Krisp CEO: Preconditions For Technological Boom Have Been Created In Armenia

Preconditions for a technological boom have been set up in Armenia, said Davit Baghdasaryan, Co-Founder and CEO of Krisp, during the “Days of Science and Business 2022” conference in Yerevan On Wednesday.

He explained that such a forecast is made by foreigners as well. According to him, Armenia can make a big breakthrough within 10 years.

“Everything depends on us. Krisp has succeeded because it creates demanded high-tech products. We need to understand the recipe for success of individual companies and take it into account when building state policy. People from abroad see opportunities and move to Armenia, while those who are not here now are losing opportunities,” assured Baghdasaryan.

He expressed confidence that today a historic chance has been created for Armenia.

“For a long time, there were no opportunities to create products which would be competitive in the world market in terms of quality. But now everything is changing thanks to the inflow of human resources,” added the CEO of Krisp.

Baghdasaryan said the inflow of talented people in Armenia is not enough to ensure a boom; investments in science need to be considerably increased. He also pointed to the need to create venture capital funds, which will help improve the ecosystem.

“It is important to work on increasing the number of in-demand scientists. Armenia had a very serious scientific potential after the collapse of the USSR, but for 30 years the state did not set objectives for science, which had a negative impact. It is necessary to set priorities and provide funding for projects,” he said.

The head of the technology company reported on the functioning of a $10 million fund for the development of startups.

“During 8 months investments have been made in 8 companies, 7 of which were created in Armenia. All in all we plan to make investments in 25 companies,” he added.

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