Five Armenian investment projects receive support under “From Idea to Market” program

YEREVAN, December 9. /ARKA/. Five Armenian investments projects have gained financial support under “From Idea to Market” project.

The awarding ceremony was held in Yerevan Friday in the presence of Armenia’s minister of economy Vahram Avanesyan and US ambassador to Armenia John Heffern.

Winners have been selected from 25 investment projects developed by Armenian researchers and startupers under the “From Idea to Market” grant program, which provides funds in two directions this year – ideas that have been already developed or are in the stage of prototype development.

Nimble-Q team and Vazgen Hakobjanyan with his Teamable became the winners in the first direction for an economically advantageous queue management solution and a search system respectively. These winning startupers will get $7,500 in financial aid and an opportunity to visit Silicon Valley for meeting with potential investors.

The second direction awards were given to Arman Boshyan for an Android And2Win application, Artak Hambaryan for a ventilation device and Serob Muradyan for a new seismic detector. They will get $15,000 for development of their ideas.

A total of over 70 applications were submitted this year, as compared to 30-40 last year.

The main selection criteria are how realistic the idea is and what is the scale of the product.

The STEP from Idea To Market has been held in Armenia since 2006, by Enterprise Incubator Fund together with CRDF Global and the ministry of economy. The aim of the competition is to reveal good ideas, teams and projects that may gain investor appeal. –0--