SAP Startup Factory to open in Armenia

SAP, a German software corporation, and BANA (Business Angel Network of Armenia) announced partnership for establishment of SAP Startup Factory by BANA in Armenia today.  

The establishment of SAP Startup Factory by BANA in Armenia has become possible due to the support of the EU4Business “Innovative Tourism and Technology Development for Armenia’’ project, which is co-funded by the European Union and the Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by German Development Cooperation GIZ.

The SAP Startup Factory by BANA will start with running the 1st batch of acceleration of mature startups by engaging up to 10 startups. In parallel events and activities will be organized, such as bootcamp, incubation, aiming to enhance premature startups for acceleration programs.
 

“SAP has wide experience in working with startups and successfully helps companies enter international markets. We can help them with our technology and knowledge in innovative developments. Sharing of experience and best practices within the digital economy contributes to both the development of competitiveness and the maintenance of companies’ export potential. I am sure that SAP Startup Factory will give a strong impetus to the further development of the ICT sector in Armenia”, said Alexey Petunin, SAP CIS COO.

“The ultimate goal of establishment of SAP Startup Factory by BANA in Armenia is to guide as many of selected startups as possible to SAP Store, which is the access to global SAP customer base. The program will enable Armenia to become a regional hub by opening the program for the startups from the region”, the press release reads.