The establishment of the Innovation Agency will be the beginning of a new stage in the innovative development in Azerbaijan, Deputy Minister of Transport, Communications and High Technologies Elmir Valizade says. According to him, taking into consideration the rapid developments in the entire world, the establishment of such an agency is of utmost importance for our country. Elmir Valizade noted that the new agency will play an important role in the implementation of centralized policy in the innovative development and in coordinating the activities of all stakeholders.
“The agency’s scope of activities are extensive. First of all, work will be carried out in order to introduce new technologies to new entrepreneurship subjects. At the same time, a knowledge transfer will be realized in order to provide financial support to these businesses, including start ups. Moreover, the existing projects will be introduced to the entire world. This agency will also apply the new venture financing mechanism in our country,” Elmir Valizade said.
Elmir Valizade said that the new venture financing mechanism will give an impetus for the further development of startup businesses in Azerbaijan. He mentioned that a new innovation center will be built under the Innovation Agency.
“Currently, work is being carried out in this regard and the necessary support is being rendered by the Innovation Agency. It will be possible to enter the world market by utilizing the services provided by startups, technology and knowledge transfer centers. Steps are being taken in this direction as well,” Elmir Valizade added.
Azerbaijani President Ilham Aliyev signed a decree on the establishment of the Innovation Agency under the Ministry of Transport, Communications and High Technologies of Azerbaijan. According to the decree, the Agency is a legal entity, which will support scientific research, encourage innovative projects, finance them via grants, concessional loans and investments in authorized capital and promote innovation initiative.