Azerbaijan drafts law on startup financing

Azerbaijan has drafted a bill aimed at creating financing mechanisms for startups, which is expected to be adopted within the next few months, Digital Development and Transport Minister Rashad Nabiyev said at a meeting chaired by President Ilham Aliyev.

Nabiyev said the country currently lacks venture capital, crowdfunding and other structured financing tools for startups.

Only three funds with a combined volume of about 12 million manats operate in the market, which does not reflect its full potential, he said.

The minister added that the new legislation would help attract both domestic and foreign investors and stimulate the startup ecosystem.

He also highlighted the need to modernize regulatory tools for freelancers and digital professionals and stressed the importance of government procurement of startup products.

Nabiyev further emphasized the need to strengthen cybersecurity infrastructure, including the establishment of sector-specific SOC centers and CERT units.