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Yerevan the capital of armenia has a burgeoning startup scene that is gaining attention from investors and entrepreneurs alike the city has a rich history of entrepreneurship dating back to the soviet era when many armenians started their own businesses to survive today yerevan is home to a population of over 1 million people with a growing number of young techsavvy individuals eager to make their mark on the world the geography of the area is unique with the city situated in a valley surrounded by mountains this has led to a tightknit community of entrepreneurs who are passionate about building a better future for themselves and their country the technological innovations of the area are impressive with a focus on ai blockchain and fintech companies like picsart sololearn and menuam have all been founded in yerevan and many more are headquartered there key historical events that yerevan is known for include the armenian genocide which saw the deaths of over 1 million armenians at the hands of the ottoman empire and the nagornokarabakh conflict which has been ongoing since the 1980s despite these challenges yerevan has emerged as a hub for innovation and creativity local universities like the american university of armenia and the yerevan state university are helping to fuel the startup scene by providing education and resources to aspiring entrepreneurs the living wage in yerevan is around 400 per month and the unemployment rate is currently at 188 the city level gdp is around 7 billion with a rate of new companies starting and ending that is on par with other emerging startup scenes overall the startup scene in yerevan is thriving due to a combination of factors including a supportive community a focus on cuttingedge technology and a desire to build a better future for armenia while there are still challenges to overcome the city is poised to become a major player in the global startup ecosystem
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