State Fund for IT Development completes expertise of startups
The complex examination of IT projects participating in the fifth stage of the contest held by the State Fund for the Development of Information Technologies within the framework of grant support for IT projects is being finalized, a source in the country's IT market said.
The complex examination of IT projects participating in the fifth stage of the contest held by the State Fund for the Development of Information Technologies within the framework of grant support for IT projects is being finalized, a source in the country's IT market said.
The results of the complex examination will be made public next week, Trend reported on July 25 citing the source.
The evaluation and assessment of projects was carried out in two stages (primary and comprehensive examination). The number of projects participating in the fifth grant competition amounted to 172, some 150 of which have passed the initial examination.
Independent experts were involved in the comprehensive examination. The final decision on the issue of financing will be made at the level of the supervisory board of the state fund.
The projects that claim for financial support of the state fund are those related to the development of advanced software solutions, preparation of samples of IT products, development and commercializing innovative infrastructure and new technologies, creating network infrastructures built on the basis of modern technologies, as well as projects aimed at expanding IT services and Services, based on the Internet.
The maximum amount of a grant to support IT projects can reach 300,000 manats [for a period of 36 months]. Small grants are envisaged in the amount of 10,000 up to 100,000 manats ($5,878$58,782), medium - from 100,000 to 200,000 ($58,782-$117, 564) manats, and large ones - from 200,000 to 300,000 ($117,564$176,346) manats.
Azerbaijan’s State Fund for Development of Information Technologies was created by the presidential decree dated March 15, 2012.
The main objectives of the Fund are conducting the state policy on development and support of small enterprises in scientific-technical sphere, providing them with direct financial assistance, and training, which in turn will contribute to the creation of new jobs in the country.
The State Fund identified 12 criteria that must be met by submitted projects. Criteria prescribe the projects to be clearly justified, have commercial potential, contribute to the development of the Azerbaijani ICT sector, be attractive in terms of investment, have socio-economic importance, be relevant in terms of innovative orientation, etc.