Successful Third Edition of “Baku ID” Innovation Festival Showcases Azerbaijan’s Growing Startup Ecosystem

The “Baku ID” Innovation Festival is Azerbaijan’s premier event for showcasing the nation’s vibrant startup ecosystem. Held annually in the heart of Baku, the festival brings together entrepreneurs, investors, industry experts, and technology enthusiasts from around the world.

Baku, Azerbaijan – July 9, 2024 —

The third “Baku ID” innovation festival, held at the “Baku Crystal Hall” on June 27-28, was met with great interest. Organized under the auspices of the SABAH.HUB Innovation Center, “Baku ID” is one of Azerbaijan’s and the region’s main startup innovation events, bringing together startups and investors.

This year’s “Baku ID” event hosted over 200 local and foreign investors, more than 100 local and international startups, 5,000 participants, and over 50 partners. The event provided an invaluable opportunity for startups to capture the attention of investors. During the event, a fund exceeding $1 million was established with the support of venture funds such as “Startup Wise Guys,” “Al-Farabi Innovation Hub,” “Caucasus Ventures,” “MOST Ventures,” “Startupbootcamp,” “Idacapital,” Yıldız Tekno GSYO, Aloqa Ventures and “SABAH.fund”.

The official opening speech on the first day of the event was delivered by Rahim Bayramli, Executive Director of the SABAH.HUB Innovation Center, who spoke about the contribution of the event to Azerbaijan’s and the regional innovation ecosystem, and thanked the sponsors and guests. He emphasized the significant role of the festival in fostering innovation and creating a collaborative environment for startups and investors.

In addition to the opening remarks, the “Management of Innovations and Transition to a Knowledge-Based Economy” panel featured prominent figures such as Mikayil Jabbarov, Minister of Economy of Azerbaijan, Emin Amrullayev, Minister of Science and Education, SOCAR President Rovshan Najaf, and PAŞA Holding Chief of Staff Deyanet Sadullayev. They discussed various topics related to innovation management and the transition to a knowledge-based economy, addressing detailed questions from the audience and providing insights into their respective fields.

The main sponsors of the “Baku ID” festival were the Ministry of Science and Education, SOCAR, PAŞA Holding, ABB, and Mappable, with 4SIM and the Innovation and Digital Development Agency as partners. These organizations played a crucial role in the success of the event, providing financial support and expertise.

Throughout the festival, several important agreements were signed. Memoranda of understanding were established between the “Al-Farabi Innovation Hub” and the SABAH.HUB Innovation Center and High Technologies Park. Additionally, a bilateral cooperation memorandum was signed between SABAH.HUB Innovation Center and 4SIM to support the development of the local startup ecosystem within the framework of digital economy development. These agreements are expected to foster closer collaboration and drive innovation in the region.

It should be noted that during its operation, the “Baku ID” innovation festival has supported the development of dozens of startups and enabled thousands of individuals to directly learn about the innovation ecosystem. The festival has been instrumental in helping startups secure more than $4 million in investments, significantly boosting the local entrepreneurial landscape.

This year’s “Baku ID” event saw seven startup teams secure a total of $1 million in investments: Beep, ALIA, PLATMA, Dosty, Canscreen, Push30, and Tredu. These startups demonstrated exceptional potential and innovative solutions, attracting substantial interest from investors.

Various panels were organized within the framework of the event, one of which was the “CleanTech” panel related to COP29 preparation. This panel highlighted the importance of clean technology and sustainability, showcasing innovative projects and solutions. Out of the 30 participating teams, 13 advanced to the final stage. These 13 teams gained the opportunity to join a one-month intensive acceleration program, through which 10 teams will be selected to receive $100,000 in investment from “Startupbootcamp” and access to the SABAH.lab Acceleration program. This initiative aims to further develop and support promising startups in the clean technology sector.

The awards ceremony was personally attended by Minister of Science and Education Emin Amrullayev and Prof. Dr. Göksel Aşan, Head of the Finance Office of the President of the Republic of Turkey, who presented the awards. Their presence underscored the significance of the event and the commitment of both Azerbaijan and Turkey to fostering innovation and entrepreneurship.

The “Baku ID” innovation festival not only provides a platform for startups to showcase their ideas but also facilitates networking and knowledge sharing among industry experts, investors, and entrepreneurs. The event includes various workshops, mentoring sessions, and networking opportunities, allowing participants to gain valuable insights and build meaningful connections.

The festival also features exhibitions where startups can display their products and services, attracting the attention of potential investors and partners. These exhibitions are an excellent opportunity for startups to receive feedback, refine their offerings, and explore new market opportunities.

“Baku ID” collaborates with Mediamark Digital Agency in organizing marketing, PR, and event management, achieving valuable outcomes together. This partnership ensures more effective and influential events, expanding the reach of Baku ID’s presentations to a broader audience.

Looking ahead, the organizers of “Baku ID” are committed to expanding the scope of the festival and enhancing its impact. Plans are underway to introduce new initiatives, such as international collaborations, thematic tracks focusing on emerging technologies, and specialized support programs for startups at different stages of development.

To stay closely acquainted with the activities of the “Baku ID” innovation festival and keep up-to-date with regular updates, you can follow its social media channels (Facebook, Instagram, and LinkedIn) and official website (www.bakuid.com). The festival continues to play a vital role in nurturing the startup ecosystem in Azerbaijan and the region, driving innovation, and supporting the growth of aspiring entrepreneurs.

About the company: The “Baku ID” Innovation Festival is Azerbaijan’s premier event for showcasing the nation’s vibrant startup ecosystem. Held annually in the heart of Baku, the festival brings together entrepreneurs, investors, industry experts, and technology enthusiasts from around the world. Through keynote speeches, panel discussions, and startup pitches, “Baku ID” highlights cutting-edge innovations and fosters collaborations that drive technological advancement and entrepreneurship. As a pivotal platform for innovation, the festival reinforces Azerbaijan’s position as a dynamic hub for growth and development in the global tech landscape.

Contact Info:
Name: Sayali B.
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Organization: Mediamark Digital
Website: https://mediamark.digital/

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