Armenian government closes national center for innovation and entrepreneurship due to funding shortfall

REGION  02 May 2024 - 15:04

Amid financial constraints, the Armenian government has announced the closure of the National Center for Innovation and Entrepreneurship, a pivotal institution tasked with fostering the development of new enterprises and the integration of innovative technologies.

The decision, formalized during a government session on May 2, underscores the challenges posed by insufficient funding for sustaining crucial initiatives aimed at driving economic growth and innovation within the country, Caliber.Az reports citing Armenian media.

The closure of the Center was prompted by a resolution adopted during the government session. Despite its mandate to support budding entrepreneurs and facilitate the adoption of cutting-edge technologies, the Center struggled to secure adequate financial resources to execute its ambitious programs effectively.

The decision to shut down the National Center for Innovation and Entrepreneurship underscores the broader systemic issues plaguing Armenia's innovation ecosystem, where limited funding hampers the realization of innovative potential and impedes the growth of new ventures.

Caliber.Az