10 best Kazakhstan’s startups will be sent to the Silicon Valley for further development and search of financing, Tengrinews.kz
reports citing Kazakhstan's Vice-Minister of Industry and New Technologies Kanysh Tleushin as saying at Investorday-2013 conference.
The officials hope that at least 2-3 projects out of the 10 will be successful abroad. Besides, the Ministry has a memorandum with Plug and Play company and agreements with venture funds and major universities. “We now have the opportunity to send 10 best startups to the Silicon Valley so that they further promote their projects. Experts from Plug and Play will come to Kazakhstan to perform the analysis within 3 months and invite the inventors to their platform,” the Vice-Minister said.
According to Tleushin, the scheme of issuing grants for innovative projects has changed in Kazakhstan. They have been made available all year round. Besides, an system of submission of applications in electronic form is currently being developed. Future businessmen will be able to track their applications online. “We have selected a partner and are creating a center to deal with transfer of technologies in the Silicon Valley. We will use this center to continuously work with venture funds. As you know, around 400 global funds are based in the Valley. We are also planning to establish a separate venture fund that will attract private investments, i.e. there will be no investments from the state budget in the best startups,” Tleushin said.
Investorday-2013 conference was held in Almaty. It gathered 110 investors and dozens of innovators. The platform allows them to meet and discuss future innovative projects.
By Roza Yessenkulova