Azerbaijan's Ecosystem for Technology Startups—Baku, Ganja, and Shamakhi

By Asian Development Bank

Technology-based startup enterprises are an increasingly important part of the business landscape in Asia and the Pacific. By applying innovative technologies to create new products and services, they can make a significant contribution to economic development while generating social and environmental benefits. However, to survive and then thrive, tech startups require an enabling ecosystem that includes supportive government policy, adequate access to capital, skilled personnel, and quality digital infrastructure. This report assesses the current ecosystem for tech startups in Azerbaijan, specifically in Baku, Ganja, and Shamakhi, and examines the extent to which the ecosystem supports the growing number of startups. It provides recommendations on how the ecosystem can be strengthened.

• Language: English
• Publisher: Asian Development Bank
• Release date: Nov 1, 2022
• ISBN: 9789292697440

Book preview

AZERBAIJAN’S ECOSYSTEM FOR TECHNOLOGY STARTUPS

BAKU, GANJA, AND SHAMAKHI

Aimee Hampel-Milagrosa, Nariman Mannapbekov, Orkhan Babayev, and Sabina Jafarova

OCTOBER 2022

Country Report No. 5

Ecosystems for Technology Startups in Asia and the Pacific

Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

© 2022 Asian Development Bank

6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

Tel [phone]; Fax [phone]

www.adb.org

Some rights reserved. Published in 2022.

ISBN 978-92-9269-743-3 (print); 978-92-9269-744-0 (electronic); 978-92-9269-745-7 (ebook)

Publication Stock No. TCS220394-2

DOI: http://dx.doi.org/10.22617/TCS220394-2

The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess.

This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

Please contact [e-mail] if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda.

Notes:

In this publication, $ refers to United States dollars.

ADB recognizes Russia as the Russian Federation.

All photos are owned by ADB unless otherwise stated.

Cover design by Joe Mark Ganaban.

Contents

Tables, Figure, and Boxes

Foreword

Technology-based startup enterprises—or tech startups—are an increasingly important part of the business landscape in Central Asia. These enterprises use new technologies to create new products or services or to provide services in a new way. Most startups will not survive, but some will succeed and make an important contribution to economic development. Tech companies like Facebook, Google, and Amazon are among the largest companies in the world today, and tech companies like Tencent, Gojek, Grab, Keepface, and Whelp are also among the leading emerging companies in Asia. The technology and dynamism they provide are important for economic growth.

Tech startups do not grow in a vacuum. They need access to funding, often from venture capitalists; skilled personnel, including experts in technology and business; good digital infrastructure; and supportive government policies. A strong ecosystem is critical for turning new ideas into commercially viable businesses. Given their growing importance, it is important to better understand the ecosystem in which tech startups develop.

This report assesses the state of tech startups in Azerbaijan with a focus on the startup ecosystem. It examines the extent to which the system