Dutch fund DOMiNO Ventures has inked a Memorandum of Understanding (MoU) with IT Park, marking a crucial partnership to fuel innovation in Uzbekistan, IT Park reported. The strategic collaboration aims to leverage the strengths of both entities to advance the country's technology sector and promote international cooperation in innovation and venture financing.
DOMiNO Ventures, which operates in 8 countries and boasts an operational team in Istanbul, Turkey, has established itself with over 50 global and local partners. The fund has been actively participating in various events, particularly in Azerbaijan, Georgia, Kazakhstan, and now Uzbekistan, as part of its expansion strategy. Over the past two quarters, DOMiNO Ventures meticulously analyzed and reviewed 1,000 startups from the region, underscoring its dedication to identifying and supporting promising entrepreneurs.
The representatives of DOMiNO Ventures emphasized the tremendous opportunities presented by Uzbekistan's rapidly growing technology sector, making it an enticing market for investment. With an eye on the potential of the region, the fund declared its intention to invest in five technology startups in Uzbekistan during 2024. Furthermore, DOMiNO Ventures is committed to actively supporting these startups, assisting them in entering international markets, and helping solidify their positions in the global innovation arena.
The collaboration with IT Park, one of Uzbekistan's leading innovation hubs, not only bolsters the park's standing within the national innovation ecosystem but also underscores the increasing interest and recognition of Uzbekistan as a dynamic center of technological achievements and investment opportunities. The partnership is poised to contribute significantly to the continued growth and success of Uzbekistan's technology sector, creating new avenues for startups and fostering international cooperation in the realms of innovation, entrepreneurship, and venture financing.
Daryo recently reported that the Cabinet of Ministers of the Republic of Uzbekistan has issued a resolution to amend and supplement the list of approved activities for residents of the Technological Park of Software Products and Information Technologies (IT PARK). The introduced modifications now enable IT Park residents to engage in services related to multimedia and design, encompassing areas such as web design, graphic design, computer game design, vector graphics, 3D graphics, visualization design, and motion design. Additionally, they are authorized to produce animation products using software, participate in venture financing for information technology projects, conduct acceleration programs, and offer e-sports services.
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