Government supports attracting investments in technology companies

Government supports attracting investments in technology companies
Government supports attracting investments in technology companies

Georgian Minister of Economy and Sustainable Development Natia Turnava has attended a presentation by the Innovations and Technologies Agency summing up the year of 2019.

Agency head Avtandil Kasradze presented the presentation that also referred to future projects.

Avtandil Kasradze discussed issues of the formation of the ecosystem for the development of innovations and technologies, supporting the commercialization of the knowledge and innovations, stimulating the use of innovations and technologies in all economic fields, and so on.

The presentation emphasized the start-up program implemented via the support of international donors.

The government provided 124 start-ups with 5,000 GEL, seven start-ups – with 650,000 GEL and 40 start-ups – with 100,000 GEL in 2019.

Agency Director Avtandil Kasradze said the start-up is popular with the innovative business representatives.

He said the agency pays attention to the winner projects commercialization issue inside and outside the country. The volume of attracted private investments reached more than 1.5 million GEL in the case of 5,000 Gel start-ups while the rate hit about 7 million GEL in the case of 100,000 GEL start-ups.

The pilot program of the technology transfer is one of the innovations. It began in 2019 and will continue, including 2021. The EU and World Bank collaboration program finances the project. Scientists, public and private research institutes, and universities represent the project beneficiaries.

The program aims to reveal commercially beneficial technologies in the scientific centers and universities and attract business representatives to develop them. The selected projects will be commercialized as part of the project that includes clinical research, protection of intellectual property, negotiations with business representatives on the license, and similar issues.

Kasradze also emphasized the start-up accelerator business program that aims to support beginner start-ups via education, mentorship, and finances.

One of the top-accelerators from Silicon Valley will implement the program that will significantly promote Georgia to be a leader in terms of innovations and entrepreneurship across the region and help local start-ups present their projects to international markets.

''Having established an innovative and technological ecosystem, we have created a solid base that will serve as the foundation for the commercialization of the technological project. We will support the attraction of investments in technology companies as we have large potential. Every single new program encourages Georgian start-ups to commercialize their projects with the help of international mentors and search for sponsorship for further development inside and outside the country,'' Natia Turnava said, adding that Georgia should present its innovative project at the international market. 

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