MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

500 Startups, one of the world’s leading global business accelerators, has launched a six-week intensive acceleration program for selected startups in Tbilisi.

“We strongly support high-tech businesses in Georgia and especially the development of new, creative startups,” – Natia Turnava, Minister of Economy and Sustainable Development stated at the launch of the 500 Startups program, one of the world’s leading global business accelerators.

According to the Minister, with the support of the Agency for Innovation and Technology, an accelerator of startups, one of the world’s leading companies, entered Georgia, participating in selecting startups for several weeks, helping them with training and attracting investments.

“There was a very high interest and which is the most stimulating, along with Georgian startups, many foreign startups also participated. However, it is a necessary condition that at the last stage all startups are registered as a Georgian company. This means that we provide good opportunities for startups to attract investment, and this is foreign direct investment in Georgia, which is especially important today, in the conditions of the pandemic, as well as to develop high-tech businesses, innovations and use the intellectual potential of our young people. This activity is already attracting investments, including from foreign investors. This is really another confirmation that Georgia is becoming an attractive centre for innovations and technologies,” – Natia Turnava said.

Applications from over 100 startups from Georgia and around the world were received and the 500 Startups selected 15 startups at the first stage, which underwent basic startup acceleration and experimentation programs online in June-August, and the 10 startups with the fastest growth potential moved to the next stage. Out of 10 selected startups, 3 are foreign companies, including from Azerbaijan, Ukraine and the United Arab Emirates. The top five teams involved in the program will continue their acceleration with the investment of the Bank of Georgia. The intensive program started on September 7 this year and will last until October 16.

The 500 Startups were introduced to Georgia at the initiative of the Innovation and Technology Agency and with the support of the Bank of Georgia. The aim of the project is to strengthen the Georgian startup ecosystem, develop investment potential and expand startup companies in the global market.