Azerbaijan's State Oil Company (SOCAR) is placing particular emphasis on strengthening its corporate entrepreneurship environment and internal innovation mechanisms alongside large-scale investment and refining projects, Teymur Aliyev, head of SOCAR's Strategic Management and Innovation Department and SOCAR Innovation LLC, said on the second day of Baku Investment Day 2026, Report informs.
Aliyev said the company's first internal innovation program received more than 240 applications and ideas within three months of its launch.
"Our company has extensive experience in managing major projects and in oil refining. However, we needed support at the stages from idea development to entrepreneurship. Our internal program gives every employee the opportunity to put forward a creative idea," he said.
According to Aliyev, the submissions included small-scale improvements and initiatives capable of producing results in a short period. Although these do not always qualify as full-fledged innovations, he said they contribute to the development process.
The SOCAR representative noted that professionals with direct knowledge of industry challenges can sometimes achieve more effective results. He said the company had identified numerous promising ideas and patented projects that had not been developed further.
To strengthen the business skills of employees with scientific and engineering backgrounds, SOCAR organized incubation and acceleration programs with the support of SABAH.HUB, Viveka and other partners. These initiatives helped develop ideas to the Minimum Viable Product (MVP) and business-plan stages.
"Currently, we have eight startups operating internally, with the option of spinning them off as independent companies or retaining them as internal products," Aliyev said.
He added that SOCAR is also open to cooperation with local and international startups.
The company has launched the WIN (What Is Next?) program, which provides startups with a technology readiness level (TRL) of 5 or higher with opportunities to test their technologies.
The deadline for applications to the program is September 22. Aliyev said SOCAR can also provide financial support from its own budget, within certain limits, for implementing pilot projects.