Azerbaijan to open new business incubator in 2015

A Business Incubation Center at Mingachevir Tech Park will be created before the end of this year, says executive director of the High Tech Park Seymur Agayev.

Currently, the general plan of progress for selected areas and the very structure of the Mingachevir Tech Park is under development, he said.

“There are a number of measures concerning the activities of the Mingachevir technology park that will be adopted, and the business incubator is one of them. We are developing a comprehensive program that will at once launch the activity of the Tech Park. In addition, discussions are underway with potential investors and members,” Agayev said.

Mingachevir business incubator will be organized on the principle of the incubator operating in Baku, which contributes to the support of innovative ideas and projects at the regional level.

The activity of the business incubator, Agayev said, will support innovative ideas and projects, as well as new technological solutions.

“The idea should take shape to become a member of the Tech Park. As for the formative stages of new projects and startups, our internal commission deals with this issue. Only formed idea that has a commercial component can claim to be a member of the Tech Park. The expert group will take a final decision on assigning member status to the project as well as the possibility of using benefits from operating in the territory of Tech Park,” he stressed.

The executive director said that the expert group will be formed in the near future, and will then start the process of receiving the documents of future members.

“Azerbaijan has a lot of talented young people and potential ideas. Our aim is that these ideas were embodied in the finished products and solutions that will play an important role in the technological and economic development of Azerbaijan,” Agayev said.

Moreover, the High Technology Park stimulates the creation of venture capital funds to support IT-businesses, Agayev said.

The fund can be a bridge between local and foreign projects, he noted.

The main objective of the fund is to create the right gear, which can be integrated into the regional and international ecosystem, as innovation and innovative ideas have no borders, he said.

“Our goal is to develop innovative ideas and technologies. From this point of view, it would be acceptable for us to create venture capital funds, bringing together at least regional projects. In this regard, we focus and actively negotiate with potential investors both local and foreign,” Agayev said.

As venture capital is a relatively new area in Azerbaijan, its formation requires legal regulation, he added. Given the experience of other countries, necessary changes to the legislation may be needed, he said.

The Mingachevir High Tech Park was set up in view of securing sustainable development and economic competitiveness. The facility will stretch 1.3 hectares and fall under the administration of the Communication and High Technologies Ministry.

The high-tech park has been equipped and organized in such a way that it will promote research and development work, ultimately leading to the commercialization of new products and high tech applications.