Six Armenian start-ups will receive up to €35,000 in seed funding from the EU’s Support to SME Development in Armenia (SMEDA) project, which is implemented as part of the EU4Business initiative. These companies won the final stage of the EU-supported Innovation Matching Grants (IMG) competition, held on 29 June at the Vanadzor Technology Centre.
The 16 shortlisted start-ups had undergone a process of pre-selection, training and mentorship before taking part in the final stage of the competition, in which they pitched their innovative ideas and solutions to a jury consisting of professionals from the information technology and high-tech sectors from Armenia and abroad.
In addition to the seed funding grants, the winning start-ups will receive mentorship, have a chance to get acquainted with potential investors, and learn expertise in user-centred innovation commercialisation strategies.
The grants are provided under the EU4Business SMEDA project, which supports the improvement of the business and investment climate for small and medium-sized enterprises (SMEs) in Armenia. It aims to strengthen the private sector, support SME coordination mechanisms, and foster links between research institutions and the private sector, as well as providing access to finance for SMEs.