Business incubation center to appear in Mingachevir

By: Nigar Orujova

Another business incubation center will be created in Azerbaijan, this time in Mingachevir.

The center, under the High Tech Park will be established on the territory of Mingachevir Technopark, said executive director of High Tech Park, Seymur Agayev.

The work of the incubation business center will be organized on the principle of the business incubator acting in Baku that helps support innovative ideas and projects at a regional level.

“Currently, the Baku Business Incubator presented 40 projects, and the more successful projects will be, the more it will accelerate the process of attracting potential investments from other sectors into the IT sphere,” Agayev said.

“The efforts of our business incubator aimed to develop as many successful projects as possible, and their success is determined by the investment attractiveness. We hope that in the near future, the range of potential investors in start-ups will be expanded,” he added.

The High Tech Park has identified a number of possible areas of cooperation with potential investors. One of them is the possibility of participation of potential investors in the creation of an infrastructure fund for attracting investments in the infrastructure of the Park.

“Investors who will invest by mean of the Fund in the construction of offices in the High Tech Park can use tax benefits on the territory of Technopark. The use of tax incentives makes this area attractive to businesses. In this regard, we are working on the next steps and we hope that they will be successfully approved in the near future,” said the executive director.

Other areas include the establishment of cooperation with venture capital funds, stimulating creation of new innovative projects, transfer of the latest foreign technology transfers to Azerbaijan.

The Business Incubation Center of the High-Tech Park was officially inaugurated in Baku in December. The incubation center with a total area of about 2,000 square meters is located in the center of Baku.

The business incubation center’s participants are provided with computer equipment and internet access. If necessary, the center is ready to provide all necessary support for project initiators.

Only promising projects can claim to be developed in the incubation center. Once the project reaches the desired stage of development, the next step will be shifting them to the High Tech Park.

SOURCE: Azer News