Armenia StartUp Cup 2016 brings innovative business models together

PanARMENIAN.Net - The Armenia StartUp Cup National Challenge launched for the fourth time in Yerevan on September 10.

The competition aims to foster entrepreneurship through business consulting, create new jobs through start-ups and raise awareness about the resources available to set up new enterprises in Armenia.

The first round of the competition started with the Extreme Build-A-Business Weekend 2-day workshop, during which 40 consultants and mentors from Armenia shared their experience and in-depth knowledge with 100 start-ups previously selected from Yerevan.

Armenia StartUp Cup was brought to life with the help of active involvement of participants not only from Yerevan, but also from regions and communities of Armenia and Artsakh. 156 start-ups from 12 cities of Armenia (Yerevan, Gyumri, Vanadzor, Dilijan, Ijevan, Noyemberyan, Armavir, Ararat, Spitak, Talin, Vardenis and Stepanakert) are competing for the first prize.

During the competition the participants presented to the jury innovative business ideas aimed at the development of cloud computing, clean energy, e-commerce, education, health, tourism, transport, agriculture and other industries. Business consulting helped them transform their business ideas into feasible business models in line with market demands.

25 projects were selected at the end of the 2-day workshop. Given the efficiency and interest sparked by the projects, another 15 runner-ups were given the opportunity to compete for the second round, thus bringing the total number of the finalists of Extreme Build-A Business weekend from Yerevan to 40. The majority of the selected projects aimed to enhance the effectiveness of IT, agriculture, transport, tourism and health sectors in Armenia. The regional round of the competition will take place in Dilijan, on September 25, and the final round will be held in Yerevan on November 15.

The winner will be awarded AMD 1.5 million that can include auditing, consulting on accounting, financial issues, marketing and management, and services for business development. The winner will also have a unique opportunity to represent Armenia at the World StartUp Cup 2017, competing with the winners of national challenges from more than 72 countries.

The second and third place winners will get AMD 1.000.000 and AMD 500.000 worth awards respectively and will also get a chance to present their businesses to venture companies and angel investors at the World StartUp Cup 2017.

The organizer of the competition is the IAB International Academy of Business, the mission of which is to ensure the development and growth of human resources in Armenia and the region by providing consulting and training services.

“The primary goal of Armenia StartUp Cup National Challenge is to build a more advanced business community through quality training. Open to any business idea, this important initiative helps unveil and foster the existing entrepreneurial potential and position Armenia in the international market. The geography of the competition is expanding year by year, which is, of course, encouraging. It is an honor for us to be the organizer of such an important event”, the organizer of the event and the director of the IAB International Academy of Business, Araksia Martirossian said.

The partners of Yerevan Extreme Build-A-Business weekend are Best Western Congress Hotel, MegaFood Company, BizNest Entrepreneurship Center and Deem Communications. The 2.5 month acceleration program has many other supporters and partners, among which are UWC Dilijan, Dilijan Community Center, Tavush Regional Administration, Enterprise Incubator Foundation, Gyumri Technology Center, Vanadzor Technology Center, Union of Young Businessmen of Armenia and ARMACAD company and the numbers of partners keeps growing.