The presentation of 32 new startups took place within the Regional Incubation Program.
32 new startups presented within the regional incubation program.
With the support of the Innovation and Digital Development Agency (IDDA) and the organization of SUP VC, “Demo Day” events were held in the regions as part of the incubation phase of the “Innostart” project. The events brought together representatives of government institutions, private sector organizations, innovation experts, and startup founders.
As a result of the Innostart incubation program, a total of 32 startups were established. Among them, 29 are ready to present their minimum viable product (MVP) to potential markets. Furthermore, 14 startups have already made initial sales and are continuing active sales operations. In terms of regional distribution: there are 10 startups in Sumgait, 7 in Ganja, 7 in Lankaran, and 8 in Nakhchivan.
Throughout the program, startups participated in two distinct incubation phases, receiving support in areas such as market research, business model development, product improvement, and building investor relations. A total of 24 training sessions were conducted to enhance the capabilities of the startups and help them adapt to market conditions. Additionally, two individualized mentoring programs were implemented to address the specific needs of each project, significantly benefiting the participants.
In the next stage, the startups will present their ideas at the “Grand Demo Day” event. The top 4 startups with the strongest pitches will be awarded a total prize of 50,000 AZN.
It should be noted that these incubation programs aim to support the development of the startup ecosystem in the regions, empower young innovators, and contribute to the formation of an innovation-driven economy.
