We already observe significant changes in the development of non-oil sector in our country. In my previous paper, I have shared my thoughts on export directions of non-oil sector, as well as the works, carried out by us in this field. Now I would like to direct your attention to another issue, which I consider important. This is related with changing business environment and application of innovations.

Here, I will share with you my thoughts about changes in the business environment and the most important factors, which are based on my experience and personal opinion. Economy of the future shows that a new generation of companies, in other words, startups will overtake traditional companies. The works, carried out by traditional companies will always be needed by people and so, it will protect their existence. However, it will continue until new generation of companies to offer more convenient alternatives to meet the same needs.

For example, today oil is mainly used in energy and chemical industries, but it will lose the function of energy in the future, even after a while it may lose the function to become raw material for chemical industry. I mean not only possibility of innovation to change the methods, but also direct means and products, as well as the needs in some cases.

Of course, traditional businesses also use innovations, they may apply the latest technologies to their work in a short period using strong financial bases. However, a key factor that pushes them to stay back is a lack of flexibility. Application of new technology and techniques does not mean taking full advantage of innovations, as the business itself and its organization should be innovative.

Structurally having very flexible management system, these startups seem to be more successful in this area. I consider the startups as one of the most significant innovations due to their flexible structure system There is no need to write about today’s importance of communication for business. This is known to all now. Simply, it would be wrong not to emphasize communication while mentioning changing business environment. I have observed in this area that compared to traditional companies, start-ups deal with the customers, as well as with surrounded people and institutions more closely and sincerely. Individual approach to each customer and maximum use of communication take startups a step forward in this direction. The work, carried out by each startup can be seen as a small step today, but their promising innovations, which can be created in a short period, give us great hope.

As a startup itself, Baku Business Factory, which has been established by me to support startups, tries to take steps in the formation of the future’s economy in our country. Currently, as BBF, we provide different supports to 20 startups. Some of these projects, which have very significant economic potential, make me happy. Each of the startups refers to various business types with different business characteristics and covers all 4 main economic sectors, including agriculture. The main factor that unites them is innovation and BBF.

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 www.bbf.az