Baku. 22 February. REPORT.AZ/ Baku Business Factory and British company TransTech Capital LLP signed memorandum of understanding (MoU).
Report informs, BBF Director Alovsat Muslumov, Board Member Anar Askerov, TransTech Capital Main Partner Simon Robeson and Venture Partner Mahmut N.Sinoplu, Ambassador of United Kingdom of Great Britain and Northern Ireland in Azerbaijan Carole Crofts, Trade Envoy of Prime Minister of United Kingdom of Great Britain and Northern Ireland to Azerbaijan Baroness Emma Nicholson, representatives of embassy, as well as members of projects supported by BBF attended the event.
At the opening of signing ceremony Alovsat Muslumov told that nowadays we witness rapidly growing interest of Azerbaijani youth in business: “The reason is upward economic trend, as well as growth of number of public and private organizations supporting startups. Large amount of work has been launched in Azerbaijan to direct young people towards innovative types of business”.
He noted that Baku Business Factory is a business incubation center with social mission, which provides support to young people with business ideas in various sectors and gathers them together: “Our main purpose is to develop business thinking of young people with business-oriented ideas and to provide them systematically with material and technical base. In this way, we, as a private sector, try to support numerous successful programs implemented by government aimed at strengthening national economy through diversification and support to development of non-oil sector”.
A. Muslumov emphasized development of international relations aimed at finding support for access of startups to world market and holding international exchange of experience as one of their priorities: “For this purpose, we have held number of meetings with representatives of governments and companies, and today we are happy to sign Memorandum of Understanding with TransTech Capital. Main subjects of our agreement – training programs, mentoring services, future deal flow share, funding, potential future co-investment, technological support and other collaboration opportunities are important factors not only for startups, but also for BBF itself, in terms of development and utilization of international experience”.
Simon Robeson in his speech stated that TransTech is an investor in science and engineering innovation: “In the UK, we invest in start-ups and in businesses at a later stage of development. We have been doing this since 1983”.
He told that the signing of the MoU signifies TTC & Baku Business Factory’s desire and commitment to make available their respective knowledge and networks for the benefit of innovative companies in Azerbaijan and to support each other in this endeavor: “The combination of TTC & Baku Business Factory’s expertise has the potential to provide the vital ingredients “to make great soup”.
He underlined support of British Embassy in Azerbaijan in establishment of this partnership: “We thank them for this leadership. We would also like to thank Baroness Nicholson, the British Prime Minister’s Trade Envoy, for taking time out of her busy schedule to lend her support to this important initiative”.
Trade Envoy of Prime Minister of United Kingdom of Great Britain and Northern Ireland to Azerbaijan Baroness Emma Nicholson in her speech underlined successful development of Azerbaijan. According to her, Azerbaijan and Great Britain have broad ties and cooperation between two countries develops with rising trend. Baroness Emma Nicholson noted that Baku Business Factory is the birthplace of new ideas and startups of young people are stimulated here. According to her, memorandum of understanding signed by TransTech Capital and Baku Business Factory will contribute to development of ties between two countries.
Within the document signed today, BBF and TransTech Capital will collaborate in making a positive and sustainable impact in helping Azerbaijan to make the most of its science and engineering potential.
Collaboration of partner companies will include IT training, mentoring, future deal flow share, funding, potential future co-investment, etc.
Baku Business Factory (BBF) was established by Mr Anar Alizade in May 2015. The main purpose of the company is to support youth business initiatives with its mission being to develop business-thinking of young people with business ideas, and provide them with financial base in order to help develop new business skills in Azerbaijan. As such, young people with new ideas as well as entrepreneurs can realize their ideas or start-up businesses in various business fields at BBF where they are allocated office space at BBF’s premises with communications facilities, as well as being given mentor’s assistance, financial support and different trainings. BBF has recently decided to start a technology unit which aims to focus on helping young people with new ideas and projects based on innovative science and engineering intellectual property.
TransTech is a science and engineering innovation company that works with many of the UK and Europe’s leading technical research institutes and science and engineering focused academic institutions. It is a part of the award-winning MTI Partners that has been investing in science and engineering led technology from universities since 1983 and its team consists of experienced leaders in the technology sector with considerable experience and problem solving capabilities. TransTech is an expert in the design and implementation of clear and universally accepted technology commercialization procedures and is focused on transferring its networks and science and engineering innovation and commercialization expertise to academic institutions and other key sector participants in the Republic of Azerbaijan.