The LEPL Georgia's Innovation and Technology Agency introduced the activity report to the Economic Policy Committee at a meeting in the Kaspi Tech Park.

Irakli Nadareishvili, the Deputy Economy and Sustainable Development Minister, provided the reports for 2023 and 2024 concerning the participation of the Venture Investment Fund - 500 Georgia L.P. According to him, the Agency has participated in the Fund since 2022. In its essence, it is a closed investment fund with a preliminarily established term for activity, after expiration of which, it shall be subject to self-liquidation and the investors shall reimburse respective earnings. The validity term of the Fund is established as 10 years.
As for the investments, in 2023, the Fund invested 3,4 ml USD in 34 startups, and 1,8 ml USD in 18 startups in 2024.

The reporter introduced the companies and organisations within which the startups have been funded. He explained the earnings reclamation procedures, noting that the earnings, as stipulated under the investment agreement, shall be distributed through the sale of the companies’ shares after five years prior to the Fund’s self-liquidation term.

Shota Berekashvili, Chair of the Committee, gave a positive assessment of the report and emphasised that the Fund’s investment in startups increases their likelihood of success.

Avtandil Kasradze, Chair of the LEPL Georgia's Innovation and Technology Agency, reviewed the activity of the Agency and the successful startups. As per the reporter, the Agency operates in three key directions - implementing numerous programs and projects by means of nine various tech parks countrywide, providing benefits to over 100,000 citizens. The aforementioned programs are designed for schoolchildren and students, and facilitate business-making in the regions. Speaking about the co-financing programs, the reporter noted that up to 4,000 new job opportunities have been established as a result of 299 co-financed programs with the total amount of 46,5 ml GEL.

After the presentation, the participants of the successful startup programs provided accounts on their activities.

“Supporting the Agency is a priority for the Committee. We believe that innovations and technologies are essential for the country’s development. They provide more opportunities to transform our economy and establish a future economic model. Several interesting and successful startups were introduced at the meeting, which are operating with the Agency’s support”, - Shota Berekashvili noted.

The Committee members also visited the Kaspi Vocational School, established in 2020. The school currently accommodates up to 150 students studying nine different professions. The Committee members heard about theoretical and practical academic methods.

“During our offsite meeting, we visited the Kaspi Vocational School. It is noteworthy that the students have access to a wide range of professions, which we commend as our country requires more professionals in various fields. We inquired about the challenges the school faces and will provide information to the relevant ministries. Through joint efforts, the school will enhance its efficiency”, - Irakli Mezurnishvili, Deputy Chair of the Committee, noted.