In November 2020, the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan and 500 Startups signed a Memorandum of Understanding on cooperation and the implementation of programs for the development of startups and venture financing in Azerbaijan. The program is now coming to an end, and will have a show case meeting on September 9.
Sponsored by PASHA Holding, the main goals of ‘Azerbaijan 500 ASAN Startup’ program were:
- accelerate the development of the startup and innovation ecosystem in our country
- help create enthusiasm and impulse for innovative entrepreneurship among potential startup founders in the country
- expand opportunities for local startups to enter the global market and get access to foreign investors
During this program:
- Almost 1300 applications were received from Feb 15, 2021 until Mar 19, 2021. 51% male, 49% female applicants
- Out of those applicants, 370 of them have been accepted to the first part of Phase 0. During Phase 0 those participants attended live sessions led by mentors from 500 Startups network.
- Out of 370 participants, only 53 participants have been accepted to the next stage, where they were forming teams. As a result, 18 teams were formed.
- During Phase 1, 18 teams were introduced to the basics of entrepreneurship through online lectures, Founder Hour sessions, Fireside Chat with invited guests and individual sessions with mentors. As the result of Phase 1, only 10 out of 18 teams have been selected to continue to Phase 2 and 3.
- During Phase 2 and 3, teams were working on customer development, growth experiments, as well as building the initial prototypes of their products. During these phases founders were taking online lectures, attending sessions with our invited speakers, doing assignments and attending office hours with their assigned mentors.
The graduating teams of the inaugural cohort, 2021
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