This work is licensed under a Creative Commons Attribution 4.0 International License.
The Role and Development Trends of Venture Funds in the Innovative Development of the Economy: Uzbekistan and International Experience
Corresponding Author(s) : Karajanova Gulnoza Tolliyevna
American Journal of Economics and Business Management,
Vol. 7 No. 11 (2024): November
Abstract
In order to drive economic innovation, this study examines the crucial function and evolutionary trajectory of venture capital, concentrating on Uzbekistan and making comparisons with international patterns. While industrialized countries successfully use venture capital to support high-tech companies and entrepreneurship, Uzbekistan faces obstacles like restrictive private investment and lax legal frameworks. By means of statistical and comparative studies, the report pinpoints a noteworthy surge in venture capital investments in Uzbekistan in recent times, with noteworthy contributions to technological startups and innovative firms. Further advancement is hampered, therefore, by inadequate finance systems and unpredictable investment. The results demonstrate the transformative potential of removing these obstacles through incentives for private participation and legislative changes. In order to maintain innovation-driven growth and improve economic competitiveness, it is imperative that venture capital strategies be optimized, as this study highlights.
Keywords
Download Citation
Endnote/Zotero/Mendeley (RIS)BibTeX
- Aghion, P., & Howitt, P. (2009). The Economics of Growth. MIT Press.
- Arora, A., & Gambardella, A. (2010). The Role of Innovation in the Development of the High-Tech Industry. Springer.
- Asongu, S. A., & Nwachukwu, J. C. (2016). Innovation, Economic Growth, and the Role of Venture Capital. Springer.
- Ghosh, A. (2012). Venture Capital and the Financing of Innovation. Springer Science & Business Media.
- Gompers, P., & Lerner, J. (2001). The Venture Capital Revolution. The Journal of Economic Perspectives, 15(2), 145–168.
- Hall, B. H., & Lerner, J. (2010). The Financing of Innovation. In Handbook of the Economics of Innovation (Vol. 1, pp. 609–639).
- Harvard Business Review. (2018). The New Rules of Innovation. Harvard Business Publishing.
- Khan, M. H. (2007). Venture Capital and Innovation in Emerging Economies: A Case Study of China and India. Asian Journal of Technology Innovation, 15(2), 1–15.
- Kortum, S., & Lerner, J. (2000). Assessing the Contribution of Venture Capital to Innovation. The RAND Journal of Economics, 31(4), 674–692.
- Lee, S. H., & Park, H. W. (2013). Venture Capital and Innovation in the Information Technology Industry. Journal of Technology Transfer, 38(1), 1–19.
- Lerner, J. (2010). The Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed—and What to Do About It. Princeton University Press.
- Li, Z., & Li, Y. (2020). China’s Venture Capital Ecosystem and Innovation. Innovation Studies Review, 10(2), 125–140.
- OECD. (2019). The Role of Venture Capital in Innovation Systems. OECD Innovation Policy Papers, 12.
- OECD. (2021). Building the Innovation Ecosystem: The Role of Venture Capital. OECD Innovation Policy Papers, 19.
- Razak, A. A., & Ab. Wahab, N. (2017). The Role of Venture Capital in Driving Innovation. Journal of Economic Development, 42(3).
- Schilling, M. A. (2017). Strategic Management of Technological Innovation (5th ed.). McGraw-Hill Education.
- Shapero, A., & Sokol, L. (1982). Social Dimensions of Entrepreneurship. In Encyclopedia of Entrepreneurship.
- Silicon Valley Bank. (2020). Global Venture Capital Trends.
- Sohl, J. E. (2015). The Globalization of Venture Capital. Journal of Business Venturing, 30(5), 681–702.
- The World Bank. (2015). Innovation and Venture Capital in Emerging Economies: Policy Directions. World Bank Policy Paper.
- The World Bank. (2020). Innovation and Entrepreneurship in Emerging Economies: Policies and Best Practices.
- Tushman, M. L., & Anderson, P. (2004). Innovation and the Development of New Technologies. Cambridge University Press.
- Wonglimpiyarat, J. (2015). Venture Capital and the Development of Technology-Based Firms. Springer.
- Yermack, D. (2006). The Role of Venture Capital in the Development of High-Tech Businesses. Journal of Finance, 61(2), 747–772.
References
Aghion, P., & Howitt, P. (2009). The Economics of Growth. MIT Press.
Arora, A., & Gambardella, A. (2010). The Role of Innovation in the Development of the High-Tech Industry. Springer.
Asongu, S. A., & Nwachukwu, J. C. (2016). Innovation, Economic Growth, and the Role of Venture Capital. Springer.
Ghosh, A. (2012). Venture Capital and the Financing of Innovation. Springer Science & Business Media.
Gompers, P., & Lerner, J. (2001). The Venture Capital Revolution. The Journal of Economic Perspectives, 15(2), 145–168.
Hall, B. H., & Lerner, J. (2010). The Financing of Innovation. In Handbook of the Economics of Innovation (Vol. 1, pp. 609–639).
Harvard Business Review. (2018). The New Rules of Innovation. Harvard Business Publishing.
Khan, M. H. (2007). Venture Capital and Innovation in Emerging Economies: A Case Study of China and India. Asian Journal of Technology Innovation, 15(2), 1–15.
Kortum, S., & Lerner, J. (2000). Assessing the Contribution of Venture Capital to Innovation. The RAND Journal of Economics, 31(4), 674–692.
Lee, S. H., & Park, H. W. (2013). Venture Capital and Innovation in the Information Technology Industry. Journal of Technology Transfer, 38(1), 1–19.
Lerner, J. (2010). The Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed—and What to Do About It. Princeton University Press.
Li, Z., & Li, Y. (2020). China’s Venture Capital Ecosystem and Innovation. Innovation Studies Review, 10(2), 125–140.
OECD. (2019). The Role of Venture Capital in Innovation Systems. OECD Innovation Policy Papers, 12.
OECD. (2021). Building the Innovation Ecosystem: The Role of Venture Capital. OECD Innovation Policy Papers, 19.
Razak, A. A., & Ab. Wahab, N. (2017). The Role of Venture Capital in Driving Innovation. Journal of Economic Development, 42(3).
Schilling, M. A. (2017). Strategic Management of Technological Innovation (5th ed.). McGraw-Hill Education.
Shapero, A., & Sokol, L. (1982). Social Dimensions of Entrepreneurship. In Encyclopedia of Entrepreneurship.
Silicon Valley Bank. (2020). Global Venture Capital Trends.
Sohl, J. E. (2015). The Globalization of Venture Capital. Journal of Business Venturing, 30(5), 681–702.
The World Bank. (2015). Innovation and Venture Capital in Emerging Economies: Policy Directions. World Bank Policy Paper.
The World Bank. (2020). Innovation and Entrepreneurship in Emerging Economies: Policies and Best Practices.
Tushman, M. L., & Anderson, P. (2004). Innovation and the Development of New Technologies. Cambridge University Press.
Wonglimpiyarat, J. (2015). Venture Capital and the Development of Technology-Based Firms. Springer.
Yermack, D. (2006). The Role of Venture Capital in the Development of High-Tech Businesses. Journal of Finance, 61(2), 747–772.