AraratBank supports the innovative ideas competition for the second consecutive year, allocating a total prize fund of over 6 million Armenian drams over two years.

The bank reported that this year, it provided an amount equivalent to 6,000 euros, which was equally distributed among 4 winning teams, with each receiving an amount equivalent to EUR 1,500. The competition was attended by 10 teams, of which 4 were recognized as winners.

The Social Impact Award (SIA) program, which has been operating in 25 countries since 2009, aims to encourage young social entrepreneurs. In Armenia, the program has been implemented by Impact Hub Yerevan for 6 years now.

“The most innovative ideas come from the young people aged 16-17. They are not afraid to introduce fresh ideas into relatively conventional business scenarios. This is already the second year we are collaborating with AraratBank within the framework of this program, and our ability to award prizes to SIA participants has been made possible by AraratBank. On top of all this, they come with their own knowledge and collaborative network, which we try to make available to the program participants,” noted the Executive Director of Impact Hub Yerevan Gevorg Poghosyan.

“Social programs are beyond any competition. The goal here is to raise awareness about the program and reach out to other businesses and donors. This year we are happy to have our good partner IDBank join this program. The more donors are involved, the more opportunities they will provide for the development and growth of our country and greater advancement of our youth,” said Anna Allahverdyan, Public Relations Advisor to the Executive Director at AraratBank.

Suren Babajanyan, Head of Sales and Business Development Department at AraratBank, emphasized: “Regardless of whether the projects are translated into real life or not, the fact that the platform provides an opportunity for young people to express themselves and generate ideas is crucial. It would be gratifying if we later witness the positive impact of their businesses.”

The prize fund has been distributed among 4 winning teams:

1.    ReTyre Designs: Recycles and reuses discarded car parts to create furniture and decorations.
2.    ElectRoads: Creates a new and clean energy source using piezoelectric crystals that produce energy under mechanical pressure.
3.    Astronomy for Everyone: Creates an astronomical room-laboratory where children can study astronomy and participate in international astronomical competitions.
4.    Hydroponic greenhouse: Aims to help farmers affected by the 44-day war by offering cheap and nutritious animal feed production.

“These initiatives aim to address important issues facing Armenia, ranging from environmental protection to agricultural development,” the bank said in a news release.