Speakers included:
- Audun Abelsnes, Managing Director of Techstars Middle East
- Abdulazal Toshkhujaev, Managing Partner of UzVC
- Aziza Xamdamova, Managing Partner of Hackonnect

From Idea to a Sustainable Startup

One of the key topics of the discussion was the founder's personality. Speakers repeatedly emphasized that at the early investment stage, investors often bet not so much on the product itself, but on the team’s ability to adapt, learn quickly, and navigate uncertainty.

During the conversation, participants discussed an important question: what matters most at the beginning of the journey — the idea, the market or the founder? Despite different perspectives, the speakers agreed that founder mindset often becomes the defining factor, especially when the product is still evolving and the market is still forming.

Audun Abelsnes shared his international experience working with founders through Techstars and noted that at the earliest stages, investors rarely have enough data to make decisions. This is why the qualities of the team itself become critically important.

What Investors Are Looking for in Startups Today

Abdulazal Toshkhujaev spoke about UzVC’s strategy, the evolution of the fund’s approach and the priorities for ecosystem development. The discussion also covered what elements are still missing in the local market and which mechanisms could accelerate the growth of the country’s technology sector.

Speakers noted that today’s market requires startups not only to build strong products, but also to understand the global context: the ability to scale, operate internationally and develop sustainable business models from the earliest stages.

Special attention was also given to how investors make decisions when there is very limited data available. Participants emphasized that in early-stage venture investing, the following factors are especially important:
• team quality
• speed of decision-making
• deep understanding of the problem
• readiness for change
• founders’ ability to build a long-term product vision

The Real Value of Accelerators

Audun Abelsnes spoke about Techstars’ approach to supporting founders and emphasized that the value of an accelerator goes far beyond investment. According to him, access to international expertise, mentorship, networking and faster integration into the global technology ecosystem play a key role.

The discussion also explored the Founders First approach, which is becoming increasingly important within the global startup ecosystem. This approach focuses not only on company growth, but also on developing founders themselves, including their leadership skills, resilience and ability to manage teams under conditions of high uncertainty.

For Uzbekistan, this type of collaboration is particularly important, as the local ecosystem is still actively developing and requires direct access to international experience, practices and global connections.

Participants also discussed the current state of Uzbekistan’s startup ecosystem and its future development prospects.

Over the past few years, the country has demonstrated growing interest in technological entrepreneurship, venture capital investment and innovation-driven projects. The emergence of local funds, accelerators and international partnerships is gradually building the infrastructure needed for a complete venture ecosystem. 
 
At the same time, speakers noted that the ecosystem is still at an active stage of development. Among the key priorities mentioned were:
• developing the founder community
• strengthening international cooperation
• increasing the number of experienced founders and mentors
• attracting global investors
• creating more platforms for practical collaboration between startups and the market

Following the main session, Audun Abelsnes also conducted mentorship sessions with local startups.

During these meetings, teams received practical feedback on product development, international expansion, investor relations and scaling preparation. For many participants, this became a unique opportunity to directly discuss their projects with a representative of one of the world’s leading accelerator platforms.