Startups From Central Eurasia Set to Conquer Silicon Valley
The following 10-15 years will see the birth of large tech companies originating from Central Eurasia, a vast region including Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan, Turkey, and Uzbekistan. This was stated at the first technology conference entitled Central Eurasia at Silicon Valley. The conference brought together the region's top 100 startups, American venture investors, large company leaders, and tech giants from Silicon Valley. According to the event organizers, Central Eurasia has enormous untapped potential. With a population of more than 100 million people and an average age of 27, about 200,000 young people in the region annually receive an education in the field of STEM (science, technology, education, mathematics). The area has everything necessary to develop the tech industry: universities, a startup ecosystem, venture funds, and its representative in Silicon Valley — Silkroad Innovation Hub, which, in the first year of its operation, attracted 80 resident startups and more than $30 million in investments. At the conference, Zhaslan Madiyev, Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, said that Kazakhstan accounts for 50% of GDP in Central Eurasia. Kazakhstan is in 10th place in the UN GLOBAL Online Services Index and 3rd place among Central and South Asian countries in the Global Innovation Index (after Iran and India). “Recently, there has been a rapid development of new technologies, AI, blockchain, and all this stimulates the market and entrepreneurs to create startups,” Madiyev said. The minister added that Kazakhstani investors are ready to invest $100,000-$200,000 in startups at an early stage. Still, finding $1 million or $2 million in investment can be challenging, even in a more mature stage. Therefore, he urged the promotion of Kazakhstani startups abroad, especially in Silicon Valley.
