Armenia: Ascent to tech nation despite geopolitical turbulence!

Armenia: Ascent to tech nation despite geopolitical turbulence!

in the heart of the Caucasus, surrounded by geopolitical tensions, a lively tech startup scene unfolds in Armenia, which even exceeds the boldest expectations! Despite the challenges that surround the country, the number of IT companies more than doubled last year, while the number of employees in the sector rose by impressive 30 percent. Armenia, a country with less than 3 million inhabitants and an economy that is hardly larger than that of Haiti, relies on technology to shape its future.

The successes of Armenian startups such as Piscart, which has developed a popular photo and video editing app, cannot be overlooked. These companies not only gained a foot in Silicon Valley, but also use their success to create jobs at home. Investments flow in both directions: Big names such as Nvidia and Adobe have announced that they will work in Armenia. The Jerewan government is determined to promote the local scene and bring the country to the international stage. The World Congress on Innovation & Technology (WCIT) took place in Jerewan last month, in which prominent speakers such as the co-founder of Moderna, Noubar Afeyan, and Nvidia Manager Rev Lebearedian performed.

a new departure for Armenia

The Armenian government recently introduced new laws to facilitate the foundation of the company and to create tax advantages for startups. With an investment of 1.940 billion dram ($ 5 million), "Engineering City" is built, a project that includes accelerator programs and research institutions. Minister Mkhitar Hayrapetyan emphasizes that Armenia wants to become a global technology hub, known for innovation and excellence. The economy is growing rapidly, with a predicted GDP growth of around 6 percent in 2024, and the opportunities in the field of artificial intelligence are promising.

The founders of the tech startups recognize that despite the attraction of Silicon Valley, there are also great opportunities at home. Davit Baghdasaryan, CEO of Krisp, emphasizes that the success stories in Armenia inspire other entrepreneurs to invest in the country. The culture of resilience, which resulted from the challenges of the past, plays a crucial role for the entrepreneurial spirit of the Armenians. Despite all the adversities, the message remains clear: Armenia is ready to assert themselves as an emerging tech location!