The results of the CAVF in Kazakhstan and Go Viral festival in Kyrgyzstan

16 June, 2022

 

The total value of Kyrgyz IT startups is more than half a billion dollars

Nail Khaybulin, general director of M-Vector Global, said that Kyrgyz startups are worth about US $600m, including Behavox, which Forbes ranked as one of the top 50 fintech companies of 2021. It was founded by Erkin Adylov from Kyrgyzstan and is now valued at more than $500 million. However, Behavox is headquartered in New York, and the company already has little in common with the startup ecosystem in Kyrgyzstan. The remaining $100m in total capitalisation comes from startup Primer, valued at about $30m, PicvPic, valued at more than $10m and other companies, each worth about $1m or less.

The startup ecosystem is just beginning to develop in Kyrgyzstan, Hi-Tech Park Director Chubak Temirov said. "Most of these companies are Hi-Tech Park residents, who have been outsourcing projects and gaining experience in the 10 years of the Park's existence. Now they're dealing with their own issues," Temirov explained. 


More than 300 venture capitalists and startups from around the world gather at CAVF in Kazakhstan

The Central Asian Venture Forum, organised by MOST Ventures Fund and UMAY Angels Club, was held June 9 in Almaty.  According to Forbes, the forum presented awards for the best startups and business angels. In the ScaleUp of the Year category, the award went to start-up Pinemelon (Arbuz.kz) by Alexey Lee, which successfully launched in the US in 2022. In the Deal of the Year category, AppBoxo, a startup with founders from Kyrgyzstan, received the award for raising $7 million in investment. 

 

Mike Butcher, Editor-in-Chief of TechCrunch, talks about trends in the startup ecosystem and the intricacies of venture capital investing

Mike Butcher is editor-in-chief of online media TechCrunch about tech startups and venture investing. He attended a forum on venture capital investment in Central Asia, CAVF. "I believe that over the past 15 years, entrepreneurs have realised that no matter what country they are in, they can create and promote a product online that is in demand in global markets. And then it's just a question of marketing, innovation and business development and reaching out to new markets".  

Asked whether a startup from Kazakhstan, for example, should stay in the local market or offer its product internationally, the expert replied that Kazakhstan occupies a large area, but in terms of population and consumer market it is small, "so developing technology or fintech start-ups locally is problematic here. 

The full text of the interview is on the website of the Business Information Centre Kapital.kz.


A startup in Ukraine began making disposable biodegradable dishes from coffee grounds

Dmytro Bidyuk, the co-founder of the startup, said that the idea of their company is based on the principles of circular economy and sustainable development. The startup uses coffee grounds and other recycled food raw materials as its main component. "Over several years we have developed a unique technology for biodegradable materials. We now use them to make disposable tableware, pots for seedlings and plants, and decorative scented candles. All these products have one key feature – they are biodegradable, environmentally friendly and made in Ukraine," said Bidyuk.


 More than 500 activists in tech, buisness and media spheres took part in the regional Go Viral forum in Bishkek

Brandon Andrews – co-founder of Gauge + Casting, Shark Tank and senior consultant at Values Partnerships. He led a workshop for participants on how to sell your business idea to an investor and the importance of market research for business development. According to him, many people mistakenly think that an entrepreneur is in a position below an investor: "Yes, as a businessman you need influence and money to grow your business. But an investor investing in your idea can get a lot more than investing in real estate, banking instruments or playing the stock market. He needs you just as much as you need him. So when you pitch your business, remember that you are on equal footing." 

Go Viral festivals have been held since 2017. But while previously the event was only held in Kazakhstan, this year the festival is roaming other Central Asian countries. In May it began in Dushanbe, was followed by a festival in Tashkent, and now Bishkek has picked up the baton. Read more in this article by kaktus.media.

Photo: Go Viral. kaktus.media