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Daniel Abdyldaev

Contributor

Daniel Abdyldaev is the Chief Investment Officer of Accelerate Prosperity, the largest startup accelerator in the Kyrgyz Republic; Managing Partner at ADVentures, a venture capital fund supporting founders across Central Eurasia; and Co-Founder of chANGELS, a leading angel investment network. Daniel teaches Startup Building at Compass College, the leading creative industries college in the Kyrgyz Republic.

Articles

Central Asian Startups

Where Motherhood Meets Innovation: The Kyrgyz Startup Mama Space

Female tech founders face a lot more challenges globally, and Kyrgyzstan's startup ecosystem is unfortunately no exception. Being a nascent stage ecosystem makes things even worse: according to IFC, in emerging markets, only 11% of seed funding goes to startups with women on their founding team. Despite such significant barriers, there is a generation of female founders with global ambitions. One of them is Gulnaza Khalmanbetova, who is using technology to make pregnancy and motherhood more peaceful. Mama Space provides an ecosystem for pregnancy and motherhood. Its pregnancy tracker covers every stage, providing an entire library of up-to-date, medically approved articles and educational videos. An AI chatbot can answer questions about pregnancy with evidence-based knowledge. And there is a loyal online community where every mother can find support and understanding. “It was my second experience of pregnancy that prompted me to create the app. My second pregnancy was complicated and could have ended in tragedy. During one of the surgeries, in the fifth month of pregnancy, I promised myself that if everything went well for me and my unborn son, I would do everything possible to ensure that every mother could find support and not be left alone with her problems. This is how the idea of Mama Space was born — a platform designed so that every woman can go through the stages of motherhood with reliable informational support,” recalled Gulnaza Khalmanbetova, CEO and Founder of Mama Space. [caption id="attachment_43418" align="aligncenter" width="1600"] All images provided by Mama Space[/caption] In December 2025, during the Digital Startup Awards in Tashkent, Mama Space was named “Best Women-Founded Startup” -- one of the many awards Mama Space has collected so far. Khalmanbetova had previously had a successful career in the international development sector. Those organising, optimizing, and networking skills came in handy when entering the unpredictable path of a startup founder, with an aim to help women who are planning a pregnancy, are currently pregnant, or have recently given birth. One of the sources of ideas for startup founders is trying to solve problems they face themselves. This was exactly the case with Mama Space. During her first pregnancy, which brought anxiety and difficulties with finding proper information, Khalmanbetova was inspired to organise a community of mothers with an event to celebrate pregnancy and motherhood. She named the event Mama Fest, which now brings together hundreds of women to celebrate motherhood. Mama Space is a textbook example of a successful launch. The MVP -- the minimal viable product -- was ready in three months, despite the fact that Khalmanbetova and her team still had their full-time jobs. And Khalmanbetova, traditionally for startup founders, has to wear a number of hats and utilise all her skills, from programming and business development to graphic design and running social media. Given that the product is directly related to health, the startup relies on science and professional doctors. Mama Space partners with the Kyrgyz Association of Obstetricians, Gynecologists, and Neonatologists. In June 2024, Mama Space won the 'Unicorn...

4 months ago

creative industries

Kyrgyzstan’s Creative Industries Park: Inside the Country’s Latest Artistic “Miracle”

Kyrgyz cinema in the 1960s to 1970s was sometimes referred to as the ‘Kyrgyz Miracle’, for the number of great pieces that were made during this time. This is still symbolic today, as the country is now in another ‘miracle’ era for the creative industries, which is setting an example not just for the Central Asia region, but globally. In 2023 Daniyar Amanaliev, Co-Founder of an art studio named ololo and Chairman of the Supervisory Board of the Creative Industries Park, told Deutsche Welle: “We have a very small country. When you start a business here, it's very difficult to start making money because the market is so small. And our innovators are people who are involved in creative businesses. Almost all of these companies have intangible products that cannot be stopped at customs or sealed in a warehouse. Everything is in people's heads, on computers, in the cloud, and this is exactly the kind of business model that can thrive in the Kyrgyz Republic”. This story starts with Ololo, a small art studio in Bishkek founded in 2016 by Daniar Amanaliev, Ainura Amanalieva, Atai Sadybakasov, and Victoria Yurtaeva. The initial idea was to change the lifestyle of Kyrgyz citizens, enriching their lives with different forms of art, and let them pursue the dreams of their youth. The studio provided a wide range of art classes with no age restrictions. The company soon switched its business model to operating creative hubs. Yurtaeva soon left the project. Fast forward nine years and in 2025 Ololo is the largest chain of creative hubs in Central Asia, with nine locations in Kyrgyzstan and an upcoming launch of their tenth location in Kazakhstan. In October 2021 Ololo was crucial to the launch of the Association of Creative Industries of the Kyrgyz Republic, together with eight other companies from the creative industries. Starting as a modest group, the association is now among the most active associations in the country, with over 50 member companies representing over 20 creative industries. In April 2022 the country’s President Sadyr Japarov signed an Order on the development of the creative industries. He even visited the very first Create4 creative industries festival later that year. Kyrgyzstan’s Creative Industries Park (CIP) came into being in summer 2022. Almost a year later, the relevant amendments to the national Tax Code were approved. In June 2023 a government order regulating the operations of the Creative Industries Park was adopted. And, finally, the register of industries exempt from taxes under the Creative Industries Park were defined in December of 2023. While it may seem easy from the outside, the Association of Creative Industries had to deal with significant pushback from various government agencies and officials, who did not believe in the potential of the creative industries. It took almost three years to complete the process and only in 2024, three years after the association was founded, did the Creative Industries Park become operational. In February 2024 a Supervisory Board was appointed. CIP’s Management was...

6 months ago

Startups

How Kyrgyzstan’s Fastest-Growing Restaurant Tech Startup Is Revolutionizing Dining

Bishkek has long been known for its vibrant restaurant scene. Now the sector is implementing innovations, making the lives of its customers even easier. Meet Pai, the Kyrgyz startup serving as a digital concierge between restaurants and their customers. “In Kazakhstan, I saw a product where you could pay your bill right at your table with two taps and leave without interacting with the staff. That's when I realized you could build a whole world around this, turning every interaction between a guest and an establishment into a digital experience,” says Ehrlan Zholdosh, CEO and Co-Founder of Pai. Zholdosh is not a newcomer to the industry; his experience in product design and management in Eastern Europe and the Middle East was an asset when launching his own company, Pai. Old Habits Die Hard It’s a universal restaurant experience around the globe when you’re done with your meal and ready for the check – it can take an age to come, and that’s if you can find waitstaff in the first place. Now, with Pai, which essentially turns every table into a payment terminal, this process has been streamlined to the point where it takes only seconds to pay and even leave a tip. The very first MVP (minimum viable product) was launched in Mar 2024. This is when Aibek Nogoev joined as a Co-Founder to completely overhaul the technical side of the product. The co-founder’s team has complementary skillsets — the third Co-Founder, Kairygul Kalbaeva, has over ten years of experience in the restaurant business, which came in handy when onboarding the first customers, as she understands how restaurants operate inside out. As for the Pai team, the majority of its members were hired in ololoPlanet, one of the locations of ololo, the largest chain of tech hubs in Central Asia, where Pai has its offices. Apart from enabling customers to pay faster and more smoothly, Pai aims to build a restaurant super-app that integrates with the ERP systems restaurants use, including customizable loyalty programs. Another strategic benefit for restaurants using Pai is a non-invasive way to collect user data. The Snowball Effect In September, Pai won first place in the country’s largest hackathon, Startup Nation. It may have been tough to onboard customers at the beginning of Pai’s journey, but now there are over 70 active restaurants and more than 100 in the waitlist, with hundreds of thousands of users and a daily turnover in excess of $20,000. Recent changes to Kyrgyz tax legislation linked to the efforts to make the restaurant industry less opaque have been a massive boost as well. The authorities are trying to combat the shadow economy, pushing businesses, including restaurants, to become significantly more transparent, and many in the restaurant industry see Pai as the best solution. Its customer base now includes the majority of the largest restaurant chains in the Kyrgyz Republic, including global franchises. The key challenge lies in its integration with ERP systems, which delivery services usually don’t integrate with. Pai...

7 months ago

Central Asian Startups

Kyrgyz Startup Designs ‘Growave’, an E-Commerce Tool to Retain Customers on Shopify

Eldar Galiev is the CEO and Co-Founder of Growave, a Kyrgyz startup that helps companies retain customers on the retail platform Shopify. “There were times in my life when I seriously thought about moving abroad. The deciding factor [in staying] was the realisation that many people close to me live in the Kyrgyz Republic. That is something to be cherished. That is why I stayed here”, explained Galiev in 2020. Success after several failures Galiev started his career early. During his sophomore year, he started working for the software company Skalfa. Like many talented founders, he left university during his senior year to focus on building his own products. Growave was not the first company Galiev started. “My first serious project, Hire-Experts, came after three years of working at a product company. At that point, I decided to start my own business and found a startup. The first two attempts failed. The third one, Hire-Experts, turned out to be more or less successful — it later became a company that develops software solutions for online communities,” Galiev said in 2021. This experience helped Galiev when he decided to build Growave in 2014. Growave is a family startup; Galiev created the company with his wife, Munara, and brother Ermek. Their skillsets complement each other, with Galiev overtaking business development, Munara handling HR and finance, and Ermek leading on the tech side. Galiev and his co-founders saw an opportunity when they couldn’t find products focusing on relationships between brands and their customers. Galiev understood that the local markets were too small and went straight to building a global product from scratch. The team did not have experience of being sellers themselves, so the first iterations of the product did not perform very well. Soon, they came up with a free plan for customers, which helped them gain their first 500 clients. And with feedback collected from them, they managed to build something that customers actually needed. Now, Growave is a marketing platform for e-commerce, helping companies to retain their customers with an all-in-one solution including loyalty, referrals, wishlists, reviews, and Instagram UGC. Galiev believes that it is not only advertising that is important, but also building long-term relationships with customers. This, in turn, prompts customers to stay loyal to certain Shopify sellers. [caption id="attachment_38510" align="aligncenter" width="1280"] Image: Growave[/caption] 'Bootstrapping' ninjas Unlike many global startups, Growave has not raised any external funding from VCs to date, making the company an amazing example of bootstrapping -- growing a business without external funding. In 2017, three years after its launch, Growave became profitable. Before that, Growave had gone through a turbulent time when the co-founders had to invest their income from other projects. This great example of bootstrapping now has 60+ employees. Still, Galiev is talking to VCs to get their feedback about the startup and to pitch Growave as a solution for their portfolio companies. Now Growave can boast a customer base of over 15,000 companies from more than 150 countries. Over half of...

8 months ago

Technology

ArtSkin: Prosthetics with a Sense of Touch from Kyrgyzstan

The Kyrgyz startup ecosystem is still in its nascent stages and can’t boast an endless number of founders pursuing their dreams. But those focused on building hardware startups, which is generally significantly more challenging, are even a rarer breed. Despite all of that, there is an ambitious attempt to build artificial skin for prosthetics. Meet ArtSkin. Not like a human hand “Since childhood, I was mad about science and tech, and the first big thing that I made was a prototype of the first airplane by the Wright brothers. I dropped it from the second floor, and it was crushed after flying four meters. Later, when I was twelve, I saw a TV program about robot battles, and it was crazy! Since then, I have wanted to be able to make any kind of robots, and my dream has come true,” says Iliias Dzheentaev’s biography on LinkedIn. Dzheentaev is the CEO and Founder of ArtSkin. ArtSkin is a hardware startup from Kyrgyzstan that develops artificial skin for prosthetic limbs. It was launched by Dzheentaev in 2024. Before that, he spent three years studying how human skin, the nervous system, and receptors work to understand how to design a device allowing proper touch sensations. The process was time-consuming and challenging due to the lack of relevant information. “My initial prototype was a robotic arm manipulator. I encountered a challenge with grasping flexible objects – figuring out how to make the robot recognize when its claw had squeezed tightly enough to hold the object securely. To solve this, I developed a mechanism that overcomes the resistance of different materials, enabling the robot to firmly grasp objects of various shapes, textures, and densities. Although the mechanism was simple, it made me realize how important this problem is for robotics. This insight then led me to thinking about people who use prosthetics and whether they actually feel anything when wearing them”, Dzheentaev tells The Times of Central Asia. He was not happy with the contemporary prosthetic solutions – basic body-powered mechanical prosthetics rely on physical motions, and more advanced bionic prosthetics translate electrical signals generated by muscle activity into movements, both of which lack feedback. And without the latter, control is incomplete, while with a human hand, one can easily understand its position as well as feel touch and pressure. With this in mind, Dzheentaev built his prototype with a single sensor to test the device on himself. First steps Things got serious when Dzheentaev visited the High Technology Park of the Kyrgyz Republic (HTP), where he was inspired by other founders pitching and raising funds for their startups. At the time, unfamiliar with this environment, Dzheentaev was using his salary to buy electronic components, order materials, and do designs. Not long after, Dzheentaev took part in HTP’s two programs: Dive into Silicon Valley and Unicorn from KG. The finalists for the first one were selected in February 2024. Dive into Silicon Valley in an entry-level incubation program, which sends founders to spend two...

10 months ago

Women entrepreneurs

From Coasters to Code: Bermet Koshoeva’s Leap into Tech Entrepreneurship

Five years ago, spotting Kyrgyz tech entrepreneurs in global accelerators was almost unheard of. Even locally, tech founders were rare. Fast forward to today, and it feels like Kyrgyz innovators are making their mark, especially at Antler. Last year, the global startup accelerator welcomed several Kyrgyz founders in its Vietnam and Malaysia cohorts. Among them is Bermet Koshoeva, a marketing professional turned tech entrepreneur with her startup, Onion. An Unconventional Path Koshoeva’s path to becoming a founder is far from traditional. Her early years followed a familiar trajectory, earning a Bachelor’s degree in Business Administration from Turkey’s Fatih University and working in marketing roles. Things took a unique turn when she pursued a Master’s degree in Agriculture through the prestigious Erasmus Mundus Programme, studying in Denmark and France. The agricultural focus was symbolic, as both her father and grandfather worked in the sector. However, Koshoeva’s studies steered her in a different direction. During her Master’s thesis, Koshoeva had her first entrepreneurial experience. While exploring investment opportunities, she stumbled upon the potential for sellers on Amazon. With an initial investment of $1,000, she started selling mug coasters and managed to turn it into $2,500. “When my studies were coming to an end, I wondered what I would do next and how I would earn a living,” Koshoeva told The Times of Central Asia. “I wasn’t emotionally ready to jump into a full-time job after such an intense academic experience, so I decided to invest in something.” Her Amazon success, combined with her professional marketing background, established Koshoeva as a local marketing expert. She shared her expertise as both a professional consultant and an educator, teaching marketing at the American University of Central Asia and serving as the Head of Creative Business at Compass College, the first art and design college in Central Asia. Onion’s Mission Koshoeva founded Onion in October 2024, originally envisioning it as a platform for collecting and analyzing qualitative research data, such as interviews and surveys. This aligned closely with her marketing background. However, a pivotal experience at Antler Malaysia in April 2025 led her to refine Onion’s focus. During the accelerator program, she pivoted to addressing AI-powered search optimization. The new direction positions Onion in a rapidly evolving space as search trends shift away from traditional Google results to AI-driven tools like ChatGPT and Perplexity. These emerging tools are still refining their contextual accuracy, but they represent the future. Onion helps brands become visible in these AI-powered searches, ensuring they appear when it matters most. Challenges and Vision Although Antler Malaysia eventually decided not to invest in Onion, Koshoeva is determined to push forward. Her analytical skills, honed over years of market research, are guiding her through this emerging niche. “In recent years, I’ve conducted extensive market analyses across various industries, including IT and SaaS,” Koshoeva told TCA. “Through research, I’ve identified a promising niche that’s only beginning to take shape. While not everyone sees its potential yet — even Antler wasn’t ready to invest — I’m...

12 months ago

Immigration

The Kyrgyz AI Startup Making U.S. Immigration Simpler

These days, public debate is dominated by the issues of immigration and AI. But until the emergence of the new startup Alma, they had existed as entirely separate discussions. Alma's co-founder Aizada Marat, raised in Kyrgyzstan, has been one of the first to ask: can AI be used to simplify immigration? Marat first came to the U.S. as a FLEX (Future Leaders Exchange) student when she was 17, before graduating from Harvard Law School in 2015. It was then that her own immigration problems began. Due to visa issues, Marat had to move to London, before coming back to America three years later. “Since relocating to the Bay Area in 2018 [for family reasons] the seed of becoming a founder was planted in my head.” Marat has said on her social media. “When I moved back to the U.S., that's when the immigration nightmare began. As I would with any other service provider, I used Google to find lawyers who could help me with my immigration process. I found a firm. I hired them. I was given the wrong advice. That advice led me to almost miss out on a job offer that, thankfully, I later secured. I also couldn't travel and see my family during that time. With that frustration in mind, I realized I had to start a company to solve the problem professionals were facing.” [caption id="attachment_32658" align="aligncenter" width="2048"] Image: Aizada Marat/Alma[/caption] Before Marat could become an entrepreneur, she needed to learn more about business. This is how she ended up at McKinsey, one of the leading global consulting firms. Soon after, Alma was born. Alma is a legal-tech startup, which uses AI to simplify the immigration process. The company was founded in October 2023 by Marat and Assel Tuleubayeva, a former product manager at Step. A month later the startup secured $500,000 of investments from Village Global, John Hale, and other angel investors. In March 2024 Marat and Tuleubayeva found Shuo Chen, who was previously a manager with Uber. In July 2024 Alma raised $5.1 million in combined seed and pre-seed rounds from leading venture capital funds..Last month it was selected for Google Cloud’s AI Accelerator. Alma was founded as a company offering solutions for law firms, but in 2024 it took the decision to help professionals directly, without any intermediaries. Marat, Tuleubayeva and Chen are immigrants themselves, who combined have had to apply for around 15 separate visas to allow them to work in the U.S. This month Alma reached over 300 clients, including both B2C and B2B. “I'm an immigrant who went through the immigration maze myself, so this is deeply personal", Marat tells The Times of Central Asia. "With my legal and business background, starting Alma made perfect sense. Immigrants drive the U.S. economy, and to stay competitive in the AI race, we need to help the best talent achieve their American dream." She adds: “Alma disrupts the immigration in the US and forever streamlines it for the better. Small and big companies...

1 year ago

Start-ups

Central Asia Startup Cup: A Call for Regional Unity Through Innovation

There has been a significant growth in tech events in Central Eurasia throughout the last few years. Several years back you would only see these on a national level, it is hard to find something that isn’t regional these days. There is the Central Eurasian Venture Forum, the largest regional venture capital forum, which will take place on June 5 this year in Kazakhstan, which is also home to Digital Almaty and Digital Bridge. Tashkent has its ICT Week on September 23-26, 2025. Tajikistan hosts the Startupstan Summit, Georgia has the Central Eurasia Venture Summit, Azerbaijan the Baku ID & INMerge, and the list goes on. At the end of last month, Bishkek hosted the Central Asia Startup Cup, the largest tech conference to date in the Kyrgyz Republic focused on startups and venture capital. As reflected in the name of the event, the country is not an exception and is following the trend of regional cooperation. The keynote speaker came from the UK, Kyrgyz Republic-born Asel Sartbaeva, the CEO and Co-Founder of EnsiliTech, a startup with a technology that allows vaccines and other biopharmaceuticals to be stored and transported at room temperature. Aside from her keynote speech and presentation, Sartbaeva also participated in a panel session devoted to female founders. For the first time in the history of the Kyrgyz Republic, there were a huge array of venture capital investors — apart from domestic investors, the Central Asia Startup Cup hosted venture capital funds from Georgia, Kazakhstan, Tajikistan, Turkey, the UK, and Uzbekistan. The government’s interest in the startup ecosystem is also growing — a memorandum of cooperation was signed between Accelerate Prosperity, the organizing party of the conference, and the Ministry of Digital Development of the Kyrgyz Republic. Also, for the first time, the regional final of the Startup World Cup, organized in partnership with Pegasus Tech Ventures (USA), was held as a part of the Central Asia Startup Cup. The latter is a global contest with 100+ regional events held across North America, South America, Europe, Africa, Asia, and Australia, with each regional winner competing in the final in Silicon Valley. Porte Tech, a startup from Kazakhstan providing digital concierge solutions for hotels, was selected for the Startup World Cup Grand Final in San Francisco and will compete in for a $1,000,000 investment fund in October 2025. A traditional part of such tech conferences, the Startup Battle took place on the second day of the Central Asia Startup Cup, with eight teams reaching the finals. The Grand Prix of the conference and an equity-free prize of $10,000 were awarded to ArtSkin, a Kyrgyz hardware startup developing artificial skin for prosthetic limbs. Seven teams were also recognized with cash prizes of €5,000 each from the European Union's Last-mile Connectivity to Promote Digital Green Education Opportunities project: Nomado, Tez Jumush, Sound Vision, Edu Test, WeSave, TilZone, and The Tech. VoiceDiary, an AI companion for emotional support, received a trip to Silicon Valley as part of the Dive into Silicon...

1 year ago

Vaccination

Meet the Kyrgyz Woman Behind the Vaccine Revolution

COVID-19 exposed numerous challenges humanity has yet to address, with one of them being directly related to tackling potential future pandemics. A key aspect of this is vaccines, which have to be transported in refrigerated units. This allows them to maintain their effectiveness and safety, the so-called "cold chain infrastructure" saving them from becoming unusable. This complex transportation requirement, however, results in millions of people missing out on potentially life-saving vaccines. But does it have to be this complicated? “Motherhood changes people, irreversibly. For me it was not just becoming a parent, but it also influenced the direction of my research,” Asel Sartbaeva wrote in her 2018 article, ‘Vaccines: The End of the Cold War?’ “When my daughter was only a few days old, I took her to the doctors to be vaccinated with the BCG vaccine (against tuberculosis). The doctor took the vaccine out of the fridge and administered it directly. That’s when I asked: ‘why must vaccines be refrigerated?’ and then the natural follow-up question, ‘can I help to make them stable at room temperatures?’” Born and raised in Kyrgyzstan, Asel Sartbaeva “currently wears several hats”, as her LinkedIn profile says. She is an award-winning interdisciplinary chemist, Reader in Chemistry (Associate Professor) at the University of Bath, and the first Central Asian to obtain a PhD from University of Cambridge. Sartbaeva is also the CEO and Co-Founder of EnsiliTech, a startup with a technology that allows vaccines and other biopharmaceuticals to be stored and transported at room temperature. EnsiliTech was launched in 2022 as a project at the University of Bath, and was built on over a decade of Sartbaeva’s research into ensilication – the technique of fitting vaccine components with a silica coat to stop them from spoiling outside of refrigerated temperatures. In December 2022, EnsiliTech successfully raised £1.2 million in an oversubscribed pre-seed funding round led by Science Angel Syndicate and the Fink Family Office with co-investment from QantX, Elbow Beach Capital, angel investors and Innovate UK. In 2023, the startup won a £1.7 million grant from the British government’s Department of Health and Social Care to develop the first thermally stable mRNA vaccine in the world, to combat Hantavirus, which is found in Asia and South America. In the same year, the new startup attracted their first customer, a Global Top 10 animal vaccine company based in the EU, which paid EnsiliTech to thermally stabilise three of their vaccines. Currently, Ensilitech is planning to licence their ensilcation technology to several customers and internally developing thermally stable vaccines and antibodies. Along with her scientific and business goals, Sartbaeva is also passionate about the wider participation and girls and the women’s empowerment movement. “We need to show girls that science isn’t boring and is a great choice for girls who have a natural passion for science,” she says. In 2021, Sartbaeva became the ambassador for UNICEF’s Girls in Science programme, launched in 2020 to empower 500 girls from new settlements and rural areas so they could excel...

1 year ago

Start-ups

Are Innovative Industries One of the Kyrgyz Republic’s Opportunities to Prosper?

The emergence of AI is considered by many to be a major tectonic shift, much like the emergence of the internet in its time. It is hard to overestimate the role innovation plays in our lives, with founders all over the world trying to pioneer our way out of the next problem. At first glance, the Kyrgyz Republic’s tech sector does not represent anything particularly meaningful. The chances of the small landlocked country - the farthest from any ocean in the world, which is the most affordable mode of shipping mode - integrating into innovative global ecosystems on its own seem wholly unrealistic. However, if we look at the dynamics of development in its tech sector, the potential is there. Is there a chance that the Kyrgyz Republic can become a part of the global tech scene? [caption id="attachment_30359" align="aligncenter" width="1440"] Image: The World in Maps[/caption] According to Ashley Vance at Bloomberg, “It’s about a landlocked nation, one with very few natural resources, hoping to gen up a tech industry on the fly.” The Kyrgyz startup ecosystem is clearly in its nascent stages, meaning that you haven’t heard about the Kyrgyz Skype. Yet. The country’s position in the Global Innovation Index in 2024 is 99th, up from 106th in 2023. The Global Startup Ecosystem Index, meanwhile, has the Kyrgyz Republic lower than 100th place in its 2024 ranking, down from 99th in 2023. “The country has maintained second position in Central Asia and seventh in the Central Asia Regional Economic Cooperation Program (CAREC) business region,” according to this index. The Kyrgyz Republic’s VC ranking of 103rd in the Venture Capital & Private Equity Country Attractiveness has barely changed over the last couple of years. When compared to peer group economies, it is obvious that the Kyrgyz Republic needs significant improvements in the depth of the capital market, social environment, entrepreneurial opportunities, and economic activity. [caption id="attachment_30358" align="aligncenter" width="1796"] Image: Venture Capital & Private Equity Country Attractiveness Index 2023[/caption] In terms of the number of venture capital deals, the Kyrgyz Republic is still lagging behind its neighbors. Out of $110+ million of venture capital funding in the region in 2023, the Kyrgyz contribution was only a fraction at $1.1 million. In 2024, this increased to $1.7 million, however, with the country's first venture capital law soon to be adopted. [caption id="attachment_30357" align="aligncenter" width="826"] Image Venture Capital in Central Asia 2024[/caption] The High Technology Park of the Kyrgyz Republic, which is a special tax regime for IT companies targeting exports, is demonstrating a steady growth, with its revenue expanding from under a million in 2013, to a more impressive $130 Million in 2024. The park’s residents are mostly companies providing IT outsourcing for developed markets, but the signs of a turn towards launching their own IT products are there. A separate world-first Creative Industries Park has also been set up to support the country's creative industries, including startups. When it comes to the largest Kyrgyz startups, they are founded by Kyrgyz nationals,...

1 year ago

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