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Kakheti region hosted Presentation of Government-initiated Program Start-up Georgia

Posted on: 04 Jul 2016

Aiming to increase awareness among the public, the Partnership Fund and Georgia’s Innovation and Technology Agency has started to organize series of presentations about Start-up Georgia, an innovative business supporting program in the Georgian regions. Avtandil Kasradze, head of the Georgia’s Innovation and Technology Agency and Vazha Menabde, Director of Start-up Georgia spoke on the details of the program in Telavi, Kakheti region.   With the goal to boost up the country’s quick development, within the frame of Georgian government’s 4-part plan for reforms, the partnership Fund and the Georgia’s Innovation and Technology Agency launched Start-up Georgia, an innovative business supporting program on June 17. Startup Georgia aims to give a unique chance to realize their business ideas and start their own business to those citizens, who were unable to do so due to the lack of financial resources. At the first stage, the government will allocate 11 m lari to finance innovative and high tech start-ups. In the future, in order to finance more start- ups, the budget may increase up to 35 m lari. Anyone holding the Georgian citizenship or a group of citizens with innovative, perspective and sustainable business proposals as well as the need for financial assistance is eligible to apply. The Partnership Fund will set up a Startup Georgia, a daughter company. Startup Georgia will create a new joint company with each selected beneficiary where it will allocate from 15 000 lari up to 100 000 lari into the capital. This means that program's beneficiary has to pay just 10 % of the total price of the project, while his business idea will be automatically considered as 40% contribution to the capital. Accordingly, a beneficiary will become 50% shareholder of the company. In addition, a beneficiary will be given an opportunity to redeem the Fund's share of the joint company with preferential terms or to seek other investors. On the other hand, Georgia’s Innovation and Technology Agency will finance high tech startups with the maximum of 100 000 lari. In such case, the beneficiary will not be required to co-finance the proposal, while his share in the company will total to 95%. Applications are accepted from June 17, 2016 until July 31, 2016. Application form, instruction and program description is placed on the web page www.startup.gov.ge. A special information office is located on the territory of technological park, which provides assistance for interested persons and groups. +995 322900030, hotline is also available for additional information. Projects will be selected on a competitive basis. The next presentation will be held on July 7 in Rustavi and Marneuli. The program’s coordinators are inviting all interested persons to the open door on July 14 and 28 on 19:00, at Technopark, Okrokhana.

 

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