Page 51 - Azerbaijan State University of Economics

Odiljon Abdurazzakov: Role of technology transfer catalysts in stimulating
innovation: how to apply finnish experience to emerging economies

administration of HTP. HTP also facilitates networking opportunity for startups and
resident firms as well as entrepreneurs, investors and international experts who are
invited as guest speakers to HTP.
Although HTP does not offer any form of financing to startups, it helps
founders to find and engage with investors locally and internationally by supporting
their trips to pitch days internationally. Some of the startups at HTP have received
investments to develop alpha and beta products. Founders have also received grants
through ICT Fund of the Ministry of Communications and High Technologies of
Azerbaijan. Success cases of startups from HTP include Nuush.az (an online food
ordering service), Code Academy (coding bootcamp), Neuron Technologies
(provides ICT based innovative solutions), Bilikli.net (online test preparation
service). Moreover, internationally known startup company WeTravel (wetravel.to)
is managed from Silicon Valley, but much of its development takes place at HTP.
QU Techno Park was founded by Qafqaz University in 2013. In addition to
startups, it houses around 10 residents. It admits new cohorts of startups once a year
through “New Idea Competition” which was launched in 2013. It was the first
incubation center established at a university. Qafqaz University supports winners of
the competition by providing seed capital , and other resources like office, internet,
and laptop for one year with no stake in return. Mentorship and training schemes
consists of trainings and seminars on entrepreneurship and innovation by both local
and international experts. Resident firms also provide mentorship and exchange
experience at all possible circumstances. When startup proves to evolve into a new
firm they also receive help to raise additional funds and access to the necessary
network to start operating in the market. New Idea Competition admitted 22 projects
to the incubation center out of 410 applications since its foundation. A number of
successful startups like Emedia (provides experts‟ video answers to the questions),
BethClip (synchronizing clipboard with multiple devices, enabling you to have
access to the same data) already have started selling their services.
Next Step Innovation Center: Founded by three entrepreneurs, Next Step is
a private incubator that invests in new technology ideas. The founders of Next Step
include three established businessmen in Azerbaijan. Given their significant
business experience, the founders bring valuable experience to the accelerator. Next
Step has recruited two mentors – serial entrepreneurs with experience in Silicon
Valley. The accelerator started operating in 2015 and has selected 5 teams to its
accelerator program. New cohorts are admitted three times a year. Applicant teams
must fill out an online application. Selected teams are invited for a pitch and
successful teams are invited for an interview with the mentors. Teams are not
required to submit business plans.

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