UNEC’s Rector, Professor Adalat Muradov, a famous investor Elshad Abbasov, co-founder of Khazar Ventures and SUP Accelerator Mammad Kerim and the University of Economics’ teaching staff graduated from the Massachusetts Institute of Technology Ramil Maharramov met with the start- ups in the Innovative Business Incubator (IBI).
Rector informed that to demonstrate support to the matters put forward as a priority by the President of the Republic of Azerbaijan Ilham Aliyev, such as promotion of non- oil exports, development of specialists in this field, the actions plan is being developed at UNEC. He said we want UNEC start- ups to present the projects give impetus to the development of non- oil sector. A.Muradov stressed Innovative Business Incubator should be a space converting theoretical knowledge into the practical. To expand their Rector gave an instruction to create an office for the most active start-up Fagan Chelebizade and his team.
Afterwards investors shared their experience and provided the participants with recommendations.
Highly appreciating UNEC’s Innovative Business Incubator Project, Elshad Abbasov spoke about the ways to convert an idea into the start- up. He said now people attach interest to the creation of start-ups in the country. Investors are also interested in start- ups. But the capitalist do not fund every idea. Because, every idea cannot become a start- up. The well- known investor especially noted the three ways to succeed in this area- desire, persistence and team work. E.Abbasov stressed that the start- ups directed to innovative technologies would be more beneficial and recommended the entrepreneurs of the future to draw their attention to this field.
Saying, the idea is a 20-30 percent of an idea, investor R. Maharramov made proposals on increasing interest to the start- up projects at UNEC. He said the involvement of mentors to IBI, establishment of Investment Board or Fund under it and discussion of the start- ups within the teaching process would give an impetus to the development of the field.
The Co- founder of Khazar Ventures and SUP Accelerator M.Kerim said in his turn that the investor expects skilled cadres and interesting offers from the university. I suppose the IBI established at UNEC will grow the futures investors who contribute to the country’s economy. M.Kerim recommended the students not to approach to the projects as their hobbies but to get acquainted with the business life closer.
Students’ questions on involving expenditures, gaining the opportunity to access to the international arena, obstacles of this field, terms of the market, investors’ expectations and other areas were responded in the end.
Note: the main goal of the Innovative Business Incubator (IBI) established in 2014 is the development of young managers and entrepreneurs, to provide the student start- ups with training- methodological, psychological and financial support and with practical knowledge. Currently, 12 projects are realized here.