Armenia as one of the innovation centers in the world: Vision of informal network of investors


The members of the Science and Technology Angels Network (STAN) have programs in Armenia with an engagement of 10-15 years, reports Armenpress. FAST Foundation’s executive director Armen Orujyan said they want to make Armenia a champion in the fields of science and innovation. “We are not here for six months, but for a long time and expect 10-15 years of engagement. We are here to bring changes in science and technologies. Armenians have a deep knowledge of science, culture, perhaps at present the education system is not at a high level, but the people’s culture is so that they want to use it. Of course, here there are some enterprises the field is not empty, but we want also to assist and encourage the others”, Armen Orujyan said. STAN is a group of 18 Armenian and Diaspora-Armenian investors who are going to provide financial and expert assistance to newly-established Armenian companies in the fields of data science, artificial intelligence, machine learning, biotechnology and microelectronics. FAST co-founder Artur Alaverdyan said during the activity of STAN the scientists will have a chance to move on the commercialization path, make their own discoveries and enter the Armenian and global market. “These fields bring great changes, they form a new global economy. Our task is for Armenia and the local companies to take the burden of forming the new economy on them”, he said. STAN co-founder Ruben Harutyunyan stated that Armenia can become one of the centers for innovation. “We need to create a respective field so that innovations will be born in Armenia by developing the economy here”, he said. FAST Foundation introduced its new initiative on February 5 according to which the informal network of investors is being formed.