As part of the forum’s business agenda, a panel discussion titled “How Funds of Funds Transform Startup Ecosystems” was held. Abdulazal Toshkhujayev was one of the key speakers, sharing Uzbekistan’s experience in building a venture capital infrastructure, from the country’s first government grant programs to the establishment of a full-fledged fund-of-funds model.

During the discussion, Abdulazal Toshkhujayev spoke about the evolution of Uzbekistan’s startup ecosystem, the key lessons the country has learned in recent years, and the factors that are currently shaping the future growth of the venture capital market.

According to him, ecosystem development is impossible without a willingness to experiment and learn through experience.

“There are no mistakes, only experience. Everything that happened along the way became part of the process that shaped the market we see today,” he noted.

Special attention was given to the evolution of startup support mechanisms. The first steps toward developing Uzbekistan’s innovation ecosystem were taken through grant programs launched by the Ministry of Innovative Development in 2018-2019. However, practical experience later demonstrated that venture capital investments are a more effective tool for building a sustainable market, as they encourage entrepreneurs to develop viable business models and focus on long-term growth.

The speaker also emphasized that the main constraint on the development of the technology sector today is not access to capital, but human talent.

“Finding talented people is significantly more difficult than finding investment capital. That is why startup success stories are so important. They inspire young entrepreneurs, demonstrate real opportunities, and help build a culture of innovation.”

Abdulazal Toshkhujayev highlighted Uzbekistan’s young population as one of the country’s key advantages. Today, around 60% of Uzbekistan’s citizens are under the age of 35, creating unique conditions for nurturing a new generation of technology entrepreneurs, engineers, and startup founders.

The discussion also addressed the importance of international cooperation. According to the UzVC representative, open markets and active collaboration among countries across the region can significantly accelerate the development of an innovation-driven economy.

“Competition and cooperation are not mutually exclusive. On the contrary, openness and the exchange of experience enable ecosystems to develop faster and more effectively.”

Speaking about international benchmarks, the speaker highlighted Israel’s Yozma program as one of the most successful examples of government-supported venture market development, as well as South Korea’s model for supporting innovation and technology entrepreneurship.