A startup is more than just an idea — it is an opportunity to transform the world, launch groundbreaking products, and build the business of one’s dreams. While such success stories were once thought to be exclusive to Silicon Valley, today, they are within closer reach than ever before.

In Uzbekistan, the startup culture is evolving at an unprecedented pace, creating tangible opportunities for aspiring entrepreneurs. Here, innovators can test their ideas, access critical support, attract investors, and scale their ventures to the global market. With all the necessary conditions in place, the only step left is to begin. Curious to learn how? Read on.

The Birthplace of Startups: The Innovation Ecosystem

A brilliant idea is just the starting point. To transform into a viable business, it requires an ecosystem where entrepreneurs can validate hypotheses, secure funding, and access markets. This is the essence of a startup ecosystem — a dynamic and vibrant environment where ideas evolve into successful enterprises.

What Defines a Robust Ecosystem?

• Entrepreneurs — The driving force behind change, creating innovative solutions.
• Government — Creates favorable conditions for business development and stimulates growth.
• Investors — Assists startups reach new heights by sharing risks and gaining a stake in future success.
• Education — Universities and tech parks nurture new talent, propelling the industry forward.
• Market — The space where startups demonstrate their value and generate revenue.
• Community — A network of like-minded individuals who share experiences, support each other, and grow collectively.
• Startup Studios — A startup factory, where ideas are transformed into real businesses by assembling teams and providing resources.
• Incubators — Launchpads for early-stage projects, offering mentorship, resources, and connections.
• Accelerators — A business sprint for startups, enabling rapid growth within a few months with the support of experts and investors.

Historically, startups have been closely associated with Silicon Valley — a region where investments, advanced technologies, and the world’s most talented minds converged to create industry giants such as Apple, Google, and Tesla. However, innovation is no longer confined to the United States. Bangalore, for instance, has emerged as India’s premier IT hub, driven by government support, attracting over 7,000 startups and numerous international corporations.

Uzbekistan is now following a similar trajectory. The country is actively developing tech parks, educational initiatives, incubators, and accelerators, while leading companies are engaged in fostering entrepreneurship. At the core of this ecosystem is IT Park Uzbekistan, a hub that provides startups with access to infrastructure, investment opportunities, and pathways to global markets.

Where will the next unicorn emerge?

Perhaps right here, in Uzbekistan.

Opportunities for Founders in Uzbekistan: Investments, Grants, and Support

Launching a startup is a complex endeavor, but Uzbekistan has cultivated a robust ecosystem to empower entrepreneurs in developing their ventures. A prime example is the Startup Base platform, initiated by IT Park Uzbekistan, which serves as a hub connecting startups, investors, and experts. This platform provides access to funding, educational resources, and government-backed support initiatives.

Moreover, IT Park Ventures, launched last year, provides financial backing, mentorship, tailored advisory services and other practical assistance to early-stage startups.

Let’s explore each benefit in detail.

Expense Reimbursement: Acceleration and Training

Business growth requires investment, but startups can recover up to 50% of key expenses (up to $20,000) for participation in international accelerators and entrepreneurial courses, including airfare and accommodation costs.

1+1: Co-Investment in Startups

Startups that secure investment from an international venture fund with assets exceeding $50 million are eligible for additional funding from IT Park Ventures. This initiative offers co-investment of up to $100,000.

Venture Credit: Accessible Financing

Startup founders with a well-defined business plan and a transparent credit history can access favorable loan terms:

• Up to 300 million UZS for the term from 6 months to 3 years
• Interest rates below standard market levels: Central Bank key rate + 4%, (currently 17.5%)

President Tech Award: A Competition for Top Startups

The President Tech Award, initiated by the President of Uzbekistan, recognizes the nation’s most promising technology projects. The second wave of the competition, held in December 2024, attracted over 550 startups.

• Total Prize Fund — $1,000,000
• Winners in the main category were awarded $100,000 each, while finalists received $50,000 and $30,000 respectively.
• Hackathon winners were granted $100,000

Key Industry Sectors Covered:

• Artificial Intelligence (AI)
• Digital Technologies in Social Sectors
• Computer and Mobile Games
• Technological Solutions in Micro-SaaS and AdTech
• Financial Technologies and Entrepreneurship

Local2Global

For local businesses, expanding beyond national borders often appears to be a formidable challenge, requiring substantial resources, expertise, and a well-defined strategic approach. Local2Global was established to streamline this process and support Uzbek companies in scaling their operations to international markets.

The program not only offers technical and methodological assistance but also cultivates the strategic mindset essential for global expansion. Additionally, participants can recover up to 50% of expenses related to developing export services, making market entry more accessible and cost-effective.

Transforming a Startup into a Successful Global Business

Launching a startup is merely the initial step; scaling it to an international level and attracting significant investment is a far more intricate endeavor. This is where accelerator programs come into play, enabling entrepreneurs to refine their products, develop scalable strategies, and effectively present their projects to a global audience.

IT Park is actively enhancing Uzbekistan’s startup ecosystem by collaborating with leading international accelerators and incubators. In 2022, it became a founding partner of Plug and Play’s office in Uzbekistan, and by 2024, it had secured over five strategic agreements with global accelerator programs, unlocking new growth opportunities for Uzbek startups.

The Startup Base platform regularly features announcements for accelerator and incubator programs, including those offered by Plug and Play.

Plug and Play — one of the world’s largest accelerators, has been working with startups from Uzbekistan since 2022, facilitating their access to global markets and fostering connections with major industry partners. Key focus areas include FinTech, InsurTech, artificial intelligence, EdTech, and healthcare. In late 2024, Plug and Play launched its third accelerator cohort, comprising 17 startups that gained access to accelerated growth and international collaboration opportunities.

Is It Worth Starting? And Which Direction to Choose?

Many aspiring entrepreneurs with a startup idea often question whether it is too late — or perhaps too early — to launch a business. However, data suggests otherwise. The average age of founders whose companies received TechCrunch awards over the past decade is 31. In 2015, the average age of founders of the fastest-growing companies, according to Inc., was 29. Meanwhile, a Harvard Business Review study revealed that the average age of entrepreneurs at the time of launching their businesses is 42.

The conclusion? Age is not a decisive factor. What truly matters is a strong idea, determination, and the ability to seize the right opportunities.

Where to Focus?

Successful startups emerge in diverse ways. Some transform personal discoveries into businesses, others tackle complex scientific challenges, and still others combine multiple fields to create something entirely novel. Regardless of the path, it's crucial to monitor technological trends.

Artificial Intelligence (AI)

AI is no longer merely a trend; it represents a global revolution. The AI market is projected to reach $1.77 trillion by 2032. Governments and private corporations are actively investing in this technology. For instance, the Stargate project (a joint initiative of Microsoft, OpenAI, Google, and other technology leaders to create the world's most advanced supercomputer for developing and training next-generation AI) alone is slated to receive over $500 billion in investment. Meanwhile, China has announced a $140 billion investment plan.

Biotechnology and Genetics

The biotechnology sector is expanding rapidly, encompassing medicine, agriculture, pharmaceuticals, and industry. In 2023, the market value reached $1.56 trillion, with projections forecasting a surge to $4.96 trillion by 2032. Gene editing, personalized medicine, and telemedicine are already being actively implemented.

Internet of Things (IoT)

The IoT connects millions of devices, making cities smarter, factories more efficient, and medical care more precise. Enterprises spent $269 billion on IoT development in 2023, and this market is projected to reach $690 billion by 2030.

Augmented and Virtual Reality (AR/VR)

AR/VR is not just about gaming. Today, these technologies are utilized in education, healthcare, industry, construction, and retail. The AR/VR market is forecasted to reach $300 billion by 2030.

Why You Shouldn't Fear Launching a Startup

Bringing an idea to life requires time, resources, and perseverance. The journey from concept to a successful product is inherently fraught with risks. This might deter many, but not in Uzbekistan. Here, the ecosystem is structured to support entrepreneurs at every stage.

IT Park Uzbekistan creates conditions enabling startups to thrive and scale without unnecessary obstacles. Entrepreneurs gain access to:

• Tax incentives, reducing financial burden on businesses.
• Expense reimbursement for acceleration programs and educational initiatives.
• Preferential loans for project financing.
• Acceleration programs designed to propel startups to the next level.
• Networking with experienced mentors, industry experts, and successful founders.
• Major events, including hackathons, demo days, pitch sessions, and international conferences.
• Networking opportunities with partners and investors, simplifying the search for strategic allies and funding.

In such an environment, the greatest risk is not attempting it. Perhaps your idea will be the next successful project. Subscribe to StartupBase to stay informed about everything happening in the startup world!