ADB to support technology startups in Azerbaijan

The Asian Development Bank (ADB) has launched a $ 550,000 project to support technology startups in Azerbaijan. Of this amount, $ 500,000 will be provided in a grant from the Republic of Korea e-Asia and Knowledge Partnership Fund (EAKPF), Report mentions, referring to ADB.

The goal of supporting Azerbaijan is to eradicate poverty, reduce inequality, accelerate gender equality, and strengthen governance and institutional capacity.

The knowledge and support technical assistance (TA) will support INNOLAND, an incubation, acceleration, and research center of the Innovations Center LLC at the State Agency for Public Services and Social Innovations (SAPSSI) under the President of Azerbaijan, to set up effective and efficient local institutional arrangements to support tech startups.

The TA is aligned with the strategic pillars of the Asian Development Bank (ADB) country partnership strategy (CPS) for Azerbaijan, 2019–2023 on boosting private sector development and strengthening human capital. It is also in line with the crosscutting priority of ADB's CPS to strengthen governance through information and communication technology (ICT). The TA is included in ADB's country operations business plan for Azerbaijan, 2020–2022.

The Government of Azerbaijan recognizes the importance of digital development for making the national economy knowledge-based and considers the development of the ICT sector to be an essential element of the diversification of the economy away from hydrocarbons. The government views tech startups as a driving force for the country's ICT sector and digital transformation and a source of innovative solutions and productivity growth for the economy.

ADB's CPS envisages support for expanding ICT infrastructure and services in the regions. It includes fostering digital microbusinesses and small and medium-sized enterprises, and strengthening the digital economy's enabling environment.

ADB will engage the consultants. Several government agencies support the development of the tech startup industry at the national and sector levels. To ensure efforts are synchronized and duplication avoided, the
Innovation Center under SAPSSI will establish and operationalize a TA coordination group comprising representatives of the government agencies concerned.

The TA coordination group will review semiannual TA progress reports prepared by the project coordinator and convene each time ADB's TA review mission is fielded, which is expected to be at least twice a year.

The project will be implemented by ASAN service, State Agrarian University, Ganja State University, and INNOLAND Sheki until June 2022.