business ideas

Those who want to apply the Start-up Georgia program are invited to submit an application until December 15. Photo by the PF., 12 Nov 2016 - 16:02, Tbilisi,Georgia

Georgia’s young, creative minds are invited to apply to a Start-up Georgia state program to receive funds and support to turn their new business ideas into reality.

The Partnership Fund, Georgia’s state-owned shareholding company, announced it was continuously receiving applications by enthusiastic entrepreneurs to finance new business ideas.

People who want to apply the Start-up Georgia program are invited to submit an application before December 15, while the winners will be revealed before the end of this year.

During the first stage of the program, which launched this past summer, Start-up Georgia attracted 726 applications of new business ideas. Of this 580 proposals were submitted as innovative ideas while 146 were regarded as high technology businesses. Finally the program revealed 36 winners in the innovation category and 20 winners in the high technology category.

The Partnership Fund has already started financing the winning business ideas and signed agreements with eight of the 56 overall winners. To date the Fund allocated 586,700 GEL (about $237,782/€219,023*) to the eight winning projects.

The eight winning projects are:

  1. Vertical parking: A space-saving solution when early cars invaded cities
  2. Producing the decorative ceramic tiles
  3. Producing the innovative decorative bricks
  4. Online clinic
  5. Tripplanner
  6. Wingo
  7. Georgian Toys Factory

The Partnership Fund was currently negotiating with the other winners to sign contract with them as well.

Each winner project will receive 100,000 GEL (about $40,528/€37,331*) funding.

The Government of Georgia officially launched an innovative startup program in June 2016. The program would support all entrepreneurs who had interesting, new business ideas.

The program coordinators are Georgia’s Partnership Fund and the Innovation and Technology Agency.

*Currencies are equivalent with the latest National Bank of Georgia exchange rate.