The press conference on February 5, 2018 announced the start of the Science and Technology Angels Network (STAN) created upon the initiative of the Foundation for Armenian Science and Technologies (FAST).
The purpose of the Angels Network is to facilitate joint investments in science and technology startups in Armenia, as well as to share and engrave the best international practice in the country.
The initiative has united 18 investors and entrepreneurs of Armenian descent from Armenia and abroad, that in addition to financing, offer advice and mentorship to Armenian startups, as well as introductions and connections for their development. Minimum annual investment is set to $10,000 per member for the first four years of the network’s operation.
Starting from the fifth year of operation the minimum annual investment will be set to $20,000.
FAST assists in setting communication between the network and the startups, and supports in further development opportunities, organizes pitching and other events, provides legal support, and performs due diligence assessment of startups. “We are not your typical ‘angels’.
The ‘business angels’ invest in companies in the early stages, when the entrepreneur has realized the idea and needs additional funding. We focus on quality and not quantity, so we will prioritize startups with scientific and technical base that contribute to the development of these areas not only in Armenia, but worldwide.
We will give more than money: our time, knowledge, and experience,” said STAN Co-chair Ruben Arutyunyan. “We can help with not just financing, but experience and knowledge as well. All 18 investors in our network are people with vast experience in various areas,” said STAN co-chair Igor Khalatian.
“It is extremely important that these businesses come from science, so that the invested money goes to science, and a scientist, who makes a discovery, gets a chance to commercialize it and takes it to the global market. We aim to build connections between business and science,” said FAST co-founder Arthur Alaverdyan.
“I’m pleased with this addition to ecosystem and with the fact that the Foundation will support people who develop mechanisms that can be helpful to Armenia’s scientific and business communities,” highlighted FAST CEO Armen Orujyan.