Prospects for the Development of Venture Financing in Uzbekistan
Keywords:
venture capital, startups, investments, Uzbekistan, legal framework, tax policy, innovation, financial literacy, startup infrastructureAbstract
The article is dedicated to analyzing the current state and prospects of venture capital development in Uzbekistan. The paper discusses the main issues faced by startups and venture investors in the country, such as insufficient legal and tax frameworks, lack of specialized infrastructure, and low financial literacy among entrepreneurs. Possible solutions to these problems are also explored, including improving the legal environment, creating conditions for startups, attracting international investors, and developing educational programs. In conclusion, the importance of building a sustainable ecosystem for venture investments that promotes the innovative development of Uzbekistan’s economy is emphasized.
Downloads
References
[1] P. Gompers and J. Lerner, Venture Capital: Theory and Practice. Moscow, Russia: Institute of Venture Research, 2001.
[2] R. Shah, The Institutional Environment of Venture Capital in Developing Countries. Tashkent, Uzbekistan: University of Economics, 2014.
[3] M. Yunus, Social Entrepreneurship and Its Role in the Economy of Developing Countries. Dushanbe, Tajikistan: University of International Relations, 2008.
[4] R. Pillai, Risks and Opportunities of Venture Capital in Central Asia. Almaty, Kazakhstan: Scientific-Economic Center, 2016.
[5] N. Kshetri, Investing in Developing Countries: Problems and Solutions. Tashkent, Uzbekistan: Economics and Entrepreneurship, 2017.
[6] D. Salman, Venture Capital and Its Role in the Economy of Developing Countries. Kyiv, Ukraine: Academy of Sciences, 1990.
[7] R. Narula, Venture Financing and Its Impact on the Economy of Developing Countries. Tashkent, Uzbekistan: Institute of Entrepreneurship and Innovation, 2014.
[8] PitchBook, “Global Venture Capital Investment Trends,” 2024. [Online]. Available: https://www.pitchbook.com/reports/global-venture-capital-investment-trends. [Accessed: Aug. 9, 2025].
[9] Crunchbase, “Crunchbase Global Venture Capital Report,” 2024. [Online]. Available: https://www.crunchbase.com/reports/global-venture-capital-report. [Accessed: Aug. 9, 2025].
[10] KPMG, “Venture Pulse: Global Venture Capital Trends & Insights,” 2024. [Online]. Available: https://home.kpmg/xx/en/home/insights/2024/04/venture-pulse-global-venture-capital-trends-insights. [Accessed: Aug. 9, 2025].
[11] D. Tadjibaeva, “Small and medium-sized enterprise finance in Uzbekistan: challenges and opportunities,” 2019.
[12] M. Soliev, “The investment prospects of Uzbekistan,” Balance, vol. 916, p. 8, 2020.
[13] K. Saydullaeva, “Venture capital as a new way of funding technology startups in Uzbekistan,” European Journal of Applied Science, Engineering and Technology, vol. 2, no. 6, pp. 200–204, 2024.
[14] K. Ibrohimbek, M. Jurabek, O. Umidxon, and T. Ozodbek, “Innovative funding strategies to surmount financial obstacles for early-stage entrepreneurs,” Journal of Fintech, Business, and Development, vol. 1, no. 2, pp. 43–48, 2024.
[15] T. Kovshova, A. Ayulov, O. Lomakina, and A. Smirnov, “Prospects for the development of venture capital as an economic institution in post-Soviet countries,” International Journal of Sustainable Development & Planning, vol. 19, no. 5, 2024.
