MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Innovation and Technology Agency of the Ministry of Economy and Sustainable Development announced the winners of the 150000 GEL Co-financing Grant Program for the ninth time. Vice Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili attended the award ceremony.

“Selection process was successfully completed under the fair and competitive conditions. 20 winning startups will take the first steps on the way to international success. We certainly have other tools to help such companies to succeed and establish themselves internationally. I believe that the rapid development of the economy is directly related to innovations, and our Ministry, as the Innovation and Technology Agency is its structural unit, plays a very important role in this process,” – Vice Prime Minister noted.

Levan Davitashvili highlighted that state funding programs and the ecosystem created within it have already brought significant results – according to the current data, state-funded startups have attracted over 350 million GEL of private foreign investments in the country.

In 2022, the volume of the co-financing grants program was increased from 100 000 GEL to 150 000 GEL. From the received applications, foreign experts, specially selected for the co-financing grants program, identified the finalists, who were trained by foreign trainers to present their ideas before the Investment Commission.

The goal of the program is to develop innovative products and services with international potential in Georgia, their commercialization and stimulation of the creation of innovative enterprises.