ARMENIA HOLDS NEGOTIATIONS TO FOUND VENTURE FOUNDATION
The Economy Ministry of Armenia holds negotiations with Russian and American companies to found venture foundation in Armenia, Hovhannes Avoyan, the President of Union of Information Technologies Enterprises told the reporters. In a month or two the results of the negotiations will be defined, he said. World Bank also works on founding venture fund.
The President of the union said that more often the lack of ideas becomes obstacle to found foundations. The mission of the venture foundations is to target the new founded companies and their activities.
According to Avoyan the new founded companies need to be psychologically treated to start business and to contribute to its acitivites. First the young generation should have ideas which don’t need mu to be implemented.
Start-up in information technologies is very difficult in every country. About 80% of those new founded IT companies fail to develop their business.