Memorandum Signed Between 4SIM and SABAH.HUB to Support the Development of the Local Startup Ecosystem in Azerbaijan

Baku, Azerbaijan. 27 JUNE 2024- Mediamark Digital


At the “Baku ID” (Baku Investment Day) festival held in Baku, a significant Memorandum of Understanding was signed between the Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIM) under the Ministry of Economy of the Republic of Azerbaijan and the SABAH.HUB Innovation Center. This memorandum aims to support the development of the local startup ecosystem within the framework of digital economy development in Azerbaijan.
The memorandum was signed by Fariz Jafarov, Executive Director of 4SIM, and Rahim Bayramli, Executive Director of SABAH.HUB.
According to the memorandum, the two entities will focus on several key areas of collaboration to foster innovation and growth in the country’s digital economy:
The parties will work together to enhance the innovation ecosystem in Azerbaijan. This includes creating a supportive environment for startups and fostering collaboration between various stakeholders.
The memorandum outlines the establishment of dual degree programs with international and local universities, with a particular focus on Artificial Intelligence. These programs aim to provide high-quality education and foster research in cutting-edge technologies.
One of the goals is to attract experienced professionals to Azerbaijan, enhancing the local talent pool and bringing in expertise that can drive innovation and economic growth.
The memorandum emphasizes cooperation in research and training programs, providing opportunities for knowledge exchange and professional development.
The document also includes provisions for continuing joint efforts to create a science and industry cluster within the framework of the development of the digital economy. This cluster will aim to bring together various industries and research institutions, fostering collaboration and innovation.
Additionally, the memorandum highlights cooperation with the World Economic Forum’s (WEF) “Global Innovators” community. This collaboration will involve applying similar successful experiences from the WEF community in Azerbaijan, further integrating the country into the global innovation network.
4SIM and SABAH.HUB will also work with WEF’s “Unicorns” and “Technology Pioneers” communities to support Azerbaijani startups in gaining membership in these prestigious groups. This support aims to provide local startups with greater exposure and opportunities for growth on an international scale.

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