MIT Global Startups Lab


  SOCAR AQS has signed the agreement with the Massachusetts Institute of Technology (MIT), one of the top universities in the world, for establishment of the MIT – Azerbaijan Fund. The MIT- Azerbaijan Fund will support the new MIT–Azerbaijan Global Startup Labs initiative to be administered by the MIT International Science and Technology Initiatives (MISTI) Program. The agreement was signed by Mr. Israel Ruiz, Executive Vice President and Treasurer of MIT, and Mr. Ramin Isayev, General Director of SOCAR AQS.

 

The MIT–Azerbaijan Global Startup Lab entails an intensive applied training for young entreprenerus and tech-savvy students in the development of mobile/web app-based startups and entrepreneurship in Azerbaijan. The first MIT–Azerbaijan Global Startup Labs will be organized in the summer of 2018 at ADA University (identified as per the appreciation mission of the MIT representative to academic institutions in the country).

The application is now live on MISTI website and interested applicants could visit the http://gsl.mit.edu/program/azerbaijan-summer-2018/ to fulfil the form no later May 29, 2018.

 

Participants will be selected by the MIT Team. The MIT–Azerbaijan Global Startup Lab will hold an investor / demo day, where startups will have an opportunity to pitch the ideas and products they develop during the program and to seek funding from investors and/or invitations to local startup incubators or accelerators. The MIT–Azerbaijan Global Startup Lab’s graduates will also have the opportunity to compete for participation in MIT’s global startup and idea competitions, thus providing Azerbaijan’s students and young entreprenuers with access to global startup funding and innovation ecosystem.

 

Dr. Elizabeth Wood, Faculty Director of MIT MISTI’s Eurasia program, said that “MIT is proud of its role expanding the frontiers of technological and entrepreneurship innovation. Through the MIT–Azerbaijan Global Startup Lab we want to take the best practices and modern approaches in startup ecosystem development to aspiring countries in the world.”

Dr. Hafiz Pashayev, the Rector of ADA University said: “This important partnership with the MIT and SOCAR AQS will enable ADA University’s Innovation Center to further strengthen the university’s startup support and innovation capacity. It will also be an important contribution to developing the startup ecosystem in the country”.

“Azerbaijan has a young and entrepreneurial population. The country needs to reinvigorate its startup ecosystem to further enhance its innovation economy. SOCAR AQS is proud to support the country in these efforts,” said Mr. Ramin Isayev, General Director of SOCAR AQS.

 

SOCAR AQS supports initiatives such as the MIT–Azerbaijan Global Startup Lab in order to contribute to the development of the startup and innovation ecosystem in Azerbaijan, to support development of the non-oil economy, to provide Azerbaijani students and young entrepreneurs with access the world class startup development and coaching opportunities, and to enable their integration with the global startup and venture capital eco-system.