Official: Number of startups in Azerbaijan grows sharply

The number of startups in Azerbaijan has increased almost three times this year compared to last year.

Shahmar Movsumov, Assistant to the President of the Republic of Azerbaijan - Head of the Department for Economic Affairs and Innovative Development Policy of the Presidential Administration of the Republic of Azerbaijan, made the remarks at the InMerge Summit in Baku, Trend reports.

"The growing number of startups in Azerbaijan is a testament to the thriving entrepreneurial spirit. In pursuit of sustainable development, we are allocating funds to projects that redefine modern life. This includes the development of smart cities, smart villages in our newly liberated districts," Movsumov said.

"We deeply value our most important resource and it is not oil, it is our people. Recognizing that the foundation of a prosperous nation depends on the education and empowerment of its youth, we have established a government program to train our young minds in prestigious international institutions," he said.

According to him, this program is not just an investment in the academic success of the youth. It is a strategic initiative to build a skilled workforce capable of leading and innovating.

Speaking about the prevalence of artificial intelligence, Movsumov said it is critical to recognize and address the challenges associated with artificial intelligence, such as ethical dilemmas, privacy concerns and impact on the labour market.

"We must use artificial intelligence in a positive way, empowering humans and contributing to the betterment of our society, while ensuring that its use is consistent with our values and principles," he said.

It should be noted that the InMerge Innovation Summit takes place November 30 - December 1 in Baku.

InMerge, considered the largest innovation summit in the region, is designed to bring together leading companies, startups and investors to discuss the topic of innovation and possible collaborations.