IRIS Business Incubator (BI) is summarizing the results of its first incubation cycle in Armenia.
IRIS BI has been established in 2019 by “Armenian Caritas” Benevolent NGO and “SME Cooperation Association” NGO within the framework of “Increased Resilience of Syrian Armenians and Host Population” (IRIS) programme. The programme is funded by European Union through the EU Regional Trust Fund in Response to the Syrian Crisis, the EU “MADAD” Fund, Austrian Development Cooperation, and Austrian Red Cross and is being implemented by the consortium led by the Austrian Red Cross and consisting of “Armenian Caritas” Benevolent NGO, Armenian Red Cross Society, Centre for Coordination of Syrian Armenians Issues and “SME Cooperation Association” NGO.
The first call has been announced in October 2019 after which IRIS BI received about 600 applications from Syrian-Armenians and local entrepreneurs. The best 160 of them overcame the first stage and in February 2020 participated in business idea pitching training, then a few days later presented their business initiatives and reasons for becoming residents of the IRIS Business Incubator to the Jury. Of these 160 candidates, 99 were invited to the business model canvas training, at the end of which 73 residents were selected to participate in IRIS BI three main programmes: SPARK, BUILD and START; and entered the IRIS Academy. IRIS Academy provided a tailor-made approach to all residents who have received the right skillsets and knowledge to start, develop or enhance strong and competitive business ventures in the field of agrobusiness and food, tourism and hospitality, textile and fashion, and other services.
Due to the Coronavirus (COVID-19) pandemic outbreak in Armenia and globally, some of the residents whose businesses have been running in the fields of tourism and hospitality, fashion, and textile have been facing an unprecedented COVID-induced economic disruption. IRIS BI donors and implementing partners have made a cautious decision to divide the residents into 2 batches. The first batch continued their online participation starting from April in 2 months of trainings and coaching on Law, Finance, Marketing, Accounting, and Operations in IRIS Academy. In mid-July 2020, residents of the 1st batch virtually pitched their business plans via webcam to the panel of professional Jury team consisting of the representatives of IRIS programme partners, experts, and entrepreneurs.
“As the world continues to recover and regroup amid the Covid-19 pandemic the 2nd batch of IRIS BI residents working in the fields of tourism and hospitality, fashion and textile, finally continue their participation in the IRIS Academy”, said Narine Terzyan, Executive Director of IRIS Business Incubator. “We aim to gain realistic outcomes for which whole our team does a lot of work. I am incredibly happy to see how our residents from both batches are developing, and I want to wish great success to all of them”.
During September 2020 within the framework of the IRIS programme IRIS BI and Armenian Caritas have signed the grants and loan agreements with the winner residents of the 1st batch to receive funds and implement their business strategies. The 2nd batch residents will participate in the pitching in September/October 2020 after which the winners will sign their grant and loan funds agreements.
Summing up the first incubation cycle of the IRIS business incubator, 44 residents received funding, access to a co-working area, and the opportunity to continue the incubation period for another 6 months.
