3 Buzand street, 0010 Yerevan, Armenia +37455005897


Luys Start Armenia Fund

Luys Start Armenia Fund: Entrepreneurship Competition

The Luys Start Armenia Fund is an entrepreneurship competition and the natural evolution of the Scholarship Program that brings home ingenuity and innovation, seeds entrepreneurial culture and develops the startups ecosystem in the homeland.

Numerous Luys Alumni and Scholars have already founded successful start-ups of their own, from boutique law firms to investment capital management services. At Luys, we are strong believers that a solid, viable network of start-up companies will perpetuate the long-term sustainability of the Armenian nation.

Luys Foundation designed this grant concept in order to contribute to the development of the entrepreneurial ecosystem in Armenia. This grant is available only to Luys Scholars and Alumni who plan to create a business enterprise in Armenia.

The three winning business plans will be awarded at three levels: $20,000, $10,000, and $5,000.


  • The start-up should involve at least one Luys Scholar or Alumni, who is in good standing with his/her obligations vis-à-vis Luys.
  • The start-up should be based in Armenia and strongly encouraged to work not only locally, but also in a global market.
  • The start-up team should have at least 3 members and a board of 3 advisory coaches (experienced professionals in the field of your start-up, who are ready and committed to share their knowledge and expertise, and give you advice on a regular basis).
  • The start-up should show impact, tangible deliverables and measurable results, and create added value in Armenia.

Required Documents

  • 3 letters from each of the advising board members stating that they are willing to coach your start-up and 3 points for why do they believe in your enterprise.
  • A Business Plan (including Budgeting, Marketing strategy and more, as it is stated in the following link: A Business Plan sample)


Luys Start Armenia Fund online application is open on April 15.
The submission deadline is June 15, 23:59 (Yerevan time).

Luys Start Armenia Fund 2017: Jury Members

Yervand Sarkisyan, Partner/London at Granatus Ventures
Lilit Gevorgyan, Executive Director of UEICT (Union of Employers of Information and Communication Technologies)
Levon Ghonyan, Founding Partner & CEO of Yerevan-Audit Consult

Luys Start Armenia Fund: Winning Projects of Entrepreneurship Competition 2017


Rafayel Mkrtchyan
Luys Alumnus
LSAF 2017, 1st place winner

CodeTrace is a web application startup based out of Yerevan, Armenia. The intention is to enable companies to easily find and recruit top developers from different professional backgrounds and levels.

Influence Analyzer

Gor Hovakimyan
Luys Alumnus
LSAF 2017, 2nd place winner

A Platform for Self-Service Data Analytics. Developing products for Key Performance Indicator (KPI) forecasting, budget allocation planning and process mining, based on state of the art artificial intelligence.

Healthy Choice

Vahagn Voskanyan
Luys Alumnus
LSAF 2017, 3rd place winner

“Health Choice” website and “Health Choice” app for mobile phones propose a healthier alternative to the conventional ordering methods for people having health problems or want to follow healthy lifestyle.

Frequently Asked Questions

There should be at least one Luys Scholar or Alumni in your start-up team, who is in good standing with its Luys obligations.

There is an independent Jury of at least 3-5 experts in the field of entrepreneurship, who will be rating your applications.

Yes, the start-up should be based in Armenia and it may expand globally.

It is a board of professionals in the field of expertise required by your start-up and who are willing and committed to coach your new enterprise on a regular basis.

Advisors should be selected based on their expertise and show relevance to your start-up. The advisors should be willing to commit their time and expertise on a regular basis.

The Support Letter is the letter from each of the advisors stating that they are willing to commit their time and expertise and give advice on a regular basis. In the letter the advisor should show how much time he/she can commit and when he/she will be available. Each of the advisors should also state 3 points for why do they support your enterprise.

The Business Plan should include a mission statement, description, implementation phases, products and services, operational planning, marketing plan, financial plan (including the budgeting) and deliverables. Please refer to the guidelines stated in the following link: A Business Plan sample
Remember this is just a sample and it can be revised and reshaped accordingly.

Back to top