The Development Foundation of Armenia (DFA) is pleased to announce a call for “RInnovate” Competition to develop tourism sector in Armenia. The entries are expected to be viable investment projects with big ideas behind them which can serve as a catalyst for tourism promotion and infrastructure development in one of the areas mentioned below. Projects targeting other areas will also be considered, if they meet the eligibility criteria.

TITLE: “RInnovate” (Call for Investment Projects to Develop Tourism in Armenia)

OPENING DATE։ 

Phase 1- 17.07.2017

Phase 2- 25.09.2017

Phase 3- 01.12.2017

DEADLINE: 

Phase 1-10.09.2017

Phase 2-15.11.2017

Phase 3-15.12.2017

Background Information 

The Development Foundation of Armenia (DFA) is pleased to announce a call for “RInnovate” Competition to develop tourism sector in Armenia. The entries are expected to be viable investment projects with big ideas behind them which can serve as a catalyst for tourism promotion and infrastructure development in one of the areas mentioned below. Projects targeting other areas will also be considered, if they meet the eligibility criteria.

List of the Suggested Areas 

1)Vanadzor, 2)Jermuk, 3)Lake Sevan Coastal Area, 4)Yerevan Lake, 5)Mount Ara, 6)Mount Teghenis, 7)Khor Virap Monastery, 8)“Garni” Historical-Cultural Museum-Reserve, 9)“Zvartnots” Historical-Cultural Museum-Reserve, 10)“Erebuni” Historical-Archeological Museum-Reserve, 11)“Lori Berd” Historical-Cultural Reserve, 12) Old Goris Cave-Town.

The potential applicants are expected to submit concept notes briefly describing the rationale of the project. The competition is open for all interested and qualified specialists from Armenia and abroad.

The aim of “RInnovate” is to invite talented and creative professionals to get involved with tourism promotion in Armenia.

The specific objectives of the competition are:

• To develop respective infrastructure increasing the number of domestic and foreign tourists
• To support transforming the innovative ideas into business projects and further raising funds towards their implementation
• To improve commercialization of business ideas through bringing together the governmental stakeholders, private and corporate investors and donor organizations in Armenia
• To create jobs in these areas by promoting private investment
• To develop business thinking and project-making approach among the applicants

Selection Procedure 

The selection procedure will consist of three phases. In the first phase, the applicants will be required to submit concept notes describing the general project ideas. In the second phase, the selected applicants will be invited to submit full proposals. In the third phase, three finalists will be shortlisted who will have the chance to present their projects to the DFA Board chaired by the Prime Minister of Armenia and comprised of the representatives from governmental, non-governmental and international organizations, as well as the private sector. Out of these 3 finalists, the DFA Board will select the 1st, 2nd and 3rd places.

Prizes for Finalists and Further Support 

The awards for the 1st, 2nd and 3rd places will be 15.000$, 10.000$ and 5000$ respectively. The DFA will jointly work with the finalists to raise funds for project implementation. In particular, the DFA will identify potential investors, organize meetings with private and corporate investors both from Armenia and abroad and also, will facilitate business deals with interested investors. Moreover, the DFA will provide the 3 finalists with ongoing mentorship and support throughout the implementation of their projects.

Project Timeline 

The application for concept notes opens on 17 July, 2017 and closes on 10 September, 2017. The selection outcome of the first phase is due 25 September, 2017 and the shortlisted applicants will be invited to submit full project proposals by 15 November, 2017. On 01 December, 2017, three finalists will be announced. They will submit their investor pitch decks by 15 December, 2017. The presentation of the selected 3 projects to the DFA Board will take place in the final stage followed by the special award ceremony.

Eligibility Criteria 

Given the nature of the project to support transforming innovative ideas into fundable projects, the DFA team decided to keep the eligibility criteria as encompassing as possible with a view to also accommodate the ideas coming from comparatively non-experienced teams. However, the DFA strongly encourages the applicants to include specialists with business or finance background in the teams, since even the most business-savvy ideas are expected to be backed up with sound financial estimates.

There are no restrictions based on nationality or citizenship, however the applicants should take into account that comprehensive understanding of the cultural and historical specificities of the mentioned areas is required, as well as relevant field works have to be conducted for a competitive application.

Budget 

Financial estimates are not required in the first phase. The applicants are only requested to mention the approximate total cost of the projects in the concept note. The detailed budget will be required in the second phase. There is no lowest financial threshold for the projects, the highest threshold is 4.500.000$. The Selection Committee will consider the projects exceeding the highest threshold only in those cases, when the project is truly unique, fully meets all the evaluation criteria and the budget is justified.

For more details, please visit:
http://www.dfa.am/invest/call-for-rinnovate-competition/