Azerbaijan's State Oil Company (SOCAR) is placing particular emphasis on strengthening its corporate entrepreneurship environment and internal innovation mechanisms alongside its large‑scale investment and refining projects, said Teymur Aliyev, head of SOCAR's Strategic Management and Innovation Department and SOCAR Innovation LLC, on the second day of Baku Investment Day 2026, Report informs.
Aliyev noted that the company's first internal innovation programme attracted more than 240 applications and ideas within three months of its launch.
"Our company has extensive experience in managing major projects and in oil refining. However, we needed support at the stages from idea development to entrepreneurship. Our internal programme gives every employee the opportunity to put forward a creative idea," he said.
According to Aliyev, the submissions included small‑scale improvements and initiatives capable of delivering results in a short period. Although these do not always qualify as full‑fledged innovations, he said they contribute to the development process.
The SOCAR representative observed that professionals with direct knowledge of industry challenges can sometimes achieve more effective results. He said the company had identified numerous promising ideas and patented projects that had not been developed further.
To strengthen the business skills of employees with scientific and engineering backgrounds, SOCAR organised incubation and acceleration programmes with the support of SABAH.HUB, Viveka, and other partners. These initiatives helped develop ideas to the Minimum Viable Product (MVP) and business‑plan stages.
"Currently, we have eight startups operating internally, with the option of spinning them off as independent companies or retaining them as internal products," Aliyev said.
He added that SOCAR is also open to cooperation with local and international startups.
The company has launched the WIN (What Is Next?) programme, which offers startups with a technology readiness level (TRL) of 5 or higher opportunities to test their technologies.
The deadline for applications to the programme is September 22. Aliyev said SOCAR can also provide financial support from its own budget, within certain limits, for implementing pilot projects.
https://report.az/en/energy/socar-expands-corporate-entrepreneurship-and-innovation-programs