09 August 2018

The first MIT Global Startup Lab Azerbaijan Demo Day was held

On August 9, 2018, the first MIT Global Startup Lab (GSL) Azerbaijan Demo Day organized with the support of SOCAR AQS, took place at the ADA University with the support of MIT International Science and Technology Initiatives.

 

29 most talented students in Azerbaijan out of more than 100 applicants have been selected by the MIT selection committee to participate in the 7-week Intensive Course in summer 2018.

 

The program included Azerbaijani students studying abroad as well as talented students of ADA University, Khazar University, Baku Engineering University, Baku High Oil School, Azerbaijan State Oil, and Industry University, Baku State University, Azerbaijan State Economic University and National Aviation Academy.

 

Vice-rector of ADA University Fariz Ismayilzade wished the program graduates more successes going forward. “It is a great pleasure to see the ever-increasing success of Azerbaijani youth. Today teams have presented very innovative startups for the country”s young entrepreneurial environment. The MIT GSL Azerbaijan plays a key role in turning these ideas into reality. The ADA University has supported this Lab to contribute to transformation of innovative ideas into startups and then startups into successful companies.”

 

Representatives of government agencies, local and international companies, universities and mass media participated in the MIT GSL Azerbaijan”s Demo Day.

 

During the 7-week Intensive Program, students have learned about the MIT”s disciplined entrepreneurship platform as well as software engineering and developments skills. Participants also met with the representatives of local startup ecosystems and accelerators operating in Azerbaijan. Participants have also developed functioning products or minimum viable products as part of the MIT GSL Program supported by SOCAR AQS. The Demo Day also provided MIT GSL Azerbaijan teams with the opportunity to present their products them to potential investors.

 

29 students get together in 6 teams who developed ideas ranging from tutoring to data mining, from travel guiding to peer-to-peer ridesharing, from learning through games to coding support. They have presented their startup ideas, milestones, and products including 5 (five) web platforms and 1 (one) mobile application to the Demo Day judges comprising representatives of global and local startup and entrepreneurship eco-system. The evaluation of startups took places according to the criteria of critical business thinking, effective business model selection, marketing strategy, quality and functionality of the products developed, team presentation skills, and question and answer performance.

 

The winning 3 (three) teams won a total of AZN 12,000 in awards for further developing their startup ideas (I place 5,000 AZN, 2nd place 4,000 AZN and 3rd place 3000 AZN). As a result of the judges” decision, the 1st place was awarded to the team Dataforest, 2nd place to the LocalsAround and 3rd place to the MasterMe.

 

The startup teams were awarded additional prizes and gifts by various accelerators and startup centers.

 

At the end of the event, all participants who successfully completed the program were awarded MIT GSL program participation certificates.

 

The objective of the MIT GSL Program executed with the support of SOCAR AQS and MISTI Program of MIT is to contribute to the development of innovative entrepreneurship and startup ecosystem (new technology and innovative ideas based on mobile/web application) through intensive world class and on-the-job training on innovative entrepreneurship and software development.

 

SOCAR AQS, as a national oil and gas drilling company, supports initiatives and programs aimed at contributing to the transformation of oil capital into human capital. SOCAR AQS annually implement the Summer Internship Program for the 3rd- and 4th-year students as well as master”s degree students. SOCAR AQS has established Student Scholarship for students studying in oil and gas faculties.

 

SOCAR AQS”s shareholders are SOCAR and Nobel Oil Services.