EBRD's Star Venture ignites Uzbekistan's startup scene

The European Bank for Reconstruction and Development (EBRD) inaugurated its Star Venture Program in Uzbekistan, on October 24. This marks a significant milestone in the development of the country's startup ecosystem. Sherzod Akbarov, Principal Manager at the EBRD in Uzbekistan, detailed the program's objectives and expectations in an exclusive interview with Daryo.

"It comes very timely at a time when we are launching our new program called Star Venture," said Akbarov, emphasizing the program's readiness to foster high-potential startups and elevate them to an international level. Since its inception in 2019, Star Venture has been active in over 20 countries, and its launch in Uzbekistan represents a strategic move to tap into the burgeoning local startup sector.

Akbarov highlighted the growing dynamism of Uzbekistan's startup ecosystem, attributing its development to a combination of government support, market interest, and venture capital investment.

"The government is keenly interested to develop the innovation per se, but also the IT sector, the high-tech industries," he noted, pointing out the government's efforts in infrastructure upgrades, IT education, and incentives for both local and international firms.

When asked about the potential of Uzbekistan becoming a 'Silicon Valley' of the region, Akbarov responded, "Uzbekistan can become a regional hub, similar to Silicon Valley, but have its own features and advantages." He emphasized the unique attributes of each startup ecosystem and the importance of not merely replicating Silicon Valley's model.

Delving deeper into Uzbekistan's distinctive strengths, Akbarov mentioned significant investments in IT infrastructure, education, and human capital development. Initiatives like the '1 Million Coders' program are pivotal in preparing a workforce competitive on an international scale.

Regarding the comparison with Kazakhstan's startup ecosystem, Akbarov believes in a unified Central Asian market approach rather than competition. "We don't have to compete, but we rather have to look at this as a common market," he said, acknowledging the uniqueness and complementary strengths of each country's startup landscape.

Akbarov clarified the distinction between startups and traditional SMEs, explaining that startups are innovation-driven and require a different approach compared to established businesses. The Star Venture program, therefore, offers tailored advisory support, access to financing, mentorship, and networking opportunities, designed to cater to the unique needs of startups.

The program is open to startups across various sectors, with a focus on addressing specific needs and fostering growth and internationalization. "We understand that startups are all unique and there is no cookie-cutter approach," Akbarov stated, emphasizing the program's flexibility and adaptability to the evolving startup landscape.

Applications for the Star Venture program are open until 27 November.

Akbarov encouraged startups to apply, assuring that the program is equipped to offer expert guidance, networking, and training opportunities tailored to the Uzbek market.

"With your support, with your interest, we can custom tailor this program to the needs of the Uzbek startups and really help them identify those areas where we can bring value," he concluded, expressing optimism for the program's impact on the local startup ecosystem.