A project for the development of venture investment was launched in Turkmenistan

The Union of Economists of Turkmenistan (EET) has launched the Mentoring and Investment Business Opportunities project to stimulate the development of venture capital financing for start-ups in the country – risky but potentially highly profitable entrepreneurial initiatives.

Today, the project participants – representatives of successful Turkmen business – gathered in the conference hall of the Archabil hotel, where they got acquainted with the possibilities of financing startups and discussed the strategy for further work.
It is expected that they will create the first in Turkmenistan Community of Business Mentors and Venture Investors, who will support the ideas of enterprising Turkmen youth and promote the implementation of innovative business ideas in the country.
Within the framework of the project, international experts will work with mentors and potential investors, train them to mentor, select promising business ideas and their effective financing for the successful launch of startups in the Turkmen market.

First, the participants will go through the country’s first School of Venture Investors, where they will gain knowledge and master the skills necessary to identify promising startups, competently assess their potential and study investment models.

At the next stage, the companies participating in the project will get acquainted with domestic startups interested in investment and mentoring. This will create new business collaborations between successful large enterprises and emerging startups.
Within the framework of such cooperation, it is assumed not only financing and consulting support, but also the exchange of unique ideas and technologies, which will be beneficial to all participants. At the same time, investors can count on high profits in the event of a successful launch and further effective work of startups, which they supported at the selection stage.

Last year, SET has already implemented a similar project, which involved six companies acting as mentors and 41 start-up teams. However, for the first time, the issues of venture financing in Turkmenistan are highlighted.
“Many companies with which we worked last year remained on the market and continued to operate in the areas that we developed within the framework of the Startup Ecosystem 2020 program,” the USAID Project Director, Assisting Youth Development for a Successful Future, told ORIENT. performed in Turkmenistan by JA Worldwide Aina Bayramova.

• The first place in the competition of Turkmen startups last year was given to a unique medical project. Within its framework, a computer program was developed that, using artificial intelligence, quickly analyzes X-rays for the early diagnosis of cancerous tumors in the human body. In this case, the accuracy of the diagnosis is about 90%.
  “Today’s event brought together the most progressive mentors and mentors who are interested in startups,” says Vepa Myalikgulyev, Country Director of the USAID Entrepreneurship and Business Environment Development Project. “They will have the opportunity to take part in demo days, or Investor Days of the Central Asian countries, which will help them evaluate and study foreign experience of investing in such projects.

All of this, ultimately, is aimed at stimulating innovative development and creating a venture investment industry and acceleration centers in the country that facilitate the entry of Turkmen companies abroad and the promotion of their products in the markets.

Venture investments are a necessary financial instrument for the scientific and technological development of Turkmenistan, which can bring a specific economic effect.

Source: Orient