Despite many post-Soviet economic difficulties and a myriad of socio-economic woes, the number of new enterprises in Armenia has grown steadily during the past decade. The Eurasia Foundation¹s Armenia office has been instrumental in fostering this growth, through a program of grants at the grass-roots level that promote Armenia¹s emerging market economy.

Foundation initiatives include the landmark Small Business Loan Program, which offers loans from $15,000 to $100,000 for emerging small businesses; capacity building through grants to trade associations and other non-government organizations (NGOs), and a variety of business training programs.

Recently, a Eurasia Foundation grantee helped to introduce a new management training software program at the university level, establishing a new benchmark for business development in Armenia. The Armenian Association of Management with support from the Eurasia Foundation developed the new training software entitled Effective Enterprise Management. The Association demonstrated the software during a presentation at the Institute of National Economy in Yerevan earlier this year.

Essentially the business-gaming program that teaches students how to strategize and make effective managerial decisions, the software is based on actual Armenian business law and relevant aspects of the local business environment. For the first time in Armenia, students of business management have a chance to apply theoretical knowledge using real life scenarios while in the classroom settings. The Association of Management has introduced the software into 9 public and 11 private accredited universities and colleges in Armenia, where the program has been enthusiastically received.

As Armenia¹s market economy develops, the demand for skilled business managers will continue to increase. Close cooperation between management educators and practitioners will be required to ensure that graduates from Armenian educational institutions are prepared to effectively meet this demand. The Armenian Association of Management which includes both university and industry professionals, is an ideal mechanism for such cooperation. Thanks to the support of the Eurasia Foundation, the Association¹s new training software program brings new level of sophistication to business practices in Armenia, helping accelerate the pace of systematic reform and economic growth.