2016-05-05
The Government of Georgia launches the Startup Funding Program - respective decision was addressed by the Prime Minister prior to the Cabinet session. Pursuant to him, the beneficiary of the Project may be any Georgian citizen, who has an interesting and innovative business proposal and needs funding for its realization. At the first stage of the Program implementation, 11 million GEL will be allocated, later the budget of the Program will be increased to 35 million GEL.
"Today we will approve the basic principles of operation of the startup funding institute that will become functional in a month at the building of the Park of Innovation and Technologies. This is a crucial reform, since it enables startups and innovative or technology-related enterprises to acquire funding without provision of any security or collateral. Notably, this Program also represents the first instance of institutionalization of funding of innovative ideas in Georgia - it will foster development of innovative potential in Georgia. We know many countries, where such type of change became pivotal in terms of economic development of the state and this is a first step on our part, which shall be welcomed," - Prime Minister noted prior to the Cabinet session.
Pursuant to him, the Project is coordinated by the Georgian Partnership Fund and Agency for Innovations and Technologies. International experts will also be engaged in the process of launching the project.
Prime Minister's Press Office