STEP2 grantee Light Tech: Our product is unique and currently not offered in Armenian market
Since 2017 “Support to SME Development in Armenia” (EU-SMEDA) project, which is co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by GIZ PSD SC Regional Programme, in cooperation with Enterprise Incubator Foundation (EIF), has been supporting Armenian startups with two grant competitions.
Being a part of the EU4Business and EU4Innovation Initiatives, EU-SMEDA provides 2 types of grants: Innovation Matching Grant (IMG) and Science and Technology Entrepreneurship (STEP).
With a series of articles we will be exploring startups that received grant in the framework of the EU-SMEDA project.
Light Tech startup offers innovative self-luminescent maintenance-free and energy independent signs made with unique technology, which accumulates light throughout the day from any source, and starts to glow brightly in the darkness.
The primary objective of the startup is to ensure safe evacuation and visibility of emergency exit signs with clean technology during emergency situations (fire, earthquakes, electricity outages etc.).
Another objective is to provide visibility in the streets during dark hours by offering durable, energy-independent and maintenance-free street and information signs.
Light Tech team consists of 4 members.
“Our team members are highly qualified in their respective fields, have long working and organizational experience, which will assure successful implementation of the program,” explains Naira.
The scientific team of the startup had been working on the idea since 2013. During long-term research and investigation, the team got the technology finalized; however it did not have the capacity and resources to bring the idea into the market.
“At this stage, we target the local Armenian market, while considering that during the expansion stage we can get access to foreign markets, particularly in CIS and Europe, where such technology is still not widely applicable,” Naira notes.
The startup received STEP grant in November 2018. For the team the participation in the grant program has the aim to setting up a company and finance initial capital investment.
The team will use the investment to purchase necessary tools, equipment and materials for the beginning of the production. By having this type of support, Light Tech will be able to enter the market with pre-designed sample prototypes and clearly defined market entry strategy.
Naira Mangasaryan states that the product is unique and currently not offered in the Armenian market.
“Our accessible market is very diverse and it is a combination of urban and rural communities, city and village administrations, construction companies, owners of private houses, holiday homes and individuals.
With this, our marketing and sales approach will differ for each of the target markets to inform them about product availability and its unique specifications”.
For the upcoming 1 year the startup is planning to improve and optimize the technological process of luminescent signs production. The team will have meetings with Yerevan Municipality, Ministry of Emergency Situations and other potential customer segments to prepare the product for the for the clients.