Venture capital in Uzbekistan: ecosystem assessment, key challenges, policy implications

Khoshimov, Umidjon

Innovation science and technologiy · 2025-yil

Annotatsiya

The research investigates how the venture capital ecosystem has evolved in Uzbekistan by studying its presentstructure, operational problems, and possible policy solutions. The essential role of venture capital in driving innovationand business growth is widely accepted, but Uzbekistan experiences limited VC activity because it operates as anemerging market. The study examines Uzbekistan's venture capital development through international data and 2024KPMG and RISE Research report findings to identify major institutional players and current investment patterns. Themain obstacles consist of restricted investor exit possibilities, inadequate financial knowledge and venture understanding,insufficient market readiness for new products, and incomplete legal and tax systems. The research comparesIsrael, Singapore, and South Korea to identify effective co-investment schemes, fund-of-funds structures, and fiscalincentive programs. The paper proposes a phased reform strategy, recommending legal and tax reforms, public-privateco-investment mechanisms, improved exit infrastructure, and enhanced ecosystem capacity building. The researchshows that Uzbekistan can accelerate sustainable private-sector venture capital market development through specificinitiatives. This will drive long-term innovation and economic diversification.

Maqola ma’lumotlari
MualliflarKhoshimov, Umidjon
JurnalInnovation science and technologiy
NashriyotТошкент давлат иқтисодиёт университети
Nashr sanasi2025-10-01
Jild1
Son10
Betlar173-182
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.5281/zenodo.17453471
Indeksga qo‘shilgan2026-08-26

DOI: 10.5281/zenodo.17453471 · Maqolaning asl sahifasi

Kalit so‘zlar

venture capital, Uzbekistan, innovation policy, startup financing, fund-of-funds, co-investment, emerging markets, entrepreneurship ecosystem.

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAKhoshimov, Umidjon (2025). VENTURE CAPITAL IN UZBEKISTAN: ECOSYSTEM ASSESSMENT, KEY CHALLENGES, POLICY IMPLICATIONS. Innovation science and technologiy, 1(10), 173-182. https://doi.org/10.5281/zenodo.17453471
GOST (OAK)Khoshimov, Umidjon VENTURE CAPITAL IN UZBEKISTAN: ECOSYSTEM ASSESSMENT, KEY CHALLENGES, POLICY IMPLICATIONS // Innovation science and technologiy. – 2025. – T. 1, № 10. – P. 173-182. – DOI: 10.5281/zenodo.17453471.
MLAKhoshimov, Umidjon. “VENTURE CAPITAL IN UZBEKISTAN: ECOSYSTEM ASSESSMENT, KEY CHALLENGES, POLICY IMPLICATIONS.” Innovation science and technologiy, 1(10), 173-182, 2025. https://doi.org/10.5281/zenodo.17453471
ChicagoKhoshimov, Umidjon. “VENTURE CAPITAL IN UZBEKISTAN: ECOSYSTEM ASSESSMENT, KEY CHALLENGES, POLICY IMPLICATIONS.” Innovation science and technologiy, 1(10), 173-182 (2025). https://doi.org/10.5281/zenodo.17453471
HarvardKhoshimov, Umidjon (2025) ‘VENTURE CAPITAL IN UZBEKISTAN: ECOSYSTEM ASSESSMENT, KEY CHALLENGES, POLICY IMPLICATIONS’, Innovation science and technologiy, 1(10), 173-182. https://doi.org/10.5281/zenodo.17453471
BibTeX
@article{khoshimovumidjon2025,
  title = {VENTURE CAPITAL IN UZBEKISTAN: ECOSYSTEM ASSESSMENT, KEY CHALLENGES, POLICY IMPLICATIONS},
  author = {Khoshimov, Umidjon},
  journal = {Innovation science and technologiy},
  year = {2025},
  volume = {1},
  number = {10},
  pages = {173-182},
  doi = {10.5281/zenodo.17453471},
  url = {https://doi.org/10.5281/zenodo.17453471}
}

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