Agency official: Azerbaijan improved legislation on venture financing

Four innovation centers have been opened in Azerbaijan this year, according to Taleh Karimli, head of the Innovation Ecosystem Department at the Innovation and Digital Development Agency under the Ministry of Digital Development and Transport, Report informs.

Karimli made the remarks at the award ceremony of the IDDA Awards competition organized by the agency.

He noted that the centers were established in Nakhchivan and Ganja, in cooperation with the Azerbaijan State Oil and Industry University, as well as the Anderson Lab innovation center.

Karimli also said that a number of efforts have been carried out with relevant institutions to establish a legal framework for national venture financing, adding that certain improvements to the legislation in this area are currently planned.

In addition, four hackathons, six incubation programs, and two other innovation programs were implemented across five universities. Cooperation has also been launched between the agency and the US-based Plug & Play innovation platform.

He added that several initiatives were carried out in the field of talent development. As part of these efforts, 38 specialists obtained 45 international certificates through the Global Innovation Institute, eight institutions received international accreditation, and 62 academics completed teacher and mentor training programs in academic entrepreneurship.