“The development of an innovative startup ecosystem is a top priority of the Georgian government’s economic policy,” said Irakli Nadareishvili, Deputy Minister of Economy and Sustainable Development.

According to Nadareishvili, the government has been actively involved in supporting the ecosystem by making financing accessible. The Deputy Minister assessed the progress of the GEL 150,000 co-financing grant program organised by the Innovation and Technology Agency, and remarked that over 250 startups received grant financing in recent years.

He further noted that economic benefits generated by startups funded by state grant programs exceeded GEL 700 million. Fifty participants of the GEL 150,000 co-financing grant program were selected from 150 contenders who submitted their business ideas through the online portal www.grants.gov.ge. They underwent re-training in business management, budgeting, and market research. The winners will be announced on September 17. These startups will have the chance to enhance their business growth and expand their products to global markets.

“This program and many other activities, with the government’s support, have ensured that today Georgia has truly established itself as one of the main centres of attraction for technology startups and technology companies in the region. The government’s role in this direction increases. At the end of this year, four new international high-class accelerators will enter Georgia that will further contribute to bringing the Georgian ecosystem and startups closer to global markets and accessibility to international investors,” Irakli Nadareishvili stated.