Up to gel 22 million will be invested in the development of the innovation ecosystem in Georgia
The State Agency for Innovation and Technology continues to support startups that attract multimillion-dollar investments. This was stated by the Agency's chairman Avtandil Kasradze at the online presentation of the report on the work done for 2020.
The Agency for Innovation and Technology was established under the Ministry of Economy in 2014. Its goal is to promote an entrepreneurial and innovative environment.
Among the important events of the past year, Kasradze named the opening of new technology parks — in Batumi, Kaspi and Gurjaani. According to him, this year up to 22 million lari ($6.8 million) will be spent on the development of the innovation ecosystem, and in total, the agency's projects will unite more than 10 thousand beneficiaries. According to Kasradze, in total, startups funded by the Agency were able to attract 35 million lari (about $ 11 million) of private investment, while 28 million lari were attracted in 2020, during the COVID-19 pandemic, and 11.3 million lari were allocated to startups through grant programs since the foundation of the Agency.
In 2020, 77 startups passed through grant programs.
— In 2020, 27 winners of startups were identified in the grant program in the amount of GEL 15,000. In 2021, 25 projects will be funded.
— 40 startups won the grant program of co-financing in the amount of 100-thousand-lari last year, and in 2021 the same number will be financed.
— In addition, in 2020, 10 companies won the grant program in the amount of GEL 650 thousand. This year, the same number of startups will receive this amount of support.
At the initiative of the Agency and with the financial support of the Bank of Georgia, the world's leading accelerator 500 Startups entered the country. In 2020-2021, 30 startups were accelerated, which managed to attract investments in the amount of $ 4.5 million in the first three months. As a result, 4 finalist startups were selected to present their companies to investors in the United States in Silicon Valley this year. During the COVID-19 pandemic, the agency, through various initiatives and hackathons, created various products, for example, MIZ-Mask, an electronic mask for protection against viral infections, which received a patent in Georgia after successful laboratory studies.
In 2020, the agency launched a pilot training program for 3 thousand IT specialists, in which up to 600 Georgian citizens will take the course.
The government has established benefits, according to which, IT companies selling their products abroad, reduced income taxes and income tax to 5%, and property taxes and VAT were completely abolished. It was within the framework of this reform that two large American IT companies, EPAM and Exadel, entered Georgia in October 2020, employing up to 100 Georgian citizens.
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Up to gel 22 million will be invested in the development of the innovation ecosystem in Georgia
The State Agency for Innovation and Technology continues to support startups that attract multimillion-dollar investments. This was stated by the Agency's chairman Avtandil Kasradze at the online presentation of the report on the work done for 2020.
The Agency for Innovation and Technology was established under the Ministry of Economy in 2014. Its goal is to promote an entrepreneurial and innovative environment.
Among the important events of the past year, Kasradze named the opening of new technology parks — in Batumi, Kaspi and Gurjaani. According to him, this year up to 22 million lari ($6.8 million) will be spent on the development of the innovation ecosystem, and in total, the agency's projects will unite more than 10 thousand beneficiaries. According to Kasradze, in total, startups funded by the Agency were able to attract 35 million lari (about $ 11 million) of private investment, while 28 million lari were attracted in 2020, during the COVID-19 pandemic, and 11.3 million lari were allocated to startups through grant programs since the foundation of the Agency.
In 2020, 77 startups passed through grant programs.
— In 2020, 27 winners of startups were identified in the grant program in the amount of GEL 15,000. In 2021, 25 projects will be funded.
— 40 startups won the grant program of co-financing in the amount of 100-thousand-lari last year, and in 2021 the same number will be financed.
— In addition, in 2020, 10 companies won the grant program in the amount of GEL 650 thousand. This year, the same number of startups will receive this amount of support.
At the initiative of the Agency and with the financial support of the Bank of Georgia, the world's leading accelerator 500 Startups entered the country. In 2020-2021, 30 startups were accelerated, which managed to attract investments in the amount of $ 4.5 million in the first three months. As a result, 4 finalist startups were selected to present their companies to investors in the United States in Silicon Valley this year. During the COVID-19 pandemic, the agency, through various initiatives and hackathons, created various products, for example, MIZ-Mask, an electronic mask for protection against viral infections, which received a patent in Georgia after successful laboratory studies.
In 2020, the agency launched a pilot training program for 3 thousand IT specialists, in which up to 600 Georgian citizens will take the course.
The government has established benefits, according to which, IT companies selling their products abroad, reduced income taxes and income tax to 5%, and property taxes and VAT were completely abolished. It was within the framework of this reform that two large American IT companies, EPAM and Exadel, entered Georgia in October 2020, employing up to 100 Georgian citizens.
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