Page 50 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 2, 2016, pp. 42-61

Entrepreneurship Center must finish forming teams and finish working on the
concept. Mentorship by Barama's administration is provided in this stage in addition
to support from Azercell experts.
Prototype stage – In the prototype stage, teams must work on the prototype of
the product. Azercell's software engineers can help the teams to develop the
prototype. Creating the prototype is very important to team because until prototype
is completed, no funding is given. Teams with ready prototype and strong teams
may receive seed capital from Barama Innovation and Entrepreneurship Center.
Commercializing stage – at the commercialization stage, startup teams are
expected to prepare the product for the market. In this stage, market research is
expected to be completed by the team to make final adjustments to the product
before it is introduced to the market.
Execution stage – startup team plans and manages all the operations related
activities. At this stage teams are supported by Azercell, so they can be ready to
launch their product successfully at the next stage. Azercell, supports startups
through its own experts as well as other entities in its network.
Launch stage – at this stage, teams launch their products and enter the market.
Here, Azercell uses its network to help startups reach its customers. During the
launch stage, startups can also benefit from media exposure with Azercell's support
which is key in this stage.
Graduation stage – successful teams which have launched their products to
the market leave the incubation program of Barama Innovation and
Entrepreneurship Center.
Government of Azerbaijan also takes active part in establishing an ecosystem
that supports technology based startups. One of such initiatives was High-Tech Park
of Azerbaijan, which was established in 2012 under the Ministry of High
Technology and Communication to serve as a seedbed for new technology based
startups. It currently serves as a business incubator and provides legal and
accounting support to startups. "High Tech Park Azerbaijan" (HTP) was
launched in 2012 through the Decree of the President of the Republic of Azerbaijan.
Main goal of HTP is the development of a sustainable and competitive environment
for the high tech economy in Azerbaijan. Business Incubation Center of HTP is a
pilot startup incubator of High Tech Park. Center started operations in February
2014 with induction of its first cohort of startup companies. Since its opening, 70
teams have been admitted to HTP. Currently there are 26 teams at the incubator of
HTP. In addition to startups, HTP also houses five resident companies from the
technology sector. Teams admitted to HTP Business Incubation Center can benefit
from mentorship as well as legal, accounting and HR support provided by the

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