Measures Approved to Support Startup Projects in Digital Technologies
Business
Tashkent, October 17, 2024. The President of Uzbekistan has approved decree No. PП-357 dated October 14, 2024, aimed at further developing the ecosystem for startup projects and venture funding. This initiative is designed to support new ideas and innovations in the field of digital technologies.
Under the new program, startups in Uzbekistan must meet several criteria. Their operational duration must range from a minimum of 6 months to a maximum of 7 years, and their total annual revenue should not exceed 10 billion soums. Additionally, startups are required to provide documentation confirming the successful completion of incubation or acceleration programs, a business model based on digital technologies, and registration within the startup ecosystem.
The program will also include venture funds and private investors, as well as entrepreneurs who provide incubation and acceleration services. To fund these startups, a venture fund will be established at the IT Park with an initial capital of $10 million.
Participants in the program will benefit from various support mechanisms, including the allocation of investment funds for startups that have attracted financing from foreign venture funds and reimbursement for expenses related to participation in international acceleration programs. Furthermore, startups will have access to loans without collateral of up to 300 million soums.
The national venture fund "Uzvc" will be reorganized into a "Fund of Funds" to finance the activities of venture funds. This organization will focus on attracting domestic and foreign investors, as well as securing grant funding and joint financing mechanisms. These measures aim to support startups in the digital technology sector and create new opportunities for their growth.
The program will also include venture funds and private investors, as well as entrepreneurs who provide incubation and acceleration services. To fund these startups, a venture fund will be established at the IT Park with an initial capital of $10 million.
Participants in the program will benefit from various support mechanisms, including the allocation of investment funds for startups that have attracted financing from foreign venture funds and reimbursement for expenses related to participation in international acceleration programs. Furthermore, startups will have access to loans without collateral of up to 300 million soums.
The national venture fund "Uzvc" will be reorganized into a "Fund of Funds" to finance the activities of venture funds. This organization will focus on attracting domestic and foreign investors, as well as securing grant funding and joint financing mechanisms. These measures aim to support startups in the digital technology sector and create new opportunities for their growth.
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