Armenia launches Armenian Virtual Bridge program

YEREVAN, March 13. /ARKA/. The government of Armenia approved on March 12 the "Armenian Virtual Bridge" program, which according to Hakob Arshakyan, Minister of High Technology Industry, is designed to make Armenia a competitive and technologically advanced country in the region.

The program consists of three components, the first of which calls for establishing links with Silicon Valley in USA.  "As a result, 45 Armenian entrepreneurs will be able to visit Silicon Valley (Center for Science and Innovation) for 34 weeks to learn entrepreneurial and business skills,  how to showcase their products and services and meet also with investors and venture capital representatives," said Arshakyan.
According to him, the program provides for the establishment of an Armenian center in the city of San Jose, where program participants will be able to live, work, hold meetings, events, as well as  business discussions with representatives of the diaspora, conclude contracts for the sale and purchase of products and services.

In addition, as part of the program, 15 start-ups and entrepreneurs from Armenia will undergo a special selection and will be able to take part in a 7-week training course at the Draper University of Silicon Valley. Graduates of the program will have the opportunity to present their projects to investors from Draper Venture Network. The program is implemented with the assistance of the Armenian General Benevolent Union (AGBU).

The second component of the program, according to him, provides for the transformation of Armenia into a technological hub, creating opportunities for the free entry and exit of talents.
"Anyone who creates a company in Armenia will be able to take advantage of the various ecosystem opportunities, as well as tax benefits in the IT field, numerous acceleration programs and the Armenian venture fund, as well as be able to take part in various IT events, including in Silicon Valley," said Arshakyan.

According to him, an important event of this component is the Neruzh program, which was started in 2019 and will continue in 2020. In 2019, Armenia received applications from 40 start-ups with 70 participants from 17 countries.

The third component, the minister noted, involves cooperation of Armenia with the Gulf countries, where financial means are not required.
"Within the framework of the program, we will be able to create a representative office of Armenian companies in the UAE, Qatar and Abu Dhabi, to increase market accessibility and search for partners," Arshakyan said. -0-

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16:39 03/13/2020