SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

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Business forum held on "Changing business trends and education within the scope of new realities" 03.05.23

At the forum, the organization of the performance of business entities at the level of modern requirements, the integration of scientific innovations into business were discussed.

Baku Higher Oil School (BHOS) organized the 1st BHOS business forum marking the 100th anniversary of the Great Leader Heydar Aliyev on "Changing business trends and education within the scope of new realities".

Speaking at the event, Mr. Orkhan Mammadov, the Chairman of the Board of the Small and Medium Business Development Agency (KOBİA), supplied information on the integration of scientific innovations into business, the Agency's support and services. It was also highlighted that, as in most countries, the absolute majority of businesses in Azerbaijan account for SMBs. It is of great importance to organize the activities of entrepreneurs at a high level and boost the competitiveness of scientific innovations in business. To this end, starting from 2021, the funding of education, science, research and support projects of SMBs has been launched. This event is of great significance in respect to implementation of new mechanisms and innovative projects, practical application of technological innovations affecting the activities of entrepreneurs. Some 40 projects have been funded as part of the three competitions held so far. For the purpose of developing the innovative business and startup ecosystem, micro and small business entities are awarded a "Startup" certificate, which exempts them from profit and income tax on the income they get from innovation activity for a period of three years. KOBİA also closely cooperates with higher education institutions and implements joint initiatives to benefit from the scientific potential of universities and shape modern and innovative entrepreneurs among students.