The International Bank of Azerbaijan has completed the first startup program of IBA Innovation Center, which fosters the development of innovative ecosystem of our country. 12 teams, selected on the basis of a competition, passed the incubation stage at the center. Main proportion of the projects incubated at the program relates to the field of financial technologies (FinTech). Teams participating in the first IBA Regional Hackathon, that was held last year by the initiative of the International Bank of Azerbaijan, were among the first residents of the center.
During incubation period, the teams received a range of capacities such as mentoring, coaching, technical support, and the necessary infrastructure. Professional mentors and consultants with international experience in the development of startups extensively worked with the residents of the program along their startup building journey. Meetings were held with clients to understand market settings and needs.
The International Bank of Azerbaijan also established the IBA Investors Club. The club is designated to provide start-ups an access to initial capital during the fundraising period, as well as an access to a pool of start-ups for its club members. At the moment, the club is holding meetings with individual investors, discussions are underway on the fundraising for projects. All necessary conditions had been created to boost the development of ventures represented at the incubation program.
On February 27, an online presentation of start-up projects will take place. Those interested can get closely acquainted with start-up projects and evaluate investment opportunities by registering in advance.Link for video