Georgia develops $40m National Innovation Ecosystem project

Georgia is trying to increase the innovative activities of firms and individuals and their participation in the digital economy by developing the National Innovation Ecosystem (GENIE).

The total cost of the GENIE project, which will support innovative ideas and start-ups in Georgia, is $40 million.

Georgia’s Economy Minister Dimitry Kumsishvili discussed the project implementation process with representatives of the World Bank today. The project is being implemented with the financial assistance of the World Bank.

The project comprises of four components. The first component is about developing the innovation infrastructure, a network of innovation hubs and innovation centers in selected cities, towns and villages.

For the second component, innovation services will deliver services, many in coordination with community innovation centers and regional innovation hubs, tailored to project beneficiaries at various stages and levels of the innovation ecosystem.

The third component will involve the provision of matching grants and technical assistance to innovation financing projects to stimulate alternative forms of innovation financing and investment in the digital economy.

The fourth component, project implementation support, will aim to ensure the efficient and effective implementation of all project components.

As the project description published by the World Bank reads, the approval date of the project was March 18, 2016, while the closing date is April 30, 2021.