News & Media

Nine more winning projects announced under Startup Georgia program

Posted on: 28 Dec 2016

The Partnership Fund announced nine more winning projects in the innovation component of the Startup Georgia program. The Partnership Fund will finance each of these project with the maximum of 100 000 lari. The Partnership Fund and Georgia’s Innovation and Technology Agency are implementing the program jointly. The program has two components: high-tech and innovation. Giorgi Kvirikashvili, PM of Georgia, David Saganelidze, CEO of the Partnership Fund, representatives of Georgia’s Innovation and Technologies Agency, members of supervisory board of the Partnership Fund and beneficiaries of Startup Georgia program attended the ceremony. "This leads to the transformation of the economy and shifting people's mindset towards the entrepreneurship. This will ensure that individuals become employers rather than mere employees. This is the main implication of this groundbreaking project," the Prime Minister commented, adding that establishment of the Startup Georgia Fund is the main achievement of the Government. The Prime Minister also congratulated 9 winning entrepreneurs, who were bold enough to venture completely new ideas for acquiring the funding. "It is always worth it! Even if only one step out of 10 or 100 ones that you take turns out to be correct, it is still worth it - as that very step might completely alter our economy. That is why I consider this project to be completely outstanding and I would like to particularly congratulate you," - the Prime Minister noted in his address to the winners. "I am happy to announce that nine more interesting projects will be financed. Initiated by the Prime Minister of Georgia, the program is a part of Georgian government’s 4-part plan for reforms. The program is important and decisive moment in Georgia’s reality, especially for adults, people who create the future economics,” David Saganelidze, CEO of the Partnership Fund said. Among the winner projects are applications both from Tbilisi and regions covering manufacturing, service and agriculture sectors. Each project has innovation element, serves introducing less used or new products to the local market and encourages substitution of imports. The first competition under the Startup Georgia program was announced in June of 2016. Among 726 applications only 20 projects were announced as winners in high-tech direction, while 36 were named as winners in innovation direction. In November, the Partnership Fund opened the second round of the competition. At the first stage, the government allocated 11 m lari to finance innovative and high tech start-ups. Submitting applications to participate in Startup Georgia program is open permanently. The winner projects will be announced stage by stage, several times a year