MIT has teamed up Socar-AQS to fund app-based technologies originating from the entrepreneurship ecosystem of Ada University.
Massachusetts Institute of Technology (MIT) has partnered oil drilling and services provider Socar AQS to launch a fund supporting the newly created MIT-Azerbaijan Global Startup Labs incubator.
The MIT-Azerbaijan Fund will be managed by MIT’s International Science and Technology Initiatives department, which will select participants. The incubator, which aims to nurture app-based technologies from Azerbaijan, is due to begin in summer 2018 under the administration of Ada University.
The Global Startup Labs incubator will culminate in an investor and demo day. Graduates could subsequently be selected for MIT’s worldwide entrepreneurship competitions, potentially opening global funding and innovation channels for Azerbaijan-based projects.
Socar AQS is sponsoring the fund as part of efforts to funnel cash flow from natural resources into initiatives which build local skills.
Ramin Isayev, general director of Socar AQS, said: “Azerbaijan has a young and entrepreneurial population. The country needs to reinvigorate its startup ecosystem to further enhance its innovation economy.”
Hafiz Pashayev, rector of Ada University, added: “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.”
