“Today, we do not have financial mechanisms to finance startups.”
Elchi.az reports that this was stated by the Minister of Digital Development and Transport Rashad Nabiyev during a meeting dedicated to the unified action plan “New Digital Architecture of Azerbaijan” chaired by President Ilham Aliyev.
“This includes venture capital, crowdfunding, and so on. There is already a draft law on this, and the action plan envisages that this draft law will be adopted in the next few months. If adopted, there are actually only three funds with 12 million manats, which do not reflect the potential of our market today. That is, 12 million manats are angel investors investing. 12 million are investments that will be invested in other startups at various levels, which is not enough for the development of the market. If there is such a mechanism, I am sure that by attracting both local investors and funds from abroad, we will give a sufficient impetus to the development of the market,” the minister said.