An initiative to support young people wishing to start their open businesses has been launched in Armenia The PanArmenian StartUp Foundation (PASF) is being set up to support newly established companies. Many young people in Armenia hesitate to start businesses for many reasons, which necessitated the PASF establishment.

One of the PASF founders Arik Shahumyan told NEWS.am that the Foundation will focus on three fields. First, it will use the Armenian Diaspora’s potential to ensure foreign orders and projects for the newly founded companies. Secondly, the PASF will create a database of new ideas and companies. The database will help the companies to make offers at international competitions and get venture financing. The field is attracting small and medium Armenian businessmen, who would invest in the new companies by, for example, sharing in them, with a view to getting profits.

“The Foundation will act as principal financial guarantor, which will make investing more attractive,” Shahumyan said.

PASF was set up due to combined efforts by the managers of four new Armenian companies: Arik Shahumyan (Shahumyan Media), Arman Atoyan (X-TECH), David Grigoryan (Flexible Applications) and Khachik Gevorgyan (ARMACAD).