Sevan Startup Summit 2017 will be held on July 24-31st, with more than 1000 participants set to take part in the major startup event on the shores of Lake Sevan in Armenia’s Gegharkunik province.

70 startups will compete for a $40,000 prize fund, the Union of Information Technology Enterprises said in a statement.

More than $200,000 will be invested in startups by angel investors and VCs, while the summit will be concluded with a Grand Beach Party to celebrate the achievements.

“The summit will offer a great opportunity to meet with successful entrepreneurs from Armenia and abroad, work closely with mentors and advisors, take part in valuable sessions, find co-founders and collaborators, start building strong relationships with investors and have fun,” the statement said.

Application submission started on Tuesday.

Last year's Sevan Startup Summit was held on August 18-24.