The high-tech component of the state program "Startup Georgia" that supports innovative business development has revealed the 51 finalists.
Start-up project reveals 51 finalists
By Messenger Staff
Tuesday, August 30
Prime Minister of Georgia Giorgi Kvirikashvili attended the closing ceremony and congratulated the finalists.
The PM said that for the first time in the country's history, it has finalists in this field. Giorgi Kvirikashvili expressed hope that the program will encourage an entrepreneurial spirit in Georgia and will enable the country’s youth to launch their own businesses.
"Completely groundbreaking methodology employed by this initiative gives young, innovative and active people an access to funding without having to provide any collateral and based solely on the criteria of the worthiness of a business idea. I am glad to see such eagerness from so many young people. I would like to congratulate you on being here today, on becoming finalists, ”the PM said last week.
“In my opinion, this program, which represents part of Government's key reform plan, is the most important. This program encourages entrepreneurial spirit and enables youth to launch own business activity ad change mindset of whole generation, “ the PM added.
Kvirikashvili said out of the 51 finalists,only 20 would be selected.
“However, each of them is a winner, since they will enjoy important state support,” Kvirikashvili said.
More than 720 applications have already been submitted within the frames of Startup Georgia.
International experts of Silicon Valley selected the 51 best ideas out of around 150 applications.
Each of the eventual winners will be funded with 100,00 GEL. In addition, Ambassador of Slovakia Rudolf Michalka handed certificates of a one-week internship in Slovakia to 5 winners.
High-tech startups encompass fields including aerospace production, car production, artificial intelligence, biotechnologies, bioinformatics, computer engineering, computer science, informational technologies, nanotechnologies, nuclear physics, electromagnetic radiation, robotics, semiconductors and telecommunications.
State funding allocated at the first stage totals 11 million GEL, whichwill be used to fund innovative and high-tech startups. For the purpose of funding more startups in the future, the program budget may increase to up to 35 million GEL.