YEREVAN, Armenia — Armenia is a landlocked country with a historically high poverty rate. Hostile relations with both neighboring countries, Azerbaijan and Turkey, mean that travel to Armenia is restricted. The country’s lack of abundant natural resources indicates that it has never been able to capitalize on its environment. In the current economic climate, Armenians realized that developing its human capital is critical to its economy. Furthermore, the development of the tech sector would allow for a robust economy to flourish even without natural resources. With both private groups and the government encouraging the growth of the sector, the Armenian technology industry is beginning to develop rapidly. These six groups are a part of the rising tech industry in Armenia. They are integral to understanding the country’s changing economic state and transition out of poverty.
6 Groups Involved in the Rising Tech Industry in Armenia
- PicsArt – PicsArt is a photo-editing app of Armenian origin. It has more than 600 million downloads and about 150 million active users per month. Mikayel Vardanyan, a founder of PicsArt, noted that the app came from the wish to let non-creative people be creative. The start-up culture was not fully established, especially not in Armenia. PicsArt is valued at almost $1 billion due, in part, to increased human talent, technology, education and government incentives.
- 2hz/Krisp – This company created an app that works as a noise reduction software. With a background from the American technology sector, Davit