A startup competition titled “Sustainable Income in the Region” has been held at Mingachevir State University (MSU) with the aim of promoting regional economic development, supporting innovative entrepreneurial initiatives, and developing students’ economic thinking skills. Organized at the initiative of the University’s Department of Economics, the competition aimed to encourage young people to propose innovative ideas addressing the socio-economic development of regions.
Within the framework of the competition, participants worked on business ideas and startup projects that could ensure sustainable economic growth in the regions. Student teams developed various innovative projects focusing on the efficient use of local resources, the development of agriculture and agribusiness, the enhancement of regional tourism potential, the expansion of digital services, and the support of small entrepreneurship.
One of the main objectives of the event was to foster entrepreneurial thinking among students and encourage them to reflect on current regional development challenges and propose practical solutions. During the competition, participants worked in teams, learning how to transform their ideas into business models, analyze market needs, and professionally present their projects.
At the final stage of the competition, participating teams presented their startup projects to the jury panel. The evaluation process considered key criteria such as the innovativeness of the projects, their economic efficiency, practical relevance for the region, and long-term sustainability. The most promising ideas selected by the jury were specially recognized, and participants received recommendations for the further development of their projects.
It should be noted that such initiatives implemented at Mingachevir State University contribute to linking students’ theoretical knowledge with practical activities, strengthening the innovative entrepreneurship environment, and promoting new ideas that can support the socio-economic development of regions.