For the second consecutive year, Children of Armenia Charitable Foundation (COAF) initiated its Alumni Incubation Program. This year it will be implemented in cooperation with the French-Armenian business accelerator - StartDoon.

The initiative is sponsored by "HSBC Bank Armenia" CJSC (HSBC Armenia), as well as “Zark” fundraising platform and “HealthBird” health insurance application.

The purpose of the program is to help the rural youth of Armenia to bring to life their innovative startup ideas in the fields of educational technology (EdTech), financial technology (FinTech), tourism, agricultural technology (Agritech) and Green Solutions.

Partners and stakeholders of the project were present at the opening ceremony, which took place at the COAF’s head office in Yerevan. During the event they were introduced to this year’s program, consisting of 3 stages.

The first component of the program is the pre-incubation period, which is a 4-month course for about 150 high school students to prepare them for entrepreneurial projects, as well as to facilitate their participation in the future incubation phase of the program.

The second (incubation) phase is intended for thirty alumni from across the regions, who have been shortlisted to participate in an intensive eight-week training program, were they will have the opportunity to validate various business ideas. This stage will culminate with a pitching event, during which the alumni will have 5 minutes each to present their ideas to a jury panel, including startup experts and COAF staff.

Based on the jury’s evaluation, three winners will be selected. A fund of fifteen thousand dollars has been allocated to this program which will be distributed among the winners to support them in their respective business initiatives. The winners of the incubation component will also secure their place in the last pre-acceleration stage, which is designed for going to market, as well as being prepared for accelerators, investments and revenue.

“Last year’s successful pilot program revealed the talent and potential of youth living in rural Armenia. Thanks to COAF's Alumni Incubation Program, three startups are already in the early stages of starting their businesses in their hometowns. COAF continues to instill and promote a culture of civic responsibility, encouraging young beneficiaries to become active drivers of innovation and progress in their communities,” comments COAF's Executive Director Korioun Khatchadourian.

During the project life cycle and afterwards entrants will be provided with industry-specific expertise, access to market resources, networking opportunities, mentorship and comprehensive trainings, covering different business areas.  

“Supporting sustainable development of our regions is a strategic priority for us. Motivation of the local youth is one of the most important prerequisites for building prosperous life in the regions. This is why we invest in programs aimed at educating youth living in rural areas and bringing to life their business initiatives. We do this both by getting involved in these projects and providing financial support for their implementation,” said Irina Seylanyan, CEO of HSBC Armenia.