Projects implemented in Armenian IT sphere come to prove we are able to establish companies that create own products and offer solutions, Bagrat Yengibaryan, Director at Enterprise Incubator Foundation (EIF) told reporters on Wednesday, adding products by Armenian IT companies are now shining on the world map.

Bagratyan presented the two grant competitions “Support to SME Development in Armenia” (SMEDA) project, which is co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ)

Furthermore, the competitions aim at stimulating the rate of technology absorption and commercialization of research ideas, and also fostering the collaboration between science and the private sector, especially the Armenian SMEs.

Additionally, the grant competition specifically targets innovations in the architecture, including engineering cities. Organizations operating in Armenian marzes are provided with privileged conditions to participate in the competition. Companies based in Gyumri and Vanadzorr will have 15 percent share of the co-financing, instead of the acting 50 percent.

“The four competitions are aimed at fully keeping the technology sphere engaged for 2-2,5 years,” Bagratyan said.

The competition is open to Armenian companies with a high technology background, for example in the field of Engineering, Cleantech, Biotech, etc., All the information related to the competition may be found at EIF’s website: www.eif.am.

“Venture forums are planned in the scope of the competition, to be attended by number of investors, who might wish to finance companies and products irrespective of their winner status,” Yengibaryan told.

Head of the EU Cooperation department of the EU Representation in Armenia Hoa-Bin Ajemyan, present at the meeting, pointed out the education sphere as the primary obstacle to the IT sphere.

“We are working with the government of Armenia in that direction to make qualified Armenian student meet the European market demands,” Ajemyan noted.