ArmInfo. The Fund "Small and Medium Entrepreneurship Development National Center of Armenia" (SME DNC) and UN Industrial Development Organization (UNIDO) will hold free courses for startups in the Armenian city of Gyumri.
The SME DNC press service has told ArmInfo that in the competition named "Industrial work for young" in Gyumri 20 were chosen out of 40, who will pass to the next stage of the support program "Successful Beginning" for startups in the field of SME.
The program is being implemented by SME DNC and UNIDO with the financial assistance of the Government of Austria and is aimed at the development of start-ups in the provinces of Armenia (18-35) with the aim of decreasing youth unemployment and integrated industrial development. The participants of the program will enjoy financial and non-financial assistance, which implies free business courses and business development programs. The more realistic ones will be provided with loans. Within a year, startup companies will also receive consulting assistance.
The main criterion for the choice of young entrepreneurs is a realistic and clear business idea, which should be innovative and should have a potential for growth and new jobs. Startups in production and IT sectors are among priorities.
To note, the Fund "Small and Medium Entrepreneurship Development National Center of Armenia" was established in 2002 by the government of Armenia. The Center's activity aims to establish communication between state agencies and SME entities, enhancing the efficiency and competitiveness of SME activities, providing them an access to business development services and financial resources, assistance in the implementation of innovation and research programs, their appearance in the international arena, as well as supporting the creation of new SMEs.
Due to various estimates, the SME share in Armenia's GDP is about 30-40%. In European countries as a rule this figure rises to 60-70%. At the same time, in 2015 the share of small and medium businesses in Armenia's state budget revenues amounted to 2.4%.