Azerbaijan strengthens support for IT-Enterprise
By Huseyn Veliyev - Trend:
A venture fund of support for the start-up projects will be established in Azerbaijan, a source on the telecommunications market told Trend.
The project, which is being implemented by the State Fund for Development of Information Technologies of Azerbaijan and High Tech Park Ltd., provides for attraction of potential companies willing to invest in the start-up projects, according to the source.
“The goal of the project is to develop mechanisms for individuals interested in investing in start-up projects,” said the source. “Work in this direction is actively held, and currently there are companies that are willing to invest in innovative projects.”
The source said that there are both local and foreign companies among them.
Experience has shown venture funding to be fraught with risks. However, the prospective project, which is accompanied by a competent examination, usually recoups all the investment made and brings surplus profit.