FINANCIAL RISKS OF INNOVATIVE PROJECTS IN UZBEKISTAN: CURRENT CHALLENGES AND MANAGEMENT MECHANISMS
Abstract
The development of innovative projects has become an important component of Uzbekistan’s economic transformation. In recent years, the country has expanded state support for startups, scientific research, technology commercialization, and venture financing. At the same time, innovative projects remain exposed to significant financial risks due to uncertain market demand, high initial investment requirements, limited financial history, technological uncertainty, and difficulties in commercialization. This article examines the current financial environment for innovative projects in Uzbekistan and identifies the main financial risks associated with their development. Particular attention is paid to the development of venture financing, state grants, commercialization programs, and startup support mechanisms. The analysis demonstrates that improving financial risk assessment and monitoring is becoming increasingly important as Uzbekistan expands its innovation and startup ecosystem.
References
1. World Intellectual Property Organization (WIPO). Global Innovation Index 2025 – Uzbekistan. WIPO — Uzbekistan GII 2025
2. Agency for Innovative Development of Uzbekistan. About the Agency. Government of Uzbekistan. Agency for Innovative Development — About the Agency
3. Government of Uzbekistan. New Technologies Created on the Basis of Scientific Research Results. 2026. Innovation Development Agency — Commercialization Program
4. Government of Uzbekistan. Presidential Resolution Sets Target to Increase Startup Projects to 5,000 and Venture Investment to $2 Billion. 2026. Government of Uzbekistan — Startup Ecosystem 2030
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6. World Bank. Modernizing Uzbekistan National Innovation System Project. The World Bank reports, among other things, on support for research excellence and commercialization, including financing commitments for research subprojects.
