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Massachusetts Institute of Technology (MIT) establishes MIT-Azerbaijan Fund to support young entrepreneurs and startup ecosystem development in Azerbaijan

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October 18-20, 2023 / Tucson, AZ
The annual summit for research institution gap fund and accelerator programs, including proof of concept programs, startup accelerators, and university venture funds

The Story

SOCAR AQS has signed theagreement 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 Fundwill 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 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 MIT–Azerbaijan Global Startup Labentailsan intensive applied training for young entreprenerus and tech-savvy students in the development of mobile/web app-based startups and entrepreneurshipin Azerbaijan.

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.

Candidates interested in the MIT Global Startup Lab Azerbaijan bootcamp should apply by the deadline of May 29th, 2018 at the following link: http://gsl.mit.edu/program/azerbaijan-summer-2018/

SOCAR AQS as a national drilling company supports initiatives and programs aimed at increasing the existing capabilities to integrate oil capital into human capital.

SOCAR AQS launches the Summer Internship Program for 3rd and 4th year Bachelor degree students and master’s degree students. Besides the company grants scholarship for students, who study oil and gasengineering.

SOCAR AQS’s shareholders are SOCAR and Nobel Oil Services

Source: APA – Massachusetts Institute of Technology (MIT) establishes MIT-Azerbaijan Fund to support young entrepreneurs and startup ecosystem development in Azerbaijan

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