The first round of Armenia StartUp Cup National Challenge began with Extreme Build-A-Business Weekend 2-day workshop on September 10 in Yerevan.

During the workshop, 40 consultants and mentors from Armenia shared their experience and in-depth knowledge with 100 startups previously selected from Yerevan.

The competition, held for the 4th time, aims to foster entrepreneurship through business consulting, create new jobs through startups and raise awareness about the resources available to set up new enterprises in Armenia.  

This year 156 startups from 12 cities of Armenia (Yerevan, Gyumri, Vanadzor, Dilijan, Ijevan, Noyemberyan, Armavir, Ararat, Spitak, Talin, Vardenis and Stepanakert) are competing for the first prize.

The participants presented to the jury innovative business ideas aimed at the development of cloud computing, clean energy, e-commerce, education, health, tourism, transport, agriculture and other industries.

25 projects were selected at the end of the 2-day workshop. Given the efficiency and interest sparked by the projects, another 15 runner-ups were given the opportunity to compete for the second round, thus bringing the total number of the finalists of Extreme Build-A Business weekend from Yerevan to 40.

The regional round of the competition will take place in Dilijan, on September 25, and the final round will be held in Yerevan on November 15. The winner will be awarded AMD 1.500.000 that can include auditing, consulting on accounting, financial issues, marketing and management, and services for business development.

The winner will also have a unique opportunity to represent Armenia at the World StartUp Cup 2017, competing with the winners of national challenges from more than 72 countries.  

The second and third place winners will get AMD 1.000.000 and AMD 500.000 worth awards respectively and will also get a chance to present their businesses to venture companies and angel investors at the World StartUp Cup 2017.  

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 primary goal of Armenia StartUp Cup National Challenge is to build a more advanced business community through quality training. Open to any business idea, this important initiative helps unveil and foster the existing entrepreneurial potential and position Armenia in the international market. The geography of the competition is expanding year by year, which is, of course, encouraging. It is an honor for us to be the organizer of such an important event,” said the organizer of the event and the director of the IAB International Academy of Business, Araksia Martirossian.