Georgia’s Innovation & Technology Agency Supports Adaptation to the New Reality
As the world struggles to get a grip on the coronavirus pandemic, every field or activity faces a new challenge. The solution is one: to adapt to the new reality and to turn the crisis into an opportunity.
To respond to the COVID-19 challenge, the Innovation and Technology Agency of the Ministry of Economy and Sustainable Development, based on the recommendations of the World Health Organization and health experts, has launched a number of projects and programs:
• Under the GITA Small Grants Program, the amount for prototyping has been increased from GEL 5,000 to GEL 15,000. A new component of the development of e-services has been added to the prototype grants, which will help Georgian businesses in developing remote services. The agency's grant programs, including the GEL 650,000 grant program, have not been suspended and the information days have shifted to an online format.
• GITA was among the very first to conduct an online hackathon against COVID-19. The aim of the online marathon was to create products or services that would effectively help our country fight the problems caused by the coronavirus crisis. A total of 350 applications were received; Edison Tech received a prize of GEL 20,000 for its project to create a portable breathing apparatus that can be used both in critical situations and at home.
• GITA has launched free online courses for entrepreneurs, designed to help them create an online platform to support their businesses, learn about the basic functions of management and the principles of working with an audience. With the involvement of regional technoparks, interested people can study various computer programs remotely.
500 Startups
On the initiative of GITA, and with the support of the Bank of Georgia, one of the world's leading business accelerator 500 Startups has entered the country. The tripartite signing took place on February 20 and the application process has begun. Selected startups will have a unique opportunity to go through the acceleration process and present their products to the global market.
The GITA Chairman said: “In the face of global challenges, it becomes even more important to promote startups and innovations. It is vital that at this time, with the support of the state, the world-class accelerator 500 Startups will help startups accelerate business development processes and become participants in global processes. It’s also noteworthy that the entry of such a large international player into the country significantly increases the interest of foreign venture and real investors in the Georgia’s innovation ecosystem. I’m glad that the private sector has been actively involved in this process. I would like to thank the team of the Bank of Georgia for their involvement in the initiative and for improving the access to finance for startups. I think today, as never before, startups in Georgia are presented with unique opportunities to develop their innovative projects and establish themselves on the world market”.
The entry of 500 startups into Georgia is a regional event. Such world-class accelerators only enter countries with high potential, therefore, they are interested in strengthening the ecosystem and attracting large international investors. The involvement of the private sector has also been notable. The Bank of Georgia will mobilize $1 million in startups as an additional investment.
500 Startups is among the top three accelerators in the world. The company has its own venture capital fund, headquartered in Silicon Valley, with a capital of more than $454 million. The entry of a high-class accelerator will help Georgia strengthen its startup ecosystem and develop investment potential.
By Team GT