Angel investors, seed financing, and business incubators play a critical role in advancing blockchain throughout Georgia, many speakers argued on Wednesday at the Black Sea Blockchain Summit.

Mariam Lashkhi (left) and Deputy Chairman Avtandil Kasradze of Georgia’s Innovation and Technology Agency with Nikoloz Khundzakishvili, CORA Director for Efes Brewery (photo: 2018 Black Sea Blockchain Summit)

Speaking of his role in the formation of a business accelerator in the country, Nikoloz Khundzakishvili spoke of his long-term goal to transform Georgia into a startup nation. “We have resources that are everywhere,” said Khundzakishvili, CORA Director at Efes Brewery in Georgia.

“Accelerators pretty much didn’t exist in Georgia at all ten years ago,” said Andrew Thornhill, co-founder of digital currency exchange Spotcoin. “Generally speaking, incubation provides capital and mentorship, and that works,” he said.

It is why Spotcoin is using a significant portion of funds raised in its upcoming ICO to fund a new academic facility in the region. The Black Sea Blockchain Institute will teach software developers and business executives, and provide resources for start-ups and scale-ups in the region.

“Giving money without structure is losing money. It’s just throwing it away,” Thornhill said.

Khundzakishvili noted that it there is an economic shift underway, where there is more emphasis on selling technology and taking leadership in this latest industrial revolution instead of selling labor. It is a main reason why investment in business incubators is so important.

Blockchain start-ups can also solve governmental issues related to public safety and data security, said Avtandil Kasradze, the Deputy Chairman of Georgia’s Innovation and Technology Agency. These ambitious businesses are also creating opportunities by furthering new approaches to healthcare, medicine, and the environment.

“Opportunities are here. Resources are here. Let’s open the channel to Silicon Valley,” Khundzakishvili said.

Digital currency exchange Spotcoin organized the affair, the first major blockchain conference in the country. Around 200 people attended the event, held at Tbilisi’s unique pop-up concept Fabrika.

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