Economy Minister says Gov’t will continue support for tech, innovation sector

Georgian Economy Minister Levan Davitashvili on Friday said the Government would continue to support of technology and innovation sector due to its importance for a “transformation” of the economy.

Speaking at a event hosted by 500 Global, a startup accelerator programme, Davitashvili said the Government had been “working for years” to develop the startup system in the country.

[W]e joined the regional acceleration programme, which allows Georgian entrepreneurs to increase their competence and qualifications [and] communicate with foreign investors about their products. [This year] we established a venture fund together with private investors [enabling] start-up companies to raise funding abroad as well as in Georgia”, he said.

500 Global, a venture capital firm with $2.4 billion in assets and supporting technology startups, launched Georgia's first international accelerator programme in 2022, with the support of the Georgian Innovation and Technology Agency and Bank of Georgia.

Earlier today the firm hosted the demonstration day of the fifth wave of the accelerator programme that allowed 10 startups from five countries to pitch their companies to a wide audience, including local and international stakeholders, venture capital community, business and media. 

The Ministry of Economy said over 60 startups had featured in the programme, including companies from Georgia, Ukraine, Azerbaijan, Armenia, Uzbekistan, Kazakhstan and Lithuania.