EPIC Leads 4-Day Incubation Program at Sevan Startup Summit 2024

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SEVAN, Armenia — Since its establishment, the Sevan Startup Summit (SSS) has become the largest annual startup growth event in the region. On the shores of Lake Sevan, this week-long camping-based festival attracts entrepreneurs, angel and venture capital investors, innovators, enthusiasts, and policymakers alike. In this informal, laid-back setting, participants come together to share insights, discuss strategies, raise capital, and drive their ventures forward. The Summit is known for its dynamic mix of networking, learning, and deal-making, all in the spirit of innovation and entrepreneurship, which make it a unique and exciting event in the startup ecosystem. This year, participants numbered in the thousands.

The Entrepreneurship and Product Innovation Center (EPIC) at the American University of Armenia (AUA) has actively participated in SSS annually, playing an important role in supporting the organization and implementation of its programs. Previously, the EPIC team mentored startups, hosted seminars and workshops, and moderated panels during the event. This year’s Summit marked a new role for EPIC: as an official educational partner, it was charged with leading the incubation program that included nearly 60 early-stage startup teams from over 30 countries.

“We are particularly grateful that so many EPIC startup teams participated in the Summit. This is the case every summer. However, this year, we had about a dozen startups participating in both the incubator and accelerator programs. It is so important for startup teams to make new contacts, establish friendships, and expand their networks, especially with entrepreneurs and investors from outside Armenia. SSS’s informal atmosphere and myriad of activities facilitate such interactions,” stated Dr. Michael Kouchakdjian, director of EPIC.   

“In designing the incubation program for SSS, we sought to target specific areas of startup development and growth that, through EPIC’s years of experience, we know require close attention and review in particular. By concentrating on problem validation, customer discovery and market definition, value proposition, and business model development, EPIC sought to address issues critical to early startup success. The program’s structure, featuring sessions and workshops supported by tailored mentorship, was designed to maximize engagement in order to ensure each team received personalized support to refine their venture plans,” added Nejdeh Hovanessian, assistant director of EPIC. 

The program kicked off with an insightful introductory session on the entrepreneurial mindset and startup investment and financing, led by Dr. Kouchakdjian. This was followed by an engaging elevator pitch activity, where teams had the chance to pitch their startups to each other. This interactive session not only helped teams meet one another, but also allowed them to understand the diversity of startups participating in the incubator program.

At the start of the second day, Alisa Chalakhyan, EPIC STRIVE pre-incubation program lead, and Dr. Kouchakdjian led a session on creating compelling slide decks and effective pitching.  Sofia Parsadanyan, EPIC associate, and Magda Aghababyan, founder of Hoateia and a startup mentor at EPIC, co-led a session on problem validation. It is crucial for startups to validate the business problem that they are addressing in order to ensure their product or service solutions meet the real needs of the market.

Tsovinar Babayan, angel investor and startup mentor, together with Dr. Mihran Aroian, president of TMI Capital, Inc., lecturer in AUA’s Master of Business Administration program, and professor at the University of Texas, led a session on developing robust business models. Participants delved into the intricacies of creating sustainable business models that drive growth and profit. Babayan and Aroian also conducted a session on market analysis and customer discovery, providing critical insights into analyzing target markets and understanding customer personas. This session emphasized the importance of identifying initial customers and relentlessly serving their needs. 

On the final day of the program, Hovanessian led a session on defining the value proposition for a startup. The workshop focused on reminding participants how to articulate the unique value their startups offer to customers. Following this, the EPIC team conducted a one-on-one pitch review session for the startup teams in the incubator program. This personalized feedback session allowed participants to refine their pitches, incorporating insights and suggestions acquired from the previous days’ workshops and sessions in preparation for the final pitch competition that was to follow the next day.

EPIC’s involvement in SSS 2024 underscored its commitment to nurturing entrepreneurial talent and driving innovation, both within Armenia and beyond. Looking ahead, EPIC is thrilled to announce the launch of the 15th batch of its Incubation Program starting in fall 2024. EPIC invites all aspiring entrepreneurs to apply and join its vibrant community. The application form is now available at www.epic.aua.am, with a deadline set for September 15.

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.