The IT sector start-ups will be provided with financial support

The start-ups will be provided with 200.000 USD by the private companies in order to call innovation ideas to life. On the 29th of March, 2017, during the press conference held at the Ministry of Transport, Communication and Information Technologies of Armenia, Minister Vahan Martirosyan and the businessmen Ara Yaghjyan and Eduard Marutyan introduced the joint initiatives for financing the start-up companies in the field of IT. 

“In the result of the continuous meetings and discussions with the representatives of the ICT sector’s leading companies held at the Ministry, we came to conclusion that the companies starting a business in Armenia and having excellent ideas, often come to financial difficulties and we proposed the already succeed companies to support the start-ups”,-Mr. Vahan Martirosyan introduced.

 “In case of a proper risk assessment and a correct choice the investment can be profitable for its performer. We made a joint decision with my partners to start a pilot project in order to support several ideas and start-ups”,-Mr. Eduard Marutyan, the Founder of the company “Zangi” said.

In this stage 10 ideas are planned to be financed. The applications will be accepted up to the 13 of April. The ideas must be related to the fields of ICT (software insurance, internet, digital media, and mobile technologies), engineering (devices, software insurance and electronics), clean technologies, tourism and agriculture.

According to the project participant, businessmen Ara Yaghjyan, the project could become a good stimulus for the young enterprisers and for the ICT development. “We will provide not only financial but also consultative and accountant support. Besides, the start-ups can also use our resources, ties”,- Mr. Ara Yaghjyan emphasized.

The Minister stressed out that the project’s current budget is preliminary and has the potential for rapid growth up to millions. It is planned to establish a private venture fund with the participation of “angel investors” in case of the project is succeed. The “angel investors” are investors who are ready to invest their free funds in any ICT project with the expectation to receive a dividend.

The Foundation will be the first of its kind in Armenia, as will finance not already established companies but the business ideas in the initial stage.

Source: Press Service, Ministry of Transport, Communication and Information Technologies of RA