The network will help Armenian startups realize their full potential and gain access to the world market
An informal Science and Technology Angels Network (STAN) has been established in Armenia by the Foundation for Armenian Science and Technology (FAST). The Foundation officials view it as a perfect opportunity for Armenian startups to gain access to the international market.
FAST was launched in 2016. The Foundation’s official website states that their mission is to build an ‘ecosystem’ that drives technological innovation and scientific advancement in Armenia and beyond. The Foundation intends ‘to mobilize the scientific, technological and financial resources of the Armenian and international communities’.
“The STAN initiative has brought together 18 investors and entrepreneurs from Armenia and other countries, and call themselves ‘the angels’. They are ‘business-angels’ who will provide not only financial assistance, but will also offer consultations as well as assist startups in acquiring the necessary contacts and connections,” said Ruben Harutyunyan.
Any entrepreneur who can come up with interesting ideas is welcome to apply to the network for assistance, funding and consultations offered by ‘the angels’ who have vast experience in the science and IT spheres.
According to STAN, preference will be given to startups which show promise in international markets, i.e. will kindle consumer interest not only in Armenia, but also beyond its borders.
The network co-chairs say they plan to invest in companies that are at the early stage of activity: entrepreneurs already have an idea which they are trying to get off the ground, but they need finances for further development.
The minimal annual contribution for each network member will be USD 10 000 in the first four years, and starting from the fifth year will increase to USD 20 000.