On 15 March, the EU Delegation to Armenia organised a site visit in Yerevan to get acquainted with the innovative companies and startups which have received technical and financial support in the framework of the European Union’s “Support to SME Development in Armenia” (EU-SMEDA) project. The visit was attended by the EU Ambassador to Armenia Piotr Świtalski and group of journalists.
During the visit the EU Ambassador mentioned: “There is a huge potential in startup ecosystem in Armenia as a driver for economic development and knowledge based growth. In particular, this is very interesting filed for younger generation”. “The EU supported cutting-edge start-ups we visited today are a vivid example of the fast-growing competitive tech ecosystem in Armenia”, he added
Since 2017 “Support to SME Development in Armenia” (SMEDA) project, which is funded by the European Union under the EU4Business initiative and implemented by GIZ, has been supporting Armenian startups with two types of grant – Innovation Matching Grants (IMG) and Science and Technology Entrepreneurship (STEP) grants, through the Enterprise Incubator Foundation (EIF).
Project results within supply-side-oriented startup support
- 224 new jobs were created due to participation in the programme
- 45 ideas in the market for new products and services
- 22 companies were newly established due to participation in the programme
- Additionally, an amount of at least 400,000 Euro of investment was attracted
- 2,063 participated in trainings, workshops and boot camps
- 65 startups were supported
- 33 companies receive EU seed grants IMG and STEP
Both grants specifically target tech-oriented SMEs and projects. In the first cycle companies received 8 IMG and 5 STEP grants (selection in 2017) with up to 50k and 15k Euro funding for 12 months. In the second cycle companies received 6 IMG and 15 STEP grants (selection in 2018) with up to 30k for 9 month and between 4-15k Euro funding for 6 months. The EU-SMEDA supported also the establishment of the Armenia Startup Academy. Within the programme implemented by the Catalyst Foundation startups focus in the 3-month programme on customer validation and investor readiness. The Academy programme comprises three modules: startup diagnostics, market selection and launch strategy, preparation to market validation. In addition, with EU-SMEDA’s support, Catalyst founded the Hero House as an entrepreneurship center which comprehensively contributes to the Armenian technology and startup ecosystem development e.g. through the establishment of different initiatives on blockchain, quantum computing and artificial intelligence. Within the Startup Academy 3 batches are enrolled – and graduated so far, 41 teams graduated, 120+ entrepreneurs were participating, 60+ mentors are involved, and 3 Demo Days are held.
