Development of the venture capital ecosystem in Uzbekistan: sources, problems and prospects

Hoshimov , Umidjon, Хошимов , Умиджон, Hoshimov , Umidjon

Иқтисодий тараққиёт ва таҳлил · 2025-yil

Annotatsiya

This paper examines the emergence and development of the venture capital (VC) ecosystem in Uzbekistan, a transition economy in Central Asia striving to foster innovation and high-growth entrepreneurship. Drawing on theoretical frameworks related to innovation finance and entrepreneurial ecosystems, the study explores the current landscape of VC activity in Uzbekistan, identifies key structural challenges such as limited exit opportunities, low financial literacy, commercialization barriers, and legal-regulatory gaps and assesses the effectiveness of recent policy initiatives. The analysis integrates insights from the 2024 KPMG report on Central Asia and supplements it with comparative lessons from international case studies, including Israel’s Yozma program, Singapore’s co-investment incentives, and South Korea’s fund-of-funds model. The paper proposes a set of phased policy recommendations to strengthen the VC ecosystem, including legal reforms, investor tax incentives, co-investment mechanisms, and capacity-building initiatives. The findings suggest that while Uzbekistan’s VC sector is still nascent, targeted policy interventions can accelerate its evolution into a robust, globally integrated driver of innovation-led economic growth.

Maqola ma’lumotlari
MualliflarHoshimov , Umidjon, Хошимов , Умиджон, Hoshimov , Umidjon
JurnalИқтисодий тараққиёт ва таҳлил
NashriyotЎзбекистон иқтисодиётини ривожлантиришнинг илмий-тадқиқот маркази
ISSN2992-877X
Nashr sanasi2025-10-31
Jild3
Son10
Betlar100-111
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/2992-877x-2025-vol3-iss10-pp100-111
Indeksga qo‘shilgan2026-08-27

DOI: 10.60078/2992-877x-2025-vol3-iss10-pp100-111 · Maqolaning asl sahifasi

Kalit so‘zlar

innovation, venture capital, innovation funding, fund-of-funds, emerging markets, Central Asia, инновация, венчурный капитал, финансирование инноваций, фонд фондо, развивающиеся рынки, Центральная Азия, innovatsiya, venchur kapitali,, innovatsion moliyalashtirish, fondlar fondi, rivojlanayotgan bozorlar, Markaziy Osiyo

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAHoshimov , Umidjon, Хошимов , Умиджон, & Hoshimov , Umidjon (2025). DEVELOPMENT OF THE VENTURE CAPITAL ECOSYSTEM IN UZBEKISTAN: SOURCES, PROBLEMS AND PROSPECTS. Иқтисодий тараққиёт ва таҳлил, 3(10), 100-111. https://doi.org/10.60078/2992-877x-2025-vol3-iss10-pp100-111
GOST (OAK)Hoshimov , Umidjon, Хошимов , Умиджон, Hoshimov , Umidjon DEVELOPMENT OF THE VENTURE CAPITAL ECOSYSTEM IN UZBEKISTAN: SOURCES, PROBLEMS AND PROSPECTS // Иқтисодий тараққиёт ва таҳлил. – 2025. – T. 3, № 10. – P. 100-111. – DOI: 10.60078/2992-877x-2025-vol3-iss10-pp100-111.
MLAHoshimov , Umidjon, Хошимов , Умиджон, and Hoshimov , Umidjon. “DEVELOPMENT OF THE VENTURE CAPITAL ECOSYSTEM IN UZBEKISTAN: SOURCES, PROBLEMS AND PROSPECTS.” Иқтисодий тараққиёт ва таҳлил, 3(10), 100-111, 2025. https://doi.org/10.60078/2992-877x-2025-vol3-iss10-pp100-111
ChicagoHoshimov , Umidjon, Хошимов , Умиджон, and Hoshimov , Umidjon. “DEVELOPMENT OF THE VENTURE CAPITAL ECOSYSTEM IN UZBEKISTAN: SOURCES, PROBLEMS AND PROSPECTS.” Иқтисодий тараққиёт ва таҳлил, 3(10), 100-111 (2025). https://doi.org/10.60078/2992-877x-2025-vol3-iss10-pp100-111
HarvardHoshimov , Umidjon, Хошимов , Умиджон, and Hoshimov , Umidjon (2025) ‘DEVELOPMENT OF THE VENTURE CAPITAL ECOSYSTEM IN UZBEKISTAN: SOURCES, PROBLEMS AND PROSPECTS’, Иқтисодий тараққиёт ва таҳлил, 3(10), 100-111. https://doi.org/10.60078/2992-877x-2025-vol3-iss10-pp100-111
BibTeX
@article{hoshimovumidjon2025,
  title = {DEVELOPMENT OF THE VENTURE CAPITAL ECOSYSTEM IN UZBEKISTAN: SOURCES, PROBLEMS AND PROSPECTS},
  author = {Hoshimov , Umidjon and Хошимов , Умиджон and Hoshimov , Umidjon},
  journal = {Иқтисодий тараққиёт ва таҳлил},
  year = {2025},
  volume = {3},
  number = {10},
  pages = {100-111},
  doi = {10.60078/2992-877x-2025-vol3-iss10-pp100-111},
  url = {https://doi.org/10.60078/2992-877x-2025-vol3-iss10-pp100-111}
}

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