As part of an EU funded program designed to increase the resilience of Syrian Armenians and host population (IRIS), IRIS Business Incubator has been established in Armenia by Armenian Caritas Benevolent NGO and SME Cooperation Association.
The goal is to support the development and effective management of newly established and existing ventures operating in diverse economic sectors, IRIS Business Incubator Project Manager Narine Terzyan told a news conference today. She said all interested applicants are invited to submit applications for business ideas for the incubation program.
She said the overall budget of the EU IRIS Program is €3,3 million (€3 million funded by the EU Regional Trust Fund in Response to the Syrian Crisis, the ‘Madad’ Fund), out of which €1,9 million are allocated for the IRIS Business Incubator.
She added that the IRIS Business Incubator aims to become a tool for sustainable development of future generations of start-ups and will stimulate the culture of entrepreneurship by bringing positive change to the business culture of Armenia through innovative approaches.
The mission of the IRIS Business Incubator is to enhance the economic integration of Syrian-Armenians and host population through raising the competitiveness of the local economy by stimulating innovation and entrepreneurial spirit in Armenia.
IRIS Business Incubator provides a unique full cycle of business support services to Syrian Armenians and local entrepreneurs, including training, coaching, mentoring and access to finance with grant and loan funds, as well as a co-working area located in the downtown of Yerevan.
The potential residents of IRIS Business Incubator are self-employed Syrian Armenians, repatriates and locals with business ideas, as well as start-ups and small and medium-sized enterprises (SME).
IRIS Business Incubator offers three different programs of incubation: Spark, designed for self-employed people who do not know how to create a business. After special training they will be able to apply for grants of up to 2.5 million drams. Build- for startups with work experience of no more than three years. They will be provided with support in the implementation of business ideas, as well as the opportunity to receive grant assistance and a loan and Start- for SMEs with an annual turnover of up to 100 million drams to ensure the stability of the business. They can apply for a loan of up to 10 million drams. The full cycle of incubation lasts around one year depending on the program.
Terzyan said after filtering about 35 business initiatives will be chosen for the first stage.
Some 24 thousand Syrian Armenians have moved to Armenia since the start of the Syrian crisis, of whom 16 thousand are said to have remained in Armenia. The main problem they face here are the housing problem and lack of knowledge about how to create a business.
