Development of the venture capital market in Uzbekistan

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Development of the venture capital market in Uzbekistan
DR
Dilshod Rahimov TSUE 0000-0002-8088-1076

Development of the venture capital market in Uzbekistan

Venture capital and startup financing

Published date 24.06.2026
Journal Issue Vol. 1 No. 1 (2026) Startups and Innovation Ecosystem
Pages 56-64
DOI 10.5281/zenodo.20823068
Section Ilmiy maqolalar
Article language uz
License https://creativecommons.org/licenses/by/4.0/

Abstract

This article scientifically examines the formation of the venture capital market in Uzbekistan, its role
in developing the innovation ecosystem, and existing constraints. A venture financing model adapted to national
conditions is proposed based on international experience. Financial support mechanisms for startups at seed,
Series A, and Series B stages are analyzed. A comparative assessment of public, private, and corporate venture
capital forms is conducted.

Keywords

venture capital innovation financing startup seed investment Series A financial risk corporate venture Uzbekistan

References

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2. Kortum, S., & Lerner, J. (2000). Assessing the contribution of venture capital to innovation. RAND Journal of

Economics, 31(4), 674–692.

3. Toshmatov, F. (2024). O'zbekistonda innovatsion moliyalashtirish tizimini takomillashtirish. — Toshkent: TDIU,

PhD dissertatsiyasi. — 18-b.

4. Yusupova, N. (2025). Venchur kapital fondlari faoliyatini soliqqa tortishning optimal modeli. — Toshkent:

IQTISODIYOT. — 96-b.

5. EBRD. (2024). Venture Capital in Transition Economies: Challenges and Opportunities. London.

6. World Bank. (2025). Doing Business in Uzbekistan: Investment Climate Report. Washington DC.

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Cite this Article

Rahimov D. (2026). Development of the venture capital market in Uzbekistan. TDIU Iqtisodiyot va Innovatsiyalar Jurnali, Vol. 1 No. 1 (2026) Startups and Innovation Ecosystem, p.. 56-64. https://doi.org/10.5281/zenodo.20823068