Orion Summit 2022 Discusses Implementation of Ecosystem Solutions in Armenia

YEREVAN — The Orion Summit 2022 that has kicked off in Yerevan on Wednesday has brought together representatives of technology, financial and other sectors, prominent businessmen, government officials and founders of internationally recognized startups, who will be discussing ecosystem solutions and encouraging their implementation in Armenian companies.

Ecosystem solutions enable businesses and individuals operating in any sector to offer a wide range of services.

Ameriabank, Armenia’s leading financial and technological institution, is the Platinum sponsor of the event.

Co-founder of the Orion Worldwide Innovations Armenia Diana Arzumanyan told journalists that the goal of the summit is to summarize the two-year activity of Orion Worldwide and to identify key problems in the ecosystem and their solutions during panel discussions.

She said the event will also present the 5 fastest-growing Armenian startups with the potential to become unicorns (unicorn companies are worth more than $1 billion). She said they hope to be able to double last year’s investment by the end of this year, bringing it to $50 million.

Ameriabank’s Legal Affairs Director David Sargsyan added that the bank has always emphasized the importance of digitalization and digital development, and in its development program stresses the importance of creating ecosystems, facilitating business-to-business and B2B and B2C relationships.

“This is the reason why we consider it important to participate in this summit, and we are taking part in several areas as a major platinum sponsor,” he said.

Sargsyan stressed that Ameriabank considers digital development in Armenia and business to be important.

“We are working on the development of various ecosystems and this event, in our opinion, is one of the most important steps that will stimulate the development of these systems in Armenia,” he said.

One of the top five themes of the Orion Summit 2022 is the employee stock ownership plan (ESOP) that gives workers ownership interest in the company as an incentive for the growth of start-ups, the well-being of the community and the “creation” of future millionaires. These programs are one of the best ways to incentivize, motivate and reward employees.

Successful tech startups corporatize employees early in their development, accelerating the growth and development of the project. The ESOP can also have a key role in retaining and encouraging talent in Armenia.

The summit is being attended by Armenian Minister of Hi-Tech Industry Robert Khachatryan, head of the Central Bank of Armenia Martin Galstyan, representatives of technology, financial and other business sectors, founders of internationally recognized startups, investors, etc.

The achievements of the Armenian tech companies:

Featured in the panel were companies such as Scylla, coznie, Embodied, Granatus Ventures.

Scylla develops AI-powered real-time physical threat detection solutions that help organizations augment their security infrastructure, optimize operations, save costs, and increase their situational awareness. Using its proprietary technology, Scylla delivers its solutions with exceptional accuracy and performance, minimizing false alarms by up to 99%.

Since officially launching its solutions to the market in 2018, Scylla has experienced a major revenue growth and is now one of the leading real-time physical threat detection solutions on the global market.

Embodied is an industry leading robotics and AI company creating state-of-the-art companion robots to revolutionize human-centric care and wellness by enhancing quality of life for individuals and families.

Embodied has developed Moxie – the next-generation AI robot that complements traditional therapy and supports social-emotional development in kids through play.

Granatus Ventures is the first venture capital firm to provide investment, expertise and networks to startups worldwide that leverage Armenia’s potential as an emerging technology hub.

The Fund was initiated in 2013. The principal activity of the Fund is investing in a range of IP, technology or innovation-based companies that capitalize on opportunities in high-growth sectors including but not limited to: ICT (enterprise software, consumer internet, digital media, mobile technologies); engineering (hardware, software and electronics); materials sciences and clean-tech. The Fund’s primary focus is on seed, start-up and early-stage privately held companies. The Fund invests in companies that carry out their core value-added activities in Armenia.

In addition, the Summit introduces the new Digital Julfa Network initiative.