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Armenia StartUp Cup Winner to Compete at World StartUp Cup 2017 in Marocco

The final round of the 4th annual StartUp Cup National Challenge took place in Yerevan on December 7.

An innovative platform aimed to build a stronger startup community in Armenia, the competition aims to unveil and develop the entrepreneurial potential of Armenia, boost creativity and innovation and create jobs through startups.

One of the advantages of the Armenia StartUp Cup is that it offers a long startup incubation period with advanced business consultation provided to help participants transform their business ideas into viable business models and bring them to life in the future.

During the event the top 15 teams received encouraging prizes after 3-month active work with the experts and the jury. The top 3 teams were given an opportunity to receive professional training, consulting and mentoring services.

Chessfimee” team was announced the winner of the competition with a winning chess application designed for chess fans and professional chess players. The app offers unique software solutions including chess analysis software.

“Destination” and “Soundsearch” teams were announced second and third place winners. Their business ideas were aimed at the development of IT, culture and tourism in Armenia.

The winning team will compete with StartUp Cup winners from more than72 countries at the 2017 World StartUp Cup to be held in Morocco. The team was given an opportunity to benefit from AMD 1,5 million worth professional training, consulting, mentoring services, as well as 6-month access to incubation space. The 2-nd and 3-rd place winners were awarded AMD 1,000,000 and 500,000 worth training, consulting, mentoring services, as well as 3 and 1-month access to incubation space. All three teams will be provided a free website from BizNest Entrepreneurship Center.

The event featured opening remarks by Hoa-Binh Adjemian, Head of the Cooperation Section of the European Union Delegation to Armenia, Roger Strauch, Chairman of The Roda Group venture capital firm specializing in seed and early stage investments in innovative high technology businesses, Araksia Mardirossian, Armenian StartUp Cup 2016 organizer, founding director of IAB International Academy of Business and the Acting Deputy Chief of Mission of the U.S. Embassy Andres Valdes. 

“The environment for starting a company has never been better. We have now a critical mass of talent in Armenia for attracting inflow of people to join us not only from within Armenia but abroad. We need our talent to focus on building companies with ideas and products that are competitive on a world basis. This is possible due to the access to technology and communication,” Roger Strauch said.

“We are excited to see the scope of StartUp Cup growing with every passing year. I’m seeing a real boost of entrepreneurial spirit, and more startup activity in Armenia than ever before. This year we received 156 submissions from 12 cities of Armenia and the capital of Artsakh, Stepanakert. Last year we had only 77. We are sure that we will have more entries in the years to come,” Araksya Martirosyan said.

The organizer of the competition is the IAB International Academy of Business, the mission of which is to ensure the development and growth of human resources in Armenia and the region by providing consulting and training services.

The partners of the event are the Armenian General Benevolent Union (AGBU), Deem Communications, Armenia Tree Project (ATP), BizNest Entrepreneurship Center and Best Western Congress Hotel.

About Armenia StartUp Cup

StartUp Cup is an international business model competition designed to provide entrepreneur startups with community-based long-term support. Armenia StartUp Cup has been organized in Armenia for already the fourth time as part of the StartUp Cup world network.

The idea of StartUp Cup business models competition was born in Silicon Valley. From 2012 on, 208 competitions have been held in 72 countries and have brought together 77982 entrepreneurs. Overall, it has created 43384 jobs and has fostered investment of around USD 744 527 056.

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