Among all the opportunities that arise from the 4th Industrial Revolution, is access to knowledge. Intellectual resource capitalization is the future of Georgia. The revolution happens in an independent country inside a comprehensive ecosystem. I am proud to look at the results of the young startup ecosystem of Georgia!
Ecosystem by the numbers
Access to Funding
Startups in Georgia benefit from a robust grants program offered by Georgia’s Innovation and Technology Agency (GITA). Over 70 startups have received a total of ~$2.1 million in funding through the Startup Matching Grant program, while ~10 startups have raised a similar combined funding through the Innovation Matching Grant program. These startups span sub-sectors such as AI, Gaming, Fintech, and Life Sciences among others. One of the strongest startups in AI is Pulsar, which has received $1.2 million in investments from Silicon Valley venture funds and other private investors. Additionally, Georgia is home to Optio.ai, a finance chatbot applying AI and data analytics. It is a beneficiary of one of the biggest grants and in 2019 received a further$32,000 grant from GITA and the World Bank, 2 years after raising a $30,000 seed round.
Georgian startups are also supported by a diverse innovation infrastructure, including technological parks, innovative centers and laboratories, university incubators and platforms. 500 Startups launched in Georgia in partnership with GITA and the Bank of Georgia to accelerate local talent and help companies scale faster. A series of bootcamps have been launched for high school students to learn about technology and entrepreneurship.
Reasons to move your startup to Georgia
Ease of Doing Business
Georgia ranks 1st in Europe and Central Asia in the World Bank's ease of doing business 2019 report and allows businesses to open in 1 day. The country has no restrictions regarding foreign ownership of companies.
ICT Training Program to Strengthen the Labor Market
GITA is supporting ICT development within the ecosystem, including capacity building of 3,000 ICT professionals over the next 3 years.
GITA announced a Small Grants Program for entrepreneurs to tackle problems caused by COVID-19. The program allows entrepreneurs to create and/or test a prototype of a solution addressing social, health, e-education, e-commerce, e-service or other challenges caused by the spread of the virus. GITA also ran hackathons to promote medtech, agtech, monitoring and edtech solutions.
Georgia Innovation and Technology Agency (GITA)
Georgia's Innovation and Technology Agency’s mission is a formation of an ecosystem which improves all kinds of innovations and technologies in our country, to promote a commercialization of knowledge and innovations, to stimulate using them in all fields of economy, to create an environment for the growth of innovations and high-tech products and developing high-speed internet nationwide.
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