Over 170 IT projects claim for state financing in Azerbaijan

  • Over 170 IT projects claim for state financing in Azerbaijan

    Over 170 IT projects claim for state financing in Azerbaijan

    As many as 172 projects won a chance to get the grant of the State Fund for the Development of Information Technologies of Azerbaijan in the framework of the fifth startup competition.

    The selection of applications was conducted from April 10 to June 9. The evaluation of projects will be carried out in two stages [primary and complex examination]. Initial examination will take 15 working days.

    The second stage will take 20 working days, and independent experts will be involved in a comprehensive examination, after which the final decision on the issue of financing will be taken at the level of the supervisory board of the state fund.

    The projects that claim for financial support of the state fund are those related to the development of advanced software solutions, preparation of samples of IT products, development and commercializing innovative infrastructure and new technologies, creating network infrastructures built on the basis of modern technologies, as well as projects aimed at expanding IT services and Services, based on the Internet.

    The maximum amount of a grant to support IT projects can reach 300,000 manats (for a period of 36 months). Small grants are envisaged in the amount of 10,000 to 100,000 ($5,877-$58,772) manats, medium - from 100,000 to 200,000 manats (-$58,772-$117,544), and large ones - from 200,000 to 300,000 manats (-$117,544-$176,316).

    Azerbaijan’s State Fund for Development of Information Technologies was created by the  presidential decree dated  March 15, 2012.

    The main objectives of the Fund are conducting of the state policy on development and support of small enterprises in scientific-technical sphere, providing them with direct financial assistance, training, which in turn will contribute to the creation of new jobs in the country.

    The State Fund identified 12 criteria that must be met by submitted projects. Criteria prescribe the projects to be clearly justified, have commercial potential, contribute to the development of the Azerbaijani ICT sector, be attractive in terms of investment, have socio-economic importance, be relevant in terms of innovative orientation, etc.


    Amina Nazarli is AzerNews’ staff journalist