Winner of Armenia Startup Cup 2015 Challenge business models competition named

YEREVAN, November 26. /ARKA/. HY Pictures has won the Armenia Startup Cup 2015 Challenge business models competition. Himnark.am and Haya startups came second and third respectively in the contest.

Artak Melkonyan, senior adviser at UNDP, said the key of success in startup business is ability to be in the right place at the right time. A good team, a good idea and a good business model are important as well.

Mr.Melkonyan mentioned that the process of development of new business ideas is very vigorous in Armenia.
“A new startup eco system is being formed in Armenia, and a new waive of business startups is approaching,” he said.

In his words, startups are already emerging not only in IT industry, but also in other industries, such as agriculture and food industry.

“Today we have interesting projects in wine industry thanks to startups,” Melkonyan said.  

Araksia Martirossian, the vice-president of Entrepreneurial Community Development at Startup Cup Global, on her side, said, that similar competitions, which are open to any kind of business idea and startup are conducted in more than 60 countries.

While most of incubators, accelerators and investors are interested in the business projects, which produce high results quickly and in large volumes, she noted, that StartUp Cup continues supporting any aspiring entrepreneur globally.

“Startup Cup puts special emphasis on shaping entrepreneurs... It is not important to have a unique idea to join the program, but it is very important to be coachable and to develop a sustainable business model with the help of mentors as a result of Armenia StartUp Cup acceleration program.

The 2015 Challenge has attracted 70 startups, and three best ones were chosen among all the projects.

The startups were pitching their business models to the jury throughout seven months, and mentors helped them in developing their business models.  

Packages of professional training, consulting and mentoring services as well as access to incubation space worth AMD 1.5 million, AMD 1 million and AMD 500,000 will be provided to the three winners by IAB International Academy of Business.

The first Armenia Startup Cup was held in 2012.--0--

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16:05 11/26/2015