Business environment in Armenia: challenges and hopes

How can Government support and develop start-ups?

Once starting a business in Armenia by registration of a new start-up, foreign investors and businessmen are guaranteed to receive full investment protection at the state level. Additionally, the opportunities for international cooperation in science and technology parks are expanding: venture funds and business angels are expanding in Armenia.

Research laboratories- the cornerstone of the equation

According to Armenian PM Nikol Pashinyan, it is necessary to take urgent anti-crisis measures with the implementation of development and reform programs in all sectors, including social security. Reforming the economy will clearly require innovation to ensure the competitiveness of the state at the global level, which provides increased opportunities for future and existing start-ups.

Funding of Armenian start-ups

Latterly, a range of projects was launched in the country, they aim to detect and support, especially financially. Armenian government supports start-uppers. A cooperative program between the Ministry of Economy and the U.S. Civilian Research & Development Foundation, named STEP (Science & Technology Entrepreneurship Program), was created in 2006 to help entrepreneurs and scientists create innovative products and promote them. Being sponsored by STEP, enterprises can not only receive consulting assistance but also financial help worth 6000$.

Venture funds

It is the first venture capital firm in Armenia. It was established in 2013. Its offices are located in Yerevan, London and Singapore. Among the most famous projects of the fund are Menu Group, ggTaxi and News Deeply which specializes in creating and maintaining websites that are dedicated to one specific problem.

Incubators and accelerators

They help start-uppers to launch and develop their projects. Some of them support entrepreneurs by mentoring and coaching, and others offer financial aid or help to find financing.

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Ahmed Ibrahim

Ahmed Ibrahim

Full-fledged Content Creator & Tech Journalist. Worked previously with top publishers like AkhbarTech, Abda Adv, and RobbReportArabia.