Work with foreign partners – key to turn local startups into international brands

“Baku Business Factory” is one of 10 business incubation centers operating in the country

Main purpose of startups operating in the incubation centers today is to enter and become recognized in international market. Certain works aimed at creation of infastructure for startups to become competitive businesses in the country have already been done. But a time of dependence on local market for startaps, especially those in the field of technology is far behind. Statistics show, 86% of startups become participants of international market from the moment of their foundation. Thats why, our startups should work towards accessing global markets and becoming internationally recognized companies.

From this point of view, I think one of most appropriate steps is working with foreign partners. Besides the cooperation with international organizations which already operate in Azerbaijan, by etablishing ties with startups, business incubation centers, trade and consulting agencies with a considerable international experience and enebling local startups to benefit from these ties we can make significant contribution for our startups to get access to international markets. This also can promote local incubation centers in international market which may bring significant economic benefits. Thus, young talanted enterprenurs in the region and even in distant countries may decide to launch their projects in Azerbaijan, gradual growth of these projects in future may add value to national economy in case of success.

We frequently observe, startups and organizations operating in innovative ecosystem are ready to cooperate with each other. I think, they should cooperate also in this field and creat a roadmap to become participants of global market. Cooperation with foreign partners which is an important part of this roadmap, will be one of the main steps in order to reach this objective.

As “Baku Business Factory”, we have already started to search for potential foreign partners. Our search embrace wide range of institutions from public organizations to startups. We expect to start cooperation with our first partners in coming months. Startups located in our center will take benefits of these cooperations. If startups outside of BBF ask to take advantage of our cooperations, we will not reject them. Our aim is to create usefull operating mechanisms for all startup ecosystem.

We will have three main outcomes in case if BBF’s activities reach success:

-          first, we will pave the way to turn local startups into international brands;

-          second, Azerbaijan will become a country of business ideas that will further diversify the economy;

-          third and most important, success of our startups in international marekets will create additional value for our economy.

I would like to note that Baku Business Factory is a business incubation center, which has been established by me in May, 2015 to support business initiatives of youth and instill their business skills. At present, 20 different business projects continue their activity at the center. For further information, please visit the link below:http://bbf.az/