Increasing Institutional Capacity for Innovation presented

The Deputy Minister of Economy and Sustainable Development, Nikoloz Alavidze, attended a presentation of Increasing Institutional Capacity for Innovation (IICI), which will be implemented by Innovations and Technology Agency of the Ministry of Economy and Sustainable Development, financed by the European Union and the World Bank.

During his welcoming speech, Alavidze expressed his gratitude towards the World Bank and the European Union for supporting the project and Georgia’s development in this field.

“We need more initiatives, which will assist the establishment of an innovative ecosystem in Georgia. We must encourage innovative companies and researchers to be able to monetize their ideas and projects and then transfer them into commercially profitable products,” stressed Alavidze.

During her speech, Mercy Tembon, World Bank’s Regional Director for the South Caucasus, noted that this project will help Georgia’s Innovation & Technology Agency (GITA) to take further steps, saying :

"World Bank continues to support Innovations and Technology Agency, as it has turned itself from startup agency to well-developed structure, which coordinates Georgia's innovations and entrepreneurship policy and practice. The project supported by the European Union and the World Bank's technical assistance will enable GITA to take further steps to increase institutional capacity and efficiency.”

The first secretary of the delegation of the European Union to Georgia, Stig Kjeldsen, also attended the meeting, he talked about the importance of the project for Georgia.

“Innovation increases the competitiveness of small and medium businesses and creates new job opportunities for people – this is, say, an 'advantageous business environment.' The innovation policy is a significant part of the EU's 2020 strategy in terms of creating new job opportunities. So, GITA's support for the development of Georgian National Innovative Ecosystem is in full compliance with EU's commitment to business development in Georgia,” noted Kjeldsen.

The overall objective of the project is to increase the capacity of Georgia’s agency responsible for innovation and entrepreneurship, to effectively coordinate the Government’s approach to innovation and entrepreneurship policy formulation and implementation.

IICI is sponsored by the European Union with 2.7 million euros and is implemented by the World Bank.

The project has the following goals: a. Increasing the agency's capacity to develop and implement innovation and entrepreneurship policies and programs with medium- and long-term strategies and results; b. Testing (and demonstrating) the viability of technology transfer in Georgia; and c. Improving the deal flow of innovative startups ready for investment, and of funding availability for early-stage companies.