Azerbaijan Small and Medium Business Development Agency talks about extending application of innovations

  02 June 2023    Read: 1044
Azerbaijan Small and Medium Business Development Agency talks about extending application of innovations

Azerbaijan has created a favorable environment for business and investment opportunities through successful economic policy and reforms in various areas, Deputy Chairman of the Board of the Azerbaijan Small and Medium Business Development Agency (SMBDA) Rufat Atakishiyev said during 'V4-Azerbaijan Tech Bridge Grande Finale' event, reports.

"This stimulates the demand for new technologies that help the business community to quickly expand their activities, penetrate new markets and increase turnover," he noted.

According to him, the introduction of smart and innovative solutions is becoming an integral part of everyday life, and the use of new technologies is growing in Azerbaijan.

"Our agency is one of organizations that actively contribute to the improvement and development of innovative entrepreneurship and the start-up ecosystem. The agency is engaged in supporting young entrepreneurs and takes appropriate measures in this regard," the official said.

"These measures include trainings, consultations, grants and 'Startup' certificates, which exempt businesses from profit and income taxes," he added.

The project was initiated by the Embassy of Poland in Baku and received funding from the International Visegrad (V4) Fund.

The initiative has been implemented since February 2022 by a Consortium of Startup Hub Poland Foundation (Poland, project leader), AI Startup Incubator (Czech Republic), CEU iLab (Hungary), CIVITTA (Slovakia) and IdealHub Innovation and Technology Center from Azerbaijan with a number of supporting Azerbaijani partners, including the Innovation and Digital Development Agency (IDDA) and SMBDA.

The goal of the 18-month V4-Azerbaijan Tech Bridge project is to establish and enhance cooperation between Visegrad Group (Czech Republic, Hungary, Poland, Slovakia) and Azerbaijan in the sphere of innovation by linking startup ecosystem players like innovation hubs, private investors, venture capital funds and innovation-seeking corporations from the EU with the potential of Azerbaijani startups and innovators.

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