The delegation of Startup Estonia and the “Garage 48” Acceleration Center, established upon the initiative of the Estonian government, got acquainted with the “INNOLAND” Incubation and Acceleration Center of the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan.

Wide information on operating Co-working, Incubation, Acceleration and IT Training, as well as the startups residing within the center, was delivered to the guests.

Then, the Memorandum of Collaboration was signed between parties.

The Memorandum of Cooperation involves the establishment of an entrepreneurial support ecosystem as well as the creation and development of investor opportunities in the relevant regions for local technology startups. Furthermore, it covers the adoption of mutually agreed measures such as an effective exchange of incubation and acceleration programs and exchange of information on the attraction of local and foreign investors and etc.

According to the agreement reached within the memorandum signed with the "Startup Estonia" Center, the initial assessment of the regional applications sent to the “Startup Estonian Visa” program will be implemented in Azerbaijan. Startups applied to the relevant program from the regional countries such as Russia, Georgia, Mongolia, Iran, and Afghanistan will be initially assessed by the “INNOLAND” Incubation and Acceleration Center. Only startups that have successfully completed the initial stage will be able to move to the next stage of the program. This will play a significant role in attracting regional start-ups and projects to our country and increasing the success potential of the startup ecosystem.

The “Startup Estonian Visa” Program was established in 2017 on the joint initiative of the Estonian Startup Committee and the Ministry of Internal Affairs of Estonia. The main goal of the program is to facilitate the entry of successful startups and projects of non-EU countries to Estonia. Thus, successful startups sent their applications to the “Startup Estonian Visa” Program are provided with a special code through which the applicants and their team members may obtain a permit to live up to 5 years in Estonia.

Meeting on “Special Regulatory Regime” for Fintech Startups Held

A meeting on the “Special Regulatory Regime,” which is of significant importance for the fintech ecosystem, was successfully held with the joint organization of the Central Bank of the Republic of Azerbaijan and the INNOLAND Incubation and Acceleration Center.

During the presentation, detailed information was provided on the purpose of the special regulatory regime, evaluation criteria for applications, and the pilot process, followed by extensive discussions in this direction. The session was both informative and practically useful for startups operating in the fintech sector.

Speakers:
• Sahib Hasanov– Head of Department, Central Bank of the Republic of Azerbaijan
• Vagif Guliyev– Senior Specialist, Central Bank of the Republic of Azerbaijan

The meeting included extensive discussions on existing opportunities for the fintech ecosystem, regulatory requirements, innovation regulation, and future cooperation prospects. A Q&A session was also organized for participants, during which current issues in the field were explained in detail.

The winning teams of the “EESTech Challenge Baku’25” competition will represent our country at the international final!

The “EESTech Challenge Baku’25” was organized by EESTEC JLC Baku, with the support of the “INNOLAND” Incubation and Acceleration Center, the “STEAM Azerbaijan” project, and the “Bir Könüllü” Student Cooperation Public Union.

The main purpose of the competition is to promote innovative thinking and technical approaches to solving real-world problems among students studying engineering and seeking to enhance their knowledge and skills in this field.

The competition received more than 100 applications, from which 10 teams — a total of 30 participants — were selected. They demonstrated their knowledge and skills in creatively solving various technological challenges. As a result, the team “AirVive” took first place, and the team “Montyorlar” took second place.

The winning teams will represent Azerbaijan at the international final of the “EESTech Challenge”, to be held on May 13–16, 2025, in Trieste, Italy.

It should be noted that the “EESTech Challenge” is an international competition held in various cities across Europe and aims to foster the development of engineering and innovation among young technology enthusiasts.