BAKU, Azerbaijan, August 20. The number of venture funds in Azerbaijan is set to increase, Farid Osmanov, the Chairman of the Innovation and Digital Development Agency (IDDA), told reporters, Trend reports.
Speaking at the final presentation of an innovation program held in the regions, Osmanov noted that three venture funds have already hit the ground running in the country, and efforts are in full swing to grow their numbers.
He added that more than 30 startups have received investment projects, with further cooperation being carried out alongside relevant institutions to broaden these initiatives.
“There are numerous critical components for establishing a robust innovation ecosystem within our nation.” One of them is facilitating startups with streamlined capital acquisition mechanisms and optimizing their pathways to fiscal resources. Considering the global landscape, ongoing initiatives are being executed in the domain of venture capital financing and investment evolution,” Osmanov underscored.
A venture fund (also known as a risk capital fund) is a financial vehicle that invests in startups and early-stage companies with high risk but strong growth potential. In simple terms, venture funds back projects that do not yet have a strong market presence but demonstrate rapid development prospects.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel