Plug and Play Germany GmbH wins the Acceleration Program grant competition: MHTI signs a contract

On August 15, an official contract signing ceremony was held at the Ministry of High-Tech Industry of the Republic of Armenia, with the Company that won the Acceleration Program grant competition.

Four international companies applied for participation. As a result of the evaluation of the competition committee, Plug and Play Germany GmbH accelerator was declared the winner.

The estimated budget of competition is AMD 336 million (three hundred and thirty-six million).

The 26-week program is designed for the Armenian start-up companies. Throughout this time-period, consulting services are offered to start-ups, along with capacity building and networking opportunities for business, innovation support and one-on-one mentoring.

The Contract was signed by Davit Gasparyan, Secretary General of the Ministry of High-Tech Industry of the Republic of Armenia and Sascha Karimpour, Executive Director of Plug and Play Germany GmbH.

Within the frames of the meeting, Deputy Minister Ruben Simonyan and Sascha Karimpour underscored the importance of upcoming cooperation, as well as the future collaboration prospects.

Reben Simoyan expressed confidence that the cooperation will be effective and will form a new approach in the context of projects aimed at developing the startup ecosystem in Armenia. The Deputy Minister presented the state policy targeted at industry development. Specifically, he referred to high-tech strategic vectors, Government support programs focused on industry development, as well as international and supranational structures represented in Armenia, and other relevant topics.

Sascha Karimpour presented the Plug and Play Germany GmbH, its activities and experience in similar programs. He highlighted innovation-based education as a major prerequisite for establishing an ecosystem meeting international standards and stated it as basis of their approach.

The parties expressed hope that their cooperation will not be limited to a 26-week program, but will be ongoing.

Plug and Play Tech Center is a distinguished global innovation platform headquartered in Silicon Valley. The Company brings together startups, corporations and investors to drive technological advancements and business growth. Represented in various locations globally, Plug and Play offers a robust ecosystem that supports startups through mentoring, funding, and networking opportunities, helping them expand their reach and succeed in a variety of industries.

The Center has partnered with a number of global and distinctive companies, such as VISA, ROCHE, JAGUAR LAND ROVER, WALMART, Mercedes-Benz, VOLVO, PORSCHE, NISSAN, and more.

Plug and Play Tech Center portfolio includes over 30 unicorn companies and successful projects, including PayPal, Dropbox, Honey, SoundHound, Rappi, CourseHero, Pinterest, Pony.ai, etc.