Up to four start-ups engaged in the Armenia Startup Academy Traction Programme will be eligible to receive a grant of up to €50,000, upon completion of the programme, the European Union’s EU4Business ‘Innovative Tourism and Technology Development for Armenia’ project has announced.
The aim of the grant scheme is to promote technology start-ups in their product and business development, to accelerate the development of product and businesses, and to trigger additional investment.
The Seed Stage grant scheme requires a matching mechanism from the private sector (50% co-financing of €100,000 grant projects). This will ensure the risk sharing mechanism and encourage the crowding-in of investors, business angels and seed venture capitalists. The grant scheme targets the development of industrial prototypes, start production/manufacturing, market validation, product launch and go-to-market.
The competition is open to successful graduates from the Armenia Startup Academy Traction Programme. Attaching a grant to the start-up programme aims to increase the overall competitiveness of the programme and contributes to the faster development of the Armenian start-up ecosystem. Furthermore, the grants will allow the founders to utilise the momentum created during the programme, intensify the results of the programme, and use the grant funding as an anchor to raise additional investments.
All interested candidates need to send a complete application package before September 24, 2020