The Upcoming Silicon Valley of the Caucasus

As an alternative of jumping blindly into the New Silk Highway or industrialization, Armenia is betting on a different desk: highly developed technologies. From big names like Semrush establishing branches to up-and-coming enterprises like an on the web on line casino, matters are looking up in this landlocked region.

Armenia is a modest country in the Caucasus with couple pure methods. There are no ports below it really is not on the way someplace. You are unable to even stop by or depart Armenia from the east or west. Owing to hostilities, Azerbaijan and Turkey have bitter ties, ensuing in extensive-shut frontiers. All the nation does have is human cash, which is growing as significant-tech R&D has turn into a key concentrate. Fundamentally, this intention is to link and conduct business enterprise with the outdoors world and breach the blockade forming all around it.

Armenia has been functioning to increase its superior-tech business for lots of several years. But, it was not until eventually the Velvet Revolution (News – Notify) of 2018 that real motivation began to develop. Out of the blue, the tiny country lying deep in the middle of the globe map was full of optimism and appeared forward to a dazzling long term.

A new perspective was designed, and 1 of its driving causes was the power of technological know-how. IT, software program development, and other corporations would turn out to be the basis of the re-emerging nation.

The Tech Industry in Armenia

Technology is at the moment the most essential foreign expense in Armenia. A number of of the world’s most significant technology corporations, such as Intel, Google, Microsoft, IBM (News – Alert), Synopsys, and Cisco, have a actual physical presence there. Armenia’s entrepreneurial ecosystem has been impacted by Armenian diaspora companies. Assistance Titan, for case in point, is at the moment valued at virtually $1 billion.  Area Armenian startup Shadowmatic acquired the Apple (Information – Notify) Design and style Award in 2015.

PicsArt was an amazing success in Armenia’s startup market. As we all know, it is now a person of the world’s best image modifying applications. Co-founder and CPO Mikayel Vardanyan said he and Hovhannes Avoyan conceived the idea when Avoyan’s daughter was unhappy with an enhancing resource she takes advantage of. That was again in 2010 when the Google (Information – Alert) Participate in Retailer was very vacant.

Other notable illustrations include things like Zoomerang, a video enhancing application that rivals Tik Tok with 100,000 downloads just about every working day and 10 million consumers. Armenians use GgTaxi instead of Uber in Armenia. The application is also obtainable in Ga and Russia.

Though the Armenian governing administration does not give considerably direct aid to business people, it does grant tax exemptions personalized only for IT enterprises and startups. They pay back no profits taxes and a 10% payroll tax, along with various privileges and incentives.

2022 has also been a excellent yr for Armenia’s IT market. NVIDIA (News – Inform) has announced its arrival in Armenia. With $27 billion in revenue and about 20,000 folks globally, NVIDIA is establishing a second workplace in Yerevan with 100 engineers. GridDynamics Keeping, which has 22 operations globally, is launching a 100-particular person workplace in Yerevan.

ManyChat, found in San Francisco, is developing a research and growth office environment in Armenia. CoinStats validated $3.200.000 in investments. EasyData, a Dutch IT business enterprise, has opened an office in Armenia. In addition, Semrush is opening an place of work.