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Economy Minister attends presentation by Georgia's Innovation and Technology Agency

By Nika Gamtsemlidze
Monday, February 24
Georgia's Innovation and Technology Agency held a presentation of the results of the agency's 5-year work and plans for 2020. The meeting was attended by the Minister of Economy and Sustainable Development Natia Turnava.

2019 was a very successful year for the Agency for Innovation and Technology. As you know, the Government of Georgia, our economic team is building a knowledge-based economy that is unthinkable without the support of an innovative startup ecosystem and innovative activities. We have really good achievements in this regard, said Turnava.

In her speech, Turnava emphasized the first startup support program, which was funded with 100,000 grants. According to the minister, there was a great deal of interest in the program and it was necessary to continue it, which resulted in 650,000 government grants added to the program.

Economy Minister said that she is proud of the fact that about 60 beneficiaries funded through very stringent procedures. Turnava noted that there already are some startups that have gained recognition in the global marketplace.

Within the framework of the event, a trilateral signing ceremony was held with Technopark, the world's leading business accelerator 500 Startups, between Bank of Georgia, Innovation and Technology Agency and 500 Startups. It should be noted that Bank of Georgia will mobilize $ 1 million in startups as an additional investment.

According to her, the arrival of the International Top Accelerator 500 Startups in Georgia is a regional event. It should be noted that such high-class accelerators are only available in countries with great potential, and therefore are interested in enhancing the startup ecosystem and attracting large international investors.

Turnava thanked the private sector, which, according to her, is actively involved and interested in further funding and development of startups supported under the program.

Representatives of Georgian authorities, diplomatic corps, international organizations, business associations and startups attended the presentation at Technopark.