Within Grants program more than 20 new startup companies have been registered in Armenia and more than 150 jobs in the IT sector were created.
Ongoing support was provided in form of mentorship, technical assistance, as well as tax exemption benefits for startup companies.
During the program implementation, more than $1mln USD investment from venture funds, angle investors and other funds was attracted by the startup companies .
EIF’s matching grants program was implemented in the framework of E-Society and Innovation for Competitiveness (EIC) Project supported by Ministry of Economy and WAS intended to provide grants to support new solution, product, service or process adaptation, improvement and/or development, which would stimulate the rate of technology absorption, technology transfer, innovation and commercialization in the private sector, foster collaboration between research centers and industries and promote the development of new technology-driven companies across Armenia, with particular emphasis in supporting the development of viable technology enterprises in Gyumri and Vanadzor. Minimum amount of grant per initiative was 10.000 USD, maximum amount was 50.000 USD. Maximum duration of presented projects is 1 year.Learn More