Innovations and Technology Agency Announced Co-financing Grant Program

Innovations and Technologies Agency of the Ministry of Economy and Sustainable Development announced the Co-Financing Grants Program within the framework of the World Bank’s Project Georgia National Innovation Ecosystem (GENIE). Minister of Economy and Sustainable Development of Georgia, George Kobulia opened the event. World Bank Regional Director for the South Caucasus Mercy Tembon, as well as the representatives of the diplomatic corps and state structures as well as the winners of the previous program also attended the event. George Kobulia expressed gratefulness to the World Bank and its team for their facilitation in the field of innovations and startups in Georgia.

George Kobulia highlighted the importance of the development of the new technologies and the innovative products in Georgia. As the Minister noted, Georgia has a small economy and therefore, it cannot be focused on large-scale economic projects. “Small and medium size enterprises as well as the high value added businesses and projects are of special importance to us. In these terms, the development of the innovations and technologies plays an important role. We want Georgia to have more technologically innovative business that will create a very high value and at the same time, will be the  export-oriented. This will result in foreign currency inflow, which is very much needed now and is a basis for creating high productive jobs,” – George  Kobulia stated.

The Co-financing Grants Program is announced in Georgia for the second time and the total budget for this grant competition equals to 2 million GEL. Maximum amount of the requested grant should not exceed 100 000 GEL.

The goal of the competition is to stimulate the creation of innovations and innovative enterprises in Georgia through the development and commercialization of the innovative products and services that have a potential on the international potential. The GENIE project includes co-financing grants for the startup SMEs with maximum 2 years of experience.

Minister of Economy and Sustainable Development wished success to the participants. George Kobulia said that this is the case when the participation is of same important as winning. “Of course, not everyone will win, but believe me, all the participants will get a unique experience that will help them in the future in terms of acquiring new knowledge and establishing new contacts,” – the Minister noted.