Azerbaijani startup sold to foreign company

A foreign company has acquired Azerbaijani startup Nexsale, Report informs.

Chairman of the Board of the Small and Medium Business Development Agency (SMBDA) under the Ministry of Economy Orkhan Mammadov informed about the support and services provided to startups.

The sale of the Nexsale startup abroad will motivate and stimulate other local startups.

He said that the digital economy and the 4th Industrial Revolution also create favorable opportunities for startups:

"New technologies allow you to expand your business, enter new markets and increase turnover in a short time. Startups have the advantage of creating and developing new businesses using modern technologies and innovative approaches."

Mammadov noted that SMBDA provides micro and small entrepreneurs with a "Startup" certificate, which exempts them from income and profit tax for three years on their income from innovative activities. The agency also organizes exhibitions with the participation of startups.

"Startups enjoy the free training and consulting services of SME development centers, the portal www.kobmarket.az to boost their sales opportunities, and grants over education, science, research, and support," Mammadov said.