EMERGING EUROPE: Georgian startups are ready for investments

“Georgian Startups Are Ready for Investment” – is the title of an article in the prestigious European analytical publication Emerging Europe, which reviews the Georgian ecosystem.

The author of the article uses official data from the World Bank and notes that Georgia ranks seventh in the world in terms of doing business, and second in terms of ease of doing business. The journalist also adds that the level of technology companies in Georgia at this stage is much higher than ever. “The founders of the Georgian startup company have started working on global projects. They are focused not only on local but also on global challenges and want to conquer the world,” the text reads.

The author of the article did not miss the entry into the Georgian market of 500 Startups, one of the world’s leading business accelerators, initiated by the Georgian Innovation and Technology Agency (GITA) and financially supported by the Bank of Georgia. Under which the Innovation Agency has already identified 20 winning startups for the fifth time, each of them was awarded a grant of up to 100,000 GEL.

In reviewing the global success of the Georgian startup ecosystem and Georgian startups, the author also discusses a specific example. “Stack App – a startup that completely changes the perception of working on the Internet. “500 Startups (USA) and Peak Capital, the largest Dutch investment fund, have invested € 850,000 in the company for global expansion.” The article also talks about the changes in the Tax Code of Georgia in the IT sector, in particular, the reduction of profit and income tax for international companies to five percent. “It opens the door to all technology companies looking for a better place for their business,” the journalist wrote.