Digitain’s first Incubation program “M1TQ” was concluded in the frameworks of the Demo Day and the three early-stage startups were announced as winners in three categories.
The program was launched within the “DigiTown” project and implemented in a close partnership with the Foundation for Armenian Science & Technology (FAST).
In an interview with Itel.am
, Mariam Pashinyan, project coordinator of the M1TQ incubation program, said that during these weeks, intensive practical training was organized for startups to ensure their growth and successful launch to the market.
During the project, the participating startups received work-space, necessary equipment for 24-hour access to Digitain’s office. "Startups learned to design their prototype efficiently, improve their business model, and also enhance their pitching skills and create business relationships with potential investors." - said Mariam.
The program incorporated 8 startups: AR trails, Gabby, Axona, Armbionics, Rooshe, Payman, Medea, Prekog.ai, who had the opportunity to present their ideas to venture capitalists, investors and industry leaders during the Demo Day.
"We will try to boost the visibility of startups, and connect with investors and create effective cooperation for them in the future." - said Mariam Pashinyan.
The M1TQ incubation program concluded with the Demo Day, during which the contestants introduced their innovative solutions to an independent jury and demonstrated the huge development they have had over the 12-week program.
The independent jury consisted of Vahan Hovsepyan, the Minister of High-Tech Industry, Vardges Vardanyan, CEO of Digitain, Rem Darbinyan - Founder of SmartClick, and Armen Orujyan, Founding CEO of the FAST Foundation.
From the participating startups - Armbionics received a $10.000 dollar grant while Medea and Prekog.ai $2000 respectively. Moreover, Step Consulting, Orion Worldwide Innovations Armenia and BAJ Accelerator joined to support with an award!
ArmBionics - aims to transcend disabilities and create rehabilitation systems using cutting-edge research and technology. ArmBionics has successfully designed and tested 4 prototypes: Myoelectric hand, Mechanical hand, Part-hand, controlled with sensor glove Hand, and hopeful the investment will help them start production within the next 3-6 months.
“M1TQ incubation program was quite distinct from other incubation programs with its program and networking opportunities. The 12 weeks were rich in lectures, as well as separate sessions with coaches, financial and legal representatives, which helped us develop both the business side and the technology side of our product.” said Marina Davtyan, the co-founder of Armbionics.
Medea, one of the other two special award winners, is developing healthcare technology solutions, whilst Prekog.ai is developing an automated cryptocurrency system based on artificial intelligence.
The head of the company's marketing projects Manana Hovakimyan noted. "Digitain considers it its duty to develop the Armenian tech ecosystem, to which the "DigiTown" project is designed and implemented. The first component was the "M1TQ" incubation program. The second that was newly launched - was the DownTown Academy, which provides ToT certified tutors and opportunity to learn sought after IT specialties free of charge. Moreover, after graduation the program offers an internship or job opportunity for the best students at Digitain.
The third building of the "DigiTown" project will be built in the near future, which will incorporate 50.000 sq. meters, designed to host 5,000 people. The third building will be home for investment funds, acceleration and incubation programs and working space will be provided to international companies, startups, etc.Arpi Jilavyan
Photos: Emin Aristakesyan