Students of Azerbaijan Technical University become winners of next startup tour

A startup tour was held today at Azerbaijan Technical University within project "From Idea to Business".

At the beginning of the event, detailed information was provided on the startup tours implemented within the framework of the project "From Idea to Business".

It was noted that the purpose of the project "From Idea to Business" is to promote the expansion of the startup movement and the realization of citizens’ innovative ideas.

Company Azercell is the key partner of the project, which is implemented jointly by the Ministry of Transport, Communications and High Technologies, the Regional Development Public Union of Heydar Aliyev Foundation, Azerbaijan Youth Foundation, the United Nations Development Programme and Microsoft Corporation.

Speaking at the event, the vice-rector of Azerbaijan Technical University, Professor Subhan Namazov, welcomed the participants of the startup tour and wished them success on behalf of the acting rector of this university, Professor Khaliq Yahudov.

The vice-rector noted that the project "From Idea to Business" is of great importance in terms of the popularization of innovative thinking in our country and the acquisition of teamwork skills by young people."

The executive director of the State Fund for Development of Information Technologies of the Ministry of Transport, Communications and High Technologies, Elchin Zeynalov, and the representative of Azerbaijan Youth Foundation, Ramil Mammadov, also spoke about the significance of the project "From Idea to Business".

Within the startup tour, training for the participants, which covered issues such as the formation of startup teams, proper preparation of project presentation, ways of selling the project to investors and market research, was held.

Following the training, 13 teams comprised of participants were formed and the teams were trained for the competition by professional mentors.

The schemes of these projects were developed separately according to the Canvas business model. It should be noted that this model is very important for the preparation of business plans in the field of entrepreneurship as it is simple and unique.

Then, the teams presented their projects to the jury within 3 minutes. The jury evaluated the projects according to the criteria of "Idea", "Innovation", "Technology" and "Accessibility".

According to the results of the competition, the jury determined the top three winners. Projects EAGLE 1, Miracl crystale, and Jast-Discover took the first, second and third places, respectively. At the end of the event the winners were awarded and won the right to participate in the National Final to be held in Baku on October 8.

It should also be noted that the winners of the first, second and third places in the National Final will be awarded by the organizers and partners, as well as be provided the opportunity to present their projects within 24th Bakutel International Telecommunications, Innovations and High Technologies Exhibition and Conference.

The winners must develop the prototype of their projects before December 4-7, prior to the exhibition and conference.