Start-up Georgia, a Government-initiated competition to find the best new business ideas, has selected 20 winners who will each receive 100,000 GEL to bring their idea to life.
Business experts from Silicon Valley in the United States (US) and local representatives revealed the 20 finalists as the best of the best who had entered the competition.
All of the 20 finalists will receive 100,000 GEL to launch their innovative businesses in Georgia.
The competition attracted 726 applications of new business ideas. Of this 580 proposals were submitted as innovative ideas while 146 were regarded as high technology businesses.
Among the winners are: Bubblestack, Cnick, David OS, Edvex, Hand4help, Health Hub, Innophage, Laser Combat, Lingwing, LuckStock, OptioAIl, PawwwN, Production of Verm Protein, Qolga, QuickQash, Styx, Surgical OR Simulator, Triplay, VRex, WiseKettle
With the help of the experts from successful businesses in Silicon Valley, the best 51 business ideas were selected in the first stage of the competition and those behind these 51 ideas took part in a five-day training program led by the US Silicon Valley experts.
The Government established an initial fund of 11 million GEL (about $5 million/€4.19 million*) that will be shared between chosen business projects, however the amount of funds available is set to increase to 35 million GEL.