ARMENIA INTENDS TO OPEN REPRESENTATION FOR IT INDUSTRY PROMOTION IN PLUG AND PLAY TECH CENTER IN SILICON VALLEY
ArmInfo
2010-04-27 16:44:00
ArmInfo. Armenia is going to open a representation for IT industry
promotion in the Plug and Play Tech Center in Silicon Valley. Director
of the Enterprise Incubator Foundation (EIF) Bagrat Yengibaryan told
ArmInfo correspondent that a tender has been announced for elaboration
of the representation model.
The selected specialist will hold relevant negotiations so that the
representation can launch its work in September 2010. "In late 2009
the Armenian prime minister visited Plug and Play, and the latter’s
director will visit Armenia in early May 2010. We consider the
financial state of Plug and Play to be one of the most beneficial
ones, therefore, the talks with them will be continued",- said
Yengibaryan. It is envisaged to ensure the financing of the center
at the expense of private sector and the World Bank funds.
The center will organize presentations of the Armenian companies’
opportunities, as well as provide an opportunity to representatives
of the Armenian companies to spend up to a month to attract investors
and look for partners. The representation will be based on the model
of similar representations in Canada and Austria. "The difference will
be in the profitable contracts’ proceeds in the center’s favor. This
will become an additional source of the center’s financing",- said
the EIF director. The annual expenditures on maintenance of the center
will supposedly make up about 200 thsd USD.
The Plug and Play Tech Center located in the State of California has
been operating for around 30 years. It has contributed to creation
of about 50 successful venture projects. The Center provides
venture financing services, including communication with large
venture companies and private investors, as well as large developers
(Microsoft, Sun Microsystems, Symantec, etc.). At present there are
25 start-up companies in the Center. The Plug and Play Tech Center
cooperates with about 20 international organizations to develop
start-up projects.