Currently, Azerbaijan lacks financial mechanisms to finance startups.
According to Report, Minister of Digital Development and Transport Rashad Nabiyev stated this at a meeting dedicated to the unified action plan "New Digital Architecture of Azerbaijan," chaired today by President Ilham Aliyev.
"Currently, we lack financial mechanisms to finance startups-whether venture capital, crowdfunding, or other forms. A draft law has already been prepared in this regard, and the action plan envisages its adoption in the coming months. The market is currently represented by only three funds with a capital of 12 million manats, which does not reflect our market potential. That is, 12 million manat is invested by business angels. The 12 million manat is an investment that will be directed toward various startups, but this is not enough to develop the market. If the appropriate mechanism is created, I am confident that we will be able to stimulate market development both through local investors and by attracting foreign funds," he noted.
The minister also touched on the issue of human capital: "With regard to digital nomads and freelancers, it is necessary to implement more lenient approaches and apply tools that exist in global practice. I am confident that after discussions with colleagues and your (the president's) approval, significant steps forward can be made. The initial revenue of startups is also very important. A significant factor here is the extent to which the state itself purchases products created by startups. Certain mechanisms, reflected in the action plan, have already been established for this.
Dear Mr. President, you have already noted the importance of cybersecurity. In recent years, you adopted the Information and Cybersecurity Strategy, and all our work is carried out in accordance with this strategy. Last year, the work of the Coordination Commission on Information Security was reorganized, and I want to assure you that within the framework of this commission, all the country's cybersecurity tasks will be comprehensively addressed in the near future. Here, I would like to draw your attention to two points. First, the creation of industry SOCs – Security Opeartions Center – is extremely important. To achieve this, it is necessary to create an appropriate legislative framework. At the same time, The creation of CERTs - Computer Emergency Response Team - is important at this time, and the relevant provisions have already been included in the action plan."