Building Azerbaijan's Startup Ecosystem: A Conversation with Fehruz Jabrayilov, Founder of Azerbaijan Startup Community

Azerbaijan's startup ecosystem is entering a new phase. Recent venture capital reforms, increasing investor interest, and growing international engagement are creating new opportunities for founders and technology companies.

Founded in 2025, the Azerbaijan Startup Community has rapidly become one of the country's emerging ecosystem platforms, bringing together entrepreneurs, investors, public institutions, universities, and corporate stakeholders. With more than 80 startups and hundreds of ecosystem participants already connected through its activities, the community aims to strengthen collaboration while supporting Azerbaijani startups on their path to international growth.

In this exclusive interview with FT Finansal Teknoloji, Fehruz Jabrayilov, Founder of Azerbaijan Startup Community, shares his perspective on Azerbaijan's evolving startup landscape, the country's recent venture capital reforms, the growing importance of startup communities, and the opportunities ahead for entrepreneurs across the Turkic world.

Editör Notu: Bu röportaj, farklı ülkelerdeki fintech ekosistemi paydaşları arasında bilgi paylaşımını ve uluslararası görünürlüğü desteklemek amacıyla İngilizce olarak yayımlanmıştır.

1. Azerbaijan Startup Community was established in 2025 with the vision of bringing together entrepreneurs, innovators and key ecosystem stakeholders. Could you tell us about the story behind its creation, its core mission and the role it aims to play within Azerbaijan's innovation ecosystem?

I have been involved in various startup projects, and later I started my own startup, Fastgile - a platform where users can take simulation exams for professional certificates in a more affordable and interactive way. However, I did not know what to do next or how to meet like-minded people who could help me scale. I felt that I did not have the right environment to succeed.

Considering my lifelong motivation to bring people together and help them support one another, I thought, why not bring startup founders in Azerbaijan together to share their experiences and help each other? I simply posted an announcement on LinkedIn, and the response was overwhelming.

Now, as we approach our first anniversary, our community includes more than 80 startups, over 10 partners, and we have already organized nearly 10 meetups and demo days, bringing together more than 500 ecosystem participants. Our goal is to unite every startup in Azerbaijan, as well as startups founded by Azerbaijanis abroad. We want to connect key ecosystem players, foster collaboration, help startups grow, secure investment, and represent our country on the global stage. We also aim to bring more international support to Azerbaijani startups.

2. Azerbaijan's Parliament has recently approved, in the first reading, a comprehensive venture capital reform package introducing internationally recognized investment instruments such as convertible financing, venture capital funds and enhanced investor protections. How transformative do you believe this reform could be for founders, investors and Azerbaijan's startup ecosystem?

These are truly remarkable steps toward the long-term development of Azerbaijan's startup ecosystem. A strong legal framework plays a crucial role in the success of startups, and the government's responsibility is to create a transparent, secure, and supportive environment where startups can grow.

I strongly believe that these reforms will attract more investors and encourage more people to build startups. Having more startups increases the likelihood of producing more successful and scalable companies. Therefore, I believe these regulations will have a significant impact.

3. With this new regulatory framework and growing investor interest, what new opportunities do you believe are emerging for Azerbaijani startups? Which sectors or technologies are best positioned to benefit over the next five years, and why?

One of the biggest challenges for startups in Azerbaijan is access to investment. Following these regulatory changes, I hope that more foreign investors will enter Azerbaijan and begin investing in startups and businesses.

Considering how much Azerbaijan's digital banking and payments sector has evolved with products such as the Birbank app and m10, which in some respects have become more advanced than similar services in certain Western countries - it is likely that we will see more startups emerging in payments and fintech.

At the same time, it is crucial to see more startups emerging in the B2B segment, although there is still a long way to go.

4. Startup communities are becoming increasingly important in connecting founders, investors, universities, corporations and public institutions. How do you see the role of communities such as Azerbaijan Startup Community evolving over the next five years, and where do you believe they can create the greatest value?

That is a great question.

If we look at places like Silicon Valley, for example, community events take place every day. I have friends there who tell me that you can attend community meetups every single day because they are happening everywhere.

One interesting thing is that, as a startup founder, you can attend a community gathering at a bar and end up meeting an angel investor or venture capitalist who is willing to write you a check for $10,000 to $20,000.

Communities play a significant role in the development of society, the economy, and the overall well-being of people. They bring individuals together and create new opportunities for collaboration.

At Azerbaijan Startup Community, we bring together representatives from government institutions, businesses, venture capital firms, experts, startups, and other ecosystem stakeholders. We create the right environment and let the magic happen.

Over the coming years, I believe we will also be able to bring international startups, venture capital firms, and businesses to Azerbaijan. In fact, we are already working on this by reaching out to venture capital firms and startup communities around the world, including those in the United States, the United Kingdom, Türkiye, and Estonia. Hopefully, we will be able to share some exciting news in the near future.

We also aim to play a critical role in helping promising startups secure investment. Last but not least, we are committed to increasing the number of startups in Azerbaijan.

5. Today, an increasing number of startups from across the Turkic world and international markets are considering Azerbaijan as a destination for growth and expansion. If a fintech or technology company from the Turkic world decided to establish operations in Azerbaijan tomorrow, how could Azerbaijan Startup Community support that journey? Beyond company registration, what value could your community provide through ecosystem connections, investors, mentors, accelerators and strategic partnerships?

We know the people, and we know the business landscape because we regularly engage with businesses, startups, and government institutions.

I am confident that there are many ways we could help. We can discuss opportunities and connect companies with the right people and organizations. Knowing the right people from the very beginning plays a crucial role when establishing operations in a new country.

We can also help companies find their first customers, support their go-to-market strategy, and even welcome them into our community events.

6. FT Finansal Teknoloji is currently expanding FT Atlas into one of the largest fintech ecosystem maps in the Turkic world, bringing together nearly 2,000 verified organizations across Türkiye, Azerbaijan, Kazakhstan, Uzbekistan and Kyrgyzstan. From your perspective, how important will trusted ecosystem data, regional visibility and cross-border connectivity become for founders, investors and policymakers over the coming years?

I have always supported initiatives that bring people and organizations together.

It would be great to have a platform connecting these Turkic countries, where people can come together without being limited by borders. Such a platform could benefit every country, create new business opportunities, and perhaps even help the region become the next innovation hub.

One thing I truly believe is that if you bring the right people together in one room, the magic can happen.

As the Azerbaijan Startup Community, we are ready to support this initiative from the Azerbaijani side.