Tashkent, December 7 – IT Park has launched the Digital Startups Program, which aims to support startups in digital technologies. The program is implemented as part of the Presidential Resolution of the Republic of Uzbekistan dated October 14, 2024, No. PP-357 “On measures to further develop the startup ecosystem and venture financing,” which focuses on developing the startup ecosystem and attracting foreign venture investments to Uzbekistan.
The event opened with a welcoming speech by the First Deputy Minister of Digital Technologies, Olimjon Umarov. In his speech, he emphasized the government’s significant attention to startup development.
“This year, a large-scale program was adopted, which includes both financial and mentoring support for the growth of our startups,” said Olimjon Umarov. “Special attention will be given to launching incubation and acceleration programs, improving and modernizing infrastructure, creating new coworking and office spaces, and many other initiatives.”
Abdulahad Kuchkarov, Executive Director of IT Park Uzbekistan, presented the Digital Startups Program and its benefits for the development of technological projects in Uzbekistan.
“Uzbekistan is entering a new phase in the development of its startup ecosystem by launching the Digital Startups Program. This program is aimed at supporting ecosystem participants. For instance, we will double the investments attracted by startups from foreign funds (up to $100,000). Participants in the program will have access to partial reimbursement and compensation for expenses related to acceleration, incubation, training, and other costs. We are expanding the IT visa program to attract startup founders and employees. Starting January 1, 2025, we will launch a Regulatory Sandbox for the Startup Ecosystem. Additionally, we will launch StartupBase, a unique platform that will connect startups, investors, partners, incubators, and accelerators,” highlighted Abdulahad Kuchkarov during his speech.
The Digital Startups Program includes various support mechanisms such as investment allocations, reimbursement for participation in international accelerators, entrepreneurship training, and assistance with intellectual property registration.
One of the key benefits of the program is the opportunity for startups to double their received investments – a startup that secures funding from international venture funds or business angels will be eligible to receive an equivalent amount of investment from the state (up to $100,000).
Furthermore, to stimulate the development of innovative products, the Digital Startups Program provides a range of support mechanisms, including:
Startups will also be able to attract investments from the venture fund under IT Park, while founders and participants of foreign startups can obtain IT visas, granting them temporary registration in the country, access to healthcare and education (on equal terms with Uzbek citizens), as well as the ability to acquire property.
Moreover, state-owned banks with over 50% government shareholding can establish their own venture funds and startup studios, further strengthening Uzbekistan’s startup ecosystem and facilitating the active attraction of investments for startups.
The program is open to startups registered in Uzbekistan that meet specific criteria:
In addition, venture funds, investors, incubators, and accelerators are eligible to participate in the program.
During the event, the unified StartupBase platform was introduced. Set to launch on January 1, 2025, it will become a key space for founders, business angels, and other ecosystem participants, providing information about promising projects and tools for attracting investments and finding partners.
Panel sessions with local and international experts addressed issues related to the development of the venture ecosystem, featuring examples of international practices, as well as plans and initiatives to strengthen the local startup environment.
As part of the presentation of the Digital Startups Program, discussions on mechanisms and provisions were held with representatives from the Ministry of Digital Technologies, IT Park Ventures, and foreign experts. Participants exchanged international experiences and proposals to enhance the innovative ecosystem and state support for startups.
It is worth noting that Uzbekistan’s startup ecosystem is dynamically developing: as of 2024, IT Park supports more than 500 promising startups, with 260 of them actively operating. A notable success story is Uzbekistan’s first unicorn, Uzum, valued at $1.16 billion.
Additionally, startup founders at IT Park have attracted investments and grants totaling over $148 million, with a significant portion coming from international funds. For instance, the British fund Sturgeon Capital has invested over $11 million in six Uzbek projects. The local startup market has also seen the emergence of more than 50 companies with revenues exceeding $10 million.
The launch of the Digital Startups Program marks a significant step in strengthening Uzbekistan’s innovative entrepreneurship, fostering the development of IT projects, and attracting international investments. IT Park will continue its efforts to create conditions for the successful growth of startups, providing all necessary resources to help them achieve new heights.
