During the panel session co-organized by QAZTECH, experts discussed ways to adapt successful international strategies, investment models, and regulatory approaches to improve Kazakhstan's startup ecosystem. The main task of the experts was to highlight ideas that could stimulate innovation and contribute to the country's economic growth.
Sabit Sukhanov, a member of the QAZTECH Board of Trustees, identified two key problems facing Kazakhstan's technology entrepreneurship:
"Firstly, the insufficiency of venture funding, which amounts to only 80-100 million dollars, significantly less than in Eastern European countries. Secondly, the survival rate of small and medium-sized businesses, which in Kazakhstan is about 30%, almost half of the global average."
Sukhanov emphasized that to develop technological entrepreneurship in Kazakhstan, a comprehensive approach from the state is necessary throughout the entire lifecycle of technological startups – from product creation to scaling, including international markets. This approach is applied in developed countries, where entrepreneurs are offered incentives at each stage of the lifecycle. The QAZTECH Alliance was created to promote Kazakhstan's technology entrepreneurship, help remove barriers, and create favorable conditions.
Adil Nurgoshin, managing partner and founder of BigSkyCapital, believes it is necessary to expand funding sources for venture companies and involve large players in venture financing, such as banks and national companies.
Arif Babaev, co-founder of DNA Payments Group, suggested allocating part of the state funds to support startups through venture capital. He stressed the importance of creating a startup ecosystem in Kazakhstan, focusing on regional projects, and noted, "It is necessary to allocate part of the funds to support startups to create a successful startup landscape in the country and beyond. Kazakhstan has sufficient resources and talents." Babaev mentioned that QAZTECH actively develops mentorship, which is key to attracting investments and growing startups at the regional level.
Experts are confident that the development of technology companies and improving venture infrastructure will become significant factors in Kazakhstan's economic growth. The QAZTECH Alliance will continue working on identifying barriers and proposing solutions to support technological startups in the country.
Sabit Sukhanov, a member of the QAZTECH Board of Trustees, identified two key problems facing Kazakhstan's technology entrepreneurship:
"Firstly, the insufficiency of venture funding, which amounts to only 80-100 million dollars, significantly less than in Eastern European countries. Secondly, the survival rate of small and medium-sized businesses, which in Kazakhstan is about 30%, almost half of the global average."
Sukhanov emphasized that to develop technological entrepreneurship in Kazakhstan, a comprehensive approach from the state is necessary throughout the entire lifecycle of technological startups – from product creation to scaling, including international markets. This approach is applied in developed countries, where entrepreneurs are offered incentives at each stage of the lifecycle. The QAZTECH Alliance was created to promote Kazakhstan's technology entrepreneurship, help remove barriers, and create favorable conditions.
Adil Nurgoshin, managing partner and founder of BigSkyCapital, believes it is necessary to expand funding sources for venture companies and involve large players in venture financing, such as banks and national companies.
Arif Babaev, co-founder of DNA Payments Group, suggested allocating part of the state funds to support startups through venture capital. He stressed the importance of creating a startup ecosystem in Kazakhstan, focusing on regional projects, and noted, "It is necessary to allocate part of the funds to support startups to create a successful startup landscape in the country and beyond. Kazakhstan has sufficient resources and talents." Babaev mentioned that QAZTECH actively develops mentorship, which is key to attracting investments and growing startups at the regional level.
Experts are confident that the development of technology companies and improving venture infrastructure will become significant factors in Kazakhstan's economic growth. The QAZTECH Alliance will continue working on identifying barriers and proposing solutions to support technological startups in the country.