Science and Technology Angels Network (STAN) has opened in Armenia by the initiative of the Foundation for Armenian Science and Technology (FAST).

The network has announced the start of its activity at the news conference today.

This initiative unites 18 investors and entrepreneurs of Armenian descent from Armenia and other countries, who will not only provide Armenian startups financing and consulting, but also mentor them and help them establish ties.

“We are not your typical “angels”. The “business angels” invest in companies in the early stages, when the entrepreneur has realized the idea and needs additional funding. We focus on quality and not quantity, so we will prioritize startups with scientific and technical base that contribute to development of these areas not only in Armenia, but worldwide. We will give more than money: our time, knowledge, and experience,” STAN Co-chair Ruben Arutyunyan said.

The network has established the minimal annual investment from each member to be at USD 10,000 in the first four years of activity, and starting from the fifth year, the rate will be raised to USD 20,000.