Dimitry Kumsishvili at Co-financing Grants Program Presentation
26-02-2018

First Vice Prime Minister of Georgia, the Minister of Economy and Sustainable Development, Dimitry Kumsishvili and the World Bank’s Regional Director in the South Caucasus, Mercy Tembon participated in the official opening presentation of the Co-financing Grants Program, which is implemented within the framework of the World Bank's Project of National Innovations Ecosystem (GENIE). The project aims to stimulate the creation of innovations and innovative enterprises through the development and commercialization of innovative products and services of international potential in Georgia.

Over 200 potential and active starter-uppers attended the presentation, which was held in the Tech Park of Georgia.

“From the very beginning of our coming into power, among the priorities that helped us to develop small and medium business in Georgia, there are grant programs through which the government is trying to encourage the entrepreneurship and the introduction of new, innovative technologies in this field. Our goal is to make sure that none of those people who have an interesting, global market oriented, high-tech, innovative idea / project are not left without the state support at the initial stage. Later on, the state will provide all the start-uppers as well as private investors to invest in startups and offer competitive and innovative solutions to world audiences,” - the First Vice Prime Minister, Minister of Economy and Sustainable Development of Georgia, Dimitry Kumsishvili stated at the presentation.

The First Vice Prime Minister expressed his gratitude towards Mercy Tembon and the World Bank's entire team for contributing to the country's economic development and continuous support of the state for their financial or technical assistance. “I would like to express my gratitude to them for the development and implementation of the Ecosystem Development Project, which provides 40 million USD worth financial support for promotion of initiatives and startups in the country,” – Dimitry Kumsishvili commented.

Co-financing grants are one of the most widely used instruments of funding, which is used to support innovation in developed and developing economies. The GENIE project includes co-financing grants for startups, which are intended for beginners / private and small enterprises with maximum 2 years of experience. The total budget for the grant competition amounts to 2 million GEL. Maximum amount of the requested grant shall not exceed a hundred thousand GEL.

“The Co-financing Program will increase the availability of finance for innovative companies. It will also give the Innovation and Technology Agency an opportunity to further develop the innovation ecosystem of Georgia and integrate experience in future programs,” – the World Bank’s Regional Director in the South Caucasus, Mercy Tembon noted.

Technology-based projects will be financed under the co-financing grants program. The Innovations and Technologies Agency of the Ministry of Economy sponsored 20 high tech startups within the state program of Enterprise Georgia and distributed 5000 GEL grants to 188 beneficiaries. In 2014, 17 beneficiaries received grants of up to 50 000 GEL.


Additional Information: 
The total budget for each grant competition amounts to 2 million GEL.

The co-financing grants program is intended for maximum one-year projects the total investment value of which does not exceed 100,000 GEL. At least 10 percent of the project budget shall be ensured by the applicant's cash.

Participants of the grant program should submit an application through the web portal at www.grants.gov.ge, where each application will pass 3 stages of examination. At the initial stage, the application will be checked in compliance with admissibility criteria. In case the application overrides the admissibility criteria, it will be examined by 2 international independent experts who will identify the finalists. 

Subsequently, the Innovations Agency will train the finalists for final presentations, which will be held before the Board of Investors. In order to ensure that we maximize the innovative projects in a transparent, objective and professional evaluation, the Innovations Agency involves internationally recognized professionals and experts in the assessment process. 

Conclusive assessment of the finalists will be made by the board of venture capitalists and angel investors, who will be presented from different countries of the world, including the epicenter of innovations – the Silicon Valley.
 




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