Georgia’s Ministry of Economy and Sustainable Development released the latest information about the State project ‘Start-up Georgia’ which promises to fund the most creative and innovative ideas in business.
According to the Ministry, 726 applicants have filed their business ideas to compete for funding. Among these projects 580 are about innovations and 146 relate to high-technology.
The project was launched two months ago offering financial and theoretical support for entrepreneurs to help them bring their business ideas to life.
According to Economy Minister and First Deputy Premier, Dimitry Kumsishvili, it was important that all regions of Georgia were actively involved in the program and that innovative-thinking people are given an opportunity to start a business.
“We launched ‘Start-up Georgia’ to change the country for the better, initiate new opportunities and to develop an entrepreneurial spirit,” Kumsishvili said.
A nine-member committee will discuss every application and make the final decision on winners. The members of the Committee are from the Partnership Fund, Enterprise Development Agency, and Innovation and Technology Agency. Representatives of ‘Start-up’ and independent experts are also to take part in the decision-making process.
According to Kumsishvili, the government will allocate 11 million GEL at the first stage. However, if there is need, the budget can be raised up to 35 million GEL.
The Partnership Fund created subsidiary ‘Start-up Georgia,’ which on its own will create a new company with each beneficiary and will allocate around 15,000 to 100,000 GEL capital for each company chosen. The beneficiaries will have to pay only 10% of the total value. If the idea is truly unique and innovative, then the beneficiary will have to pay only 5% of the total project cost.
International experts are to visit Georgia on August 22 in order to help the Commission choose the best ideas.