On 15 March, the EU Delegation to Armenia organised a site visit in Yerevan to get acquainted with the innovative companies and start-ups, which have received technical and financial support in the framework of the European Union's ‘Support to SME Development in Armenia’ (EU-SMEDA) project. The visit was attended by the EU Ambassador to Armenia Piotr Świtalski and a group of journalists.
During the visit, the EU Ambassador said: "There is a huge potential in the start-up ecosystem in Armenia as a driver for economic development and knowledge based growth. In particular, this is very interesting filed for the younger generation… The EU-supported cutting-edge start-ups that we visited today are a vivid example of the fast-growing competitive tech ecosystem in Armenia,” he added
Since 2017 the EU-SMEDA project, which is funded by the European Union under the EU4Business initiative and implemented by GIZ, has been supporting Armenian start-ups with two types of grant – Innovation Matching Grants (IMG) and Science and Technology Entrepreneurship (STEP) grants, through the Enterprise Incubator Foundation (EIF).
Project results within supply-side-oriented start-up support
- 224 new jobs were created due to participation in the programme
- 45 ideas in the market for new products and services
- 22 companies were newly established due to participation in the programme
- Additionally, an amount of at least €400,000 of investment was attracted
- 2,063 participated in trainings, workshops and boot camps
- 65 start-ups were supported
- 33 companies receive EU seed grants IMG and STEP
Both grants specifically target tech-oriented SMEs and projects. In the first cycle companies received 8 IMG and 5 STEP grants (selection in 2017) with up to €50,000 and €15,000 funding for 12 months. In the second cycle, companies received 6 IMG and 15 STEP grants (selection in 2018) with up to €30,000 for 9 month and between €4,000 and €15,000 funding for 6 months.
The EU-SMEDA project also supported the establishment of the Armenia Start-up Academy. As part of the three-month programme, implemented by the Catalyst Foundation, start-ups focus on customer validation and investor readiness. The Academy programme comprises three modules: start-up diagnostics, market selection and launch strategy, and preparation to market validation.
In addition, with EU-SMEDA’s support, Catalyst founded the Hero House as an entrepreneurship centre, which comprehensively contributes to the Armenian technology and start-up ecosystem development e.g. through the establishment of different initiatives on blockchain, quantum computing and artificial intelligence.
Within the Start-up Academy 3 batches have been enrolled and graduated so far: 41 teams have graduated, 120+ entrepreneurs were participating, 60+ mentors are involved, and 3 Demo Days have been held.
