DOI https://doi.org/10.36719/3104-4727/4/24-27

Elvin Kazimli 

Institute of Economics (Azerbaijan National Academy of Sciences) 

https://orcid.org/0009-0006-7976-8179 

kazimli.elvin1997@gmail.com 

Prospects for Innovative Development of Entrepreneurial 

Entities in the Republic of Azerbaijan

Abstract

This article examines the prospects for innovative development among entrepreneurial entities in the Republic of Azerbaijan. It explores the country’s strategic efforts to diversify its economy beyond the oil sector by fostering innovation-driven entrepreneurship. The analysis highlights key government initiatives, emerging sectors with high innovation potential, challenges faced by startups and small and medium sized enterprises (SMEs). Recommendations are provided to enhance the entrepreneurial ecosystem through improved access to finance, stronger collaboration between academia and industry, and the promotion of a culture of innovation. Overall, Azerbaijan’s proactive approach and growing infrastructure present promising opportunities for sustainable economic growth through innovative entrepreneurship.

Keywords: Azerbaijan, innovation, entrepreneurship, startups, economic diversification, government policy, renewable energy, entrepreneurial ecosystem, sustainable development