The Future of Uzbekistan’s Startup Ecosystem: Roundtable Discussions with the EBRD

Representatives from IT Park Uzbekistan recently participated in a roundtable discussion organized by the European Bank for Reconstruction and Development (EBRD) in collaboration with U-Enter. The event convened key stakeholders of Uzbekistan’s startup ecosystem, including startups, investors, and government representatives, to explore strategies for enhancing the country’s innovative capacity.

 

 

Star Venture: Global Opportunities for Uzbek Startups

 

The Star Venture program, showcased during the event, has successfully supported over 300 startups across 26 countries, facilitating the attraction of $529 million in investments and the creation of numerous jobs. Representatives of the EBRD emphasized that the program offers Uzbek startups unparalleled opportunities to expand into international markets.

 

 

Key Addresses

 

In his opening remarks, U-Enter Director Oleg Rijichenko underscored the significance of fostering a supportive ecosystem for startups, positioning them as a critical driver of economic development.

 

Deputy Director of IT Park Uzbekistan, Makhliyo Muksinova, highlighted the pivotal initiatives implemented within the IT Park: 

 

“We are proud to have attracted Plug and Play Tech Center into Uzbekistan, thereby opening new avenues for our startups. This year, we are introducing programs such as Alchemist, Hero Training by Draper University, and StartX by Stanford in partnership with the Silkroad Innovation Hub and Astana Hub to assist our startups in expanding into global markets. A significant milestone has been the establishment of IT Park Ventures, endowed with $10 million in capital, to support the burgeoning startup landscape of the region”.   

 

Makhliyo Muksinova also drew attention to the launch of the Central Asian Innovation Hubs in collaboration with Astana Hub. This initiative aims to unite startups from across Central Asia and promote them on prestigious international platforms, including TechCrunch Disrupt, Web Summit, and the InMerge Innovation Summit.

 

She further highlighted the critical role of state support: “The initiatives of our President, including tax incentives for IT companies and interest-free loans for startups, create an exceptional environment for the growth of innovation and entrepreneurship”.

 

IT Park’s Role in Advancing Uzbekistan’s Startup Ecosystem

 

 

Temurbek Sadinov, Senior Manager of the Startup Ecosystem Department at IT Park, provided a comprehensive overview of achievements and opportunities for startups in Uzbekistan. He shared statistical data on investments attracted, employment opportunities generated, and the incentives available to startups, including access to funding, participation in accelerator programs, and international exhibitions.  

 

IT Park Ventures: Support for Startups with Global Ambitions 

 

Investment Manager of IT Park Ventures, Zaynab Atabaeva, introduced the newly established venture fund, launched in late 2024. With a capital base of $10 million, the fund is focused on supporting startups in key sectors such as artificial intelligence, green technologies, fintech, educational technologies, and game development. Startups benefiting from the fund will not only receive financial support but also gain access to mentorship, consulting, and an extensive international network of partners and investors. 

 

Notably, the fund places significant emphasis on partnerships with international funds and angel investor networks, which enables the provision of additional financing and resources to startups originating from Uzbekistan. 

 

The Future of Uzbekistan’s Startup Ecosystem

 

In concluding the event, participants discussed the priority actions to fortify Uzbekistan’s startup ecosystem. Strengthening international collaborations and attracting foreign investments were highlighted as pivotal to establishing Uzbekistan as a leading hub for innovation in Central Asia.

 

Uzbekistan continues to lay a robust foundation for the development of startups, offering distinctive opportunities for growth and global market access. The Star Venture program, the launch of IT Park Ventures, and other initiatives reflect Uzbekistan's ambition to emerge as a prominent player on the global startup stage, cementing its position as a strategic partner for investors and entrepreneurs.