11:20 | 05.02.18 | News | 28032

FAST’s Angels Network to connect business and science in Armenia

A Science and Technology Angels Network (STAN) has opened in Armenia by the initiative of the Foundation for Armenian Science and Technology (FAST).

The network has announced the start of activity to the press today. This initiative unites 18 investors and entrepreneurs of Armenian descent from Armenia and other countries, who will not only provide Armenian startups financing and consulting, but also mentor them and help them establish ties.

FAST CEO Armen Orujyan has stated they are happy with this addition to ecosystem and the foundation will support people who develop mechanisms that can be helpful to Armenia’s scientific and business communities.

FAST co-founder Arthur Alaverdyan has stressed the significance of such initiatives, noting they can solve concrete problems in the ecosystem and boost both business activity and science by assisting scientific startups.

“It is extremely important to us that these businesses come from science, so that the invested money goes to science and a scientist who makes a discovery can commercialize it and take it to the global market. We aim to build connections between business and science,” said Alaverdyan.

STAN Co-chair Igor Khalatyan has noted that the network is aimed at creating an environment where entrepreneurs with ideas can find funding.

“We can help with not just financing, but experience and knowledge as well. All 18 investors in our network are people with vast experience in various areas,” he said.

“We are not your typical ‘angels’. The ‘business angels’ invest in companies in the early stages, when the entrepreneur has realized the idea and needs additional funding. We focus on quality and not quantity, so we will prioritize startups with scientific and technical base that contribute to development of these areas not only in Armenia, but worldwide. We will give more than money: our time, knowledge, and experience,” said STAN Co-chair Ruben Arutyunyan.

The network has established the minimal annual investment from each member to be at USD 10,000 in the first four years of activity, and starting from the fifth year, the rate will be raised to USD 20,000.