Winner of “Baku Startup Competition 2012” revealed

The final of the Baku Startup Competition 2012, conducted for the first time in Azerbaijan, was held at “Rast” hall of “Four Season” hotel. Within the framework of the Baku Startup Competition 2012, which turned out to be a significant event in Azerbaijan’s venture market, presentation of 3 finalist projects and rewording of the competition winner were held. Let’s note that Infipro Inc. company - organizer of startup competition - is the only business structure, which makes long-term, high-risk and venture investments in innovation projects in Azerbaijan.

The competition organized by Infipro Inc. company achieved its ultimate target. Azerbaijan internet business, which is still in its infancy, was given a strong impetus for development. Innovation owners were given an opportunity to apply to relevant structures in order to commercially realize their ideas. Startup companies represent an integral part of modern business, and their emergence in Azerbaijan was matter of time.

Therefore, any complaints about the lack of necessary opportunities and conditions for realizing innovative ideas or developing startup businesses shouldn’t be taken seriously. As to the conditions of the competition, participants were required to indicate the main directions of their activities, make a simple and convincing presentation of their ideas, provide detailed description of their services, present structure of costs and, most importantly, provide evidence of commercial viability of innovation projects. The final part of Baku Startup Competition 2012 was opened by the executive director of Infipro Inc. company Eldar Abbasov. In his statement E.Abbasov said that the attitude to innovation projects has changed in the recent years, and that the information and communication technologies sphere is a priority direction in Azerbaijan’s business life.

Members of panel – president of “SINAM” company Elchin Aliyev, head of “Caspian Capital” business incubator Rasim Aliyev – also made statements at the activity. After the introductory part was over, the finalists of the competition made presentations of their projects in front of nearly 100 guests, who had gathered at “Rast” hall of “Four Season” hotel.

Fargan Mehdi and Elnur Ibrahimzade made a presentation of “Brandbook” project, which belongs to the internet trade category. The idea of their project was to create internet portal at Turkish Markafoni or Russian KupiVİP.ru type Private Shopping Club.

Then, Teymur Kuseba presented its “RA Electronics” project, which belongs to the social, ecology category. He presented to the guests a green technology-based portable multi-filling device. After that Rahman Mammadov made a presentation of “NEWO” project, which belongs to the program software category. The idea of the project was to use Augmented Reality technology in advertizing and tourism businesses.

“NEWO” project was announced a winner of the completions. Under the conditions of the competition the size of investment package for the winner of the competition varies between 10,000 and 100,000 US dollars, depending on project specifications. After determining the exact size of the investment package, financing of the project will be carried out, according to the project authors’ business-plan.

The product will go through factory trials, and its production is expected to begin in 6 months. Infipro Inc. company informed that it will announce a new competition in 2013. This means that the support provided to Azerbaijan’s venture market will increase, and the number of startup projects will grow.

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