The state stimulates Armenia’s startups to develop ideas
The high-tech sector is one of the most promising, even despite the significant slowdown of the IT market. In many countries, special programs have been created to support representatives of the segment, which stimulate the development of technology companies. An example of this is Armenia’s startups, which are getting more and more attention from the local authorities.
First of all, state support applies to projects in the sphere of high technologies. The number of such startups in Armenia increased by 70% in 2022. But not all ideas receive funding – they need to present their project and prove its viability.
Among local startups that succeeded in participating in the state program is a developer of a self-diagnostic device. This device helps measure a person’s body temperature, saturation, and other important health indicators. The IT specialists created their product together with doctors, so the device can be used in medical practice. The device is easy to use and will be useful for people to self-diagnose and consult with doctors online.
The authorities allocated 10 million drams to representatives of the startup. The funds will be used to produce devices and commercialize the project.
The state program to support startups singles out medical development as one of the top priorities. Another project of the Armenian developers is a platform for medical education. It is oriented toward doctors and contains a huge number of seminars and lectures. You can listen to them online, without having to leave your country or your workplace. The platform has been in existence for a short time, but during this period, 10% of the country’s medical professionals have become its users.
It should be noted that financial support for startups plays a decisive role in whether the project will exist or not. It is quite difficult to obtain funds from investors or a bank since the risks of investing in startups are extremely high. A great solution, in this case, is support from the state. For this purpose, the Center for Innovation and Entrepreneurship was created, which not only finances interesting ideas but also accompanies startups at different stages of their development. For example, the center helps to present its product correctly, organizes meetings with venture capitalists, and advises on the commercialization of the product.
The program of high-tech sector support is already yielding results. Within two years more than a thousand startups became participants in the program, many of which continue to actively develop.
If we consider the IT market of Armenia and its prospects, the experts highly evaluate its success over the last few years. On average, the sector grows by 23% a year, which is a rather good result for the country.