EPIC Applauds Three EWC Armenia 2024 National Winners

5 min read

YEREVAN, Armenia — The Entrepreneurship and Productive Innovation Center (EPIC) at the American University of Armenia (AUA), as the National Organizer of the Entrepreneurship World Cup (EWC) in Armenia, congratulates the three startups that became the EWC Armenia 2024 National Winners. These startups will now advance to the Global Stage of the competition, where they will represent Armenia.

Since its launch in 2019, EWC has evolved into one of the largest and most diverse startup pitch competitions and support programs worldwide. With over 370,000 entrepreneurs from more than 200 participating countries and territories, EWC offers winners life-changing prizes, including more than $1 million in cash prizes and in-kind prizes.

EWC goes beyond mere competition. It provides hundreds of coaching and training hours tailored to entrepreneurs at all stages of their journey. The network fostered through the competition offers invaluable guidance and support to propel companies toward their growth objectives. EWC alumni, whether cash prize winners or members of select cohorts, continue to make significant contributions to their communities with innovative solutions to pressing challenges.

As the National Organizer in Armenia, EPIC has hosted three successful editions of EWC, bringing together key players in the Armenian startup ecosystem to make this nationwide event a thriving reality while launching the best Armenian startups to the global stage, where they receive international exposure and recognition.

This year’s EWC Armenia National Finals was an electrifying event, a nationwide celebration of innovation and entrepreneurship. The excitement was palpable as people from all corners of the national startup ecosystem gathered to witness a spirited competition between the ten leading Armenian startups – five Idea Stage and five Early Stage – to see which three teams would advance to the EWC Top 250 global startups. The engagement was extraordinary, with productive networking taking place during breaks. Startups were approached by audience members, investors, and entrepreneurs eager to explore their ideas further, showcasing the dynamic interest and support within the community. The participants themselves were brimming with excitement, motivated to deliver their best pitches and thoughtfully answer the jury’s questions.

The ceremony was a celebration of the Armenian startup ecosystem. Audience members cheered for their favorite teams, creating an inspiring and festive atmosphere. The event underscored Armenia’s leading position in terms of number of startups participating in the competition per capita, as highlighted during the opening remarks.

By the decision of the independent jury of the EWC Armenia 2024 National Finals, from the ten competing National Finalists, Archestr, MAquaponics, and Nomiq were announced as the national winners that will join the EWC Top 250 startups. The Top 250 startups are selected from participants in the EWC competition’s global pool; they have the opportunity to go through the Global Entrepreneurship Network (GEN)’s virtual boot camp, designed to provide selected startups with valuable skills, mentorship, and resources to prepare them for the global finals.

According to EWC Armenia National Coordinator and EPIC Assistant Director Nejdeh Hovanessian: “Year after year, we see how diverse and exciting the ideas become in the EWC competition. A glance at the descriptions of the participating teams reveals a variety of industries and interesting teams, from agri-tech to SaaS (software as a service) startups. One trend that was predicted is the use of artificial intelligence (AI) technologies, which most startups are incorporating in their value propositions. It is inspiring to see Armenia participate in EWC for the third time, and we are immensely proud of the progress our ecosystem has made. Our winning teams are a testament to the talent and potential within our community, and we are confident they will represent Armenia exceptionally well not only on the global stage, but global market as well.”

The National Finals took place at AUA on May 25. The event commenced with special video remarks by GEN President Jonathan Ortmans, followed by remarks by Republic of Armenia Deputy Minister of High-Tech Industry Dr. Ruben Simonyan. Dr. Michael Kouchakdjian, director of EPIC, delivered the National Organizer’s remarks, emphasizing the significance of entrepreneurship in driving innovation and economic growth in Armenia. EPIC was thrilled to have AUA Chief Communications Officer Narek Ghazaryan as the Master of Ceremonies, expertly guiding the audience through the exciting pitches and networking sessions. The event then proceeded with pitches from five idea-stage startups, followed by a short networking session, and finally, pitches from five early-stage startups.

Serving on the National Finals jury were Dr. Simonyan; Karén Gulbudaghyan, executive board member of the National Council for Science and Technology Development and ambassador and key advisor at UC Berkeley, SkyDeck; Grigor Hovhannisyan, partner at Formula VC and president at BANA Angels; Beniamin Gyurjyan, director of EPAM Yerevan; and Aram Pakhchanian, chairman of the board at Ayb Foundation.

The three prizes offered by the Foundation for Armenian Science and Technology and the Science and Technology Angels Network were announced. Subsequently, Suren Matevosyan presented the two prizes by Rooqet and InnWork. Lastly, Hayk Yesayan, co-founder and general director of TEAM Telecom, was invited to present special prizes to the winning startups.

The first team announced to advance to the global stage was Archestr, the only early-stage startup among the winners. Archestr is a SaaS platform that streamlines the design-to-construction process, enhancing workflows for building designers, general contractors, and suppliers. The team already has a paying user base and customers worldwide. 

Next was MAquaponics, which designs and installs systems that convert animal manure into organic fertilizer. The nutrient-rich fertilizers are suitable for hydroponic setups, drip irrigation, and traditional agriculture.

MAquaponics co-founder and Ponic Systems engineer, Melineh Bilbul, who delivered the pitch, commented that this win reaffirms the significance of her team’s work for Armenia’s future and the broader field of green agriculture. “It motivates us to continue progressing and take our efforts to the next level in the competition, helping us to elevate our startup to greater heights.”

Finally, the third winner was Nomiq. Nomiq is a web-based [anti] low-code platform for backend development. It revolutionizes cost optimization and accelerates time-to-market for complex solutions by automating code generation and enabling rapid idea-to-application conversion. Nomiq allows businesses to focus on defining their processes, with the platform handling technical details, powered by AI and the team’s extensive expertise in developing large-scale solutions.

“This was our startup’s first public pitch, and winning this competition has given us extra drive and determination to move forward and succeed. It has also brought a sense of added responsibility to live up to the expectations and trust placed in us!” said Tatev Avagyan, co-founder and CEO of Nomiq.

EWC received a competitive pool of around 60 applications for this year’s competition. From these, GEN’s international jury committee had the challenging task of selecting ten startups to advance to the National Finals.

This is the third year EWC competitions are organized in Armenia. Thanks to the exceptional organization and high level of participation, GEN has granted Armenia an additional spot for representing startups on the global stage. This year, three startups will advance, compared to two in previous years.

The journey for the EWC Armenia 2024 National Winners continues with preparations for the global stage. The EWC Global Finals, slated for early November 2024 in Riyadh, Saudi Arabia, mark the culmination of a year-long quest to identify some of the world’s most promising startups. This multi-day event features a series of pitches and offers unparalleled opportunities to engage with investors from across the globe. After countries finish selecting their national finalists, the EWC Virtual Bootcamp will take place from late September to early October (final dates to be confirmed), with the selection of the EWC 100 set for October 15. The EWC Top 100 represents the most promising startups from around the world, chosen to advance further in the competition and compete for the top prizes at the Global Finals in Saudi Arabia.

The Entrepreneurship and Product Innovation Center (EPIC) is a platform of the American University of Armenia (AUA) for promoting entrepreneurial education, cross-disciplinary collaboration, and startup venture incubation. EPIC provides an ecosystem for emerging entrepreneurs consisting of first-class facilities and collaborative workspace, programs and events, and a network of mentors, advisors, and investors. EPIC fosters the understanding and application of entrepreneurship in students and faculty at AUA to craft high-impact multidisciplinary ventures.

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