Yerevan /Mediamax/. Advisor to Chairman of Board of Sberbank Ruben Vardanyan took part in the opening of Plug&Play Dagestan business incubator in Makhachkala.

The business incubator opened in the territory of Dagestan State Technical University, RIA "Dagestan" reports.

Plug&Play Dagestan was initiated by Chairman of Board of "Summa" group Ziyavudin Magomedov.

Speaking at the opening ceremony, Ruben Vardanyan noted that it's very important to maintain balance among traditions, respect to the past and faith in future.

He spoke about the difficulties that beginner entrepreneurs will have to face. "Venture business is a very tough one. 9 out of 10 companies fail but one shouldn't be upset with these failures. Vice versa,  failure is considered an edge in this case as one starts working again taking into account his former mistakes. I would like to wish all of you not to be afraid of such problems. It's experience which you should reconsider and move on. It's critical to share knowledge and experience and lifelong learning is most important. Everything changes in our world at a rapid pace and we really live in an age when technologies get outdated even before entering the market. I would like to wish many successful companies foster in Dagestan. Good luck to you. We stand by you", added Ruben Vardanyan.

Mediamax notes that Ziyavudin Magomedov is one of the co-founders of Dilijan International School together with Ruben Vardanyan, Veronika Zonabend, Danil Khachaturov, Nubar Afeyan, Vladimir Avetisyan and Gagik Adibekyan.

Mediamax recalls that an Armenian representation opened in Plug&Play technological center at Silicon Valley with participation of Armenian Prime Minister Tigran Sargsyan and a memorandum on establishing the first venture fund in Armenia was signed in December 2012.