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Azerbaijan announces next stage of startup contest for IT projects

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The next stage of the contest within the Azerbaijani State Fund for Development of Information Technologies’ grant support for IT projects will start on March 1, 2018, the Fund told Trend.

Participation bids will be accepted from March 1 to May 1, 2018. After the bids submitting, the projects are to pass two-stage assessing: preliminary and complex expertise. The final decision will be made by the Supervisory Board of the State Fund.

The decision about the contest was made during the meeting of the Supervisory Council of the State Fund in January.

According to the certain criteria, the projects submitted to the contest must meet the following requirements. If the issue is software development, then it must have a future development perspective. The development of innovative products must be supported by their samples (prototypes).

The projects must be also aimed at developing innovative infrastructure and commercialization of new technologies.

The projects were evaluated in two stages (primary and complex examination). Independent experts will be involved in the complex examination. The final decision on the issue of financing will be made at the level of the supervisory board of the State Fund.

The maximum amount of the grant may reach 300,000 manats (for a period of 36 months). Small grants are envisaged in the amount of 10,000 manats to 100,000 manats, medium grants – from 100,000 manats to 200,000 manats, big grants – from 200,000 manats to 300,000 manats.

(1.7001 AZN = $1 on Feb. 19)

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