IT startup business gets support
16 December, 2010
IT startup business gets support

Memorandum of Intentions between 4 short-listed IT start up teams and investors was signed as an aftermath of IT Startup Days in Georgia, initiated by  the Ministry of Economy and Sustainable Development.
IT Startup Days in Georgia, a new program aimed to create an IT incubation environment in order to promote conception of competitive startups was launched on November 26, 2010 under initiative of the Ministry of Economic and Sustainable Development of Georgia (MOED).
The aim of the project is

to promote IT innovations in Georgia. The MOED is supposed to promote creation of new companies and corresponding environment for the implementation of the projects.
The program was composed of several steps as following: first step of the project was to hold events with the intention to increase activity and reveal incubation projects. Analogous projects are being successfully held in the USA, Europe and CIS.
Government expectation is to promote the participation of students of business schools and IT departments. They had the opportunity to create an innovative group based on cooperation.
Department of Communications, IT and Innovations of the MOED organized seminars and meetings for students and experts of business, computer sciences and IT departments of different universities in frameworks of IT Startup Days. Leading companies both from Georgia and abroad such as HP, CISCO, UGT and etc. participated in the program.
4 out of 8 projects in the final stage of IT Startup Days were selected by investors as the best and memorandums of intentions were signed ultimately between winners and investors on December 10, 2010.
“iFind.ge” (system for the comparison of market prices,) “On-Line Library” (System for selling e-books,) “Book Your Favorite Tickets” (System for booking tickets,) and “Social Net for Tourism” (touristic portal.) were the successful winner start up projects. Four investor companies including Synergy, UGT, ITDC, and Singular expressed their interest to invest in the winning projects.
According to Irakli Kashibadze, Head of Department of Communications, IT and Innovations of MOED, IT Startup Days had positive results and 20% of the ideas were financed. Moreover, the winner projects will be financed by all four investors at once. Besides, the cooperation includes not only financial investment, but is also providing the projects with advertisements on “myvideo.ge.”
Kashibadze accentuated that the Startup Days was the first, pilot version and that the event will be held in future every two months that will also increase the quality of proposed projects.

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