On October 4, the long-awaited award ceremony for the Social Impact Award Armenia 2024 was held at Impact Hub Yerevan. This year, the main partners of the project are IDBank and Idram, collaborating through "The Power of One Dram" initiative.

Now in its sixth year, this prestigious annual initiative supports young social entrepreneurs by identifying the best business ideas among Armenian youth. It provides ample opportunities for refinement, development, and transformation into successful business plans.

Selected from nearly 30 applications for this year's program, the top 10 ideas progressed through the incubation stage, gaining the tools, mentorship, and resources necessary to enhance their business concepts and create meaningful impact.

Tatevik Vardevanyan, head of IDBank and Idram's Communication and Social Responsibility Programs department, says: “Providing education to young people is key to addressing a range of social issues. In this context, fostering social entrepreneurship is an excellent initiative for our country. We believe that the support from Idram and IDBank during the incubation stage of SIA Armenia 2024 will significantly benefit the future endeavors of the young participants. The essential knowledge gained over these months will empower them to bring their innovative business ideas to life.”

“We are happy that 'The Power of One Dram' partnered with us to implement the incubation program. This collaboration allowed us to invite top professionals and allocate additional resources to empower our young participants with the skills they need to turn their ideas into reality”, notes Impact Hub Yerevan executive director Gevorg Poghosyan.

According to the jury's decision, the three winners were “ElectRoads”, "Astrology for everyone” and “Retyre Design”. The fourth winner, selected through an online Community Vote, was “Hydroponic greenhouses”.

The four winning teams each received funding of €1,500 and an exclusive invitation to participate in the annual Social Impact Award Summit in Germany from November 26 to 30.

Let’s recall that the "Power of One Dram" initiative allocated 4,165,643 drams to support the implementation of the SIA Armenia 2024 program. This stage will also be funded by IDBank.

Companies are regulated by the CBA.