A competition to support young entrepreneurs' innovations in Adygea

The Republic of Adygea announces a competition to provide grants for youth's innovative ideas and projects. A total of $1M was allocated for this purpose from the republican budget.

The aim of the competition, which is held since 2010, is to promote the activity of young scientists, inventors and entrepreneurs in innovation, to form a favorable public opinion about the innovative potential of the republic. The funds have been allocated as a part of the long-term regional target program the Development of small and medium business for 2012-2014.

Innovative projects from individuals and small businesses under the age of 35 are accepted to participate in the competition. Applications can be submitted until the end of October to the Ministry of Economic Development of the RA, - the head of the Entrepreneurship Department of the Ministry of Economic Development of Adygea Marina Petina said.

The winners of the competition will receive grants of 250K RUR for the realization of their projects, and 50K RUR to implement their innovative ideas.

There are over 20K small businesses registered in Adygea. 30% of the economically active population do small and medium-sized business.