Results of 2023: "For the large global community, we are only interesting as a region."

We held a live stream with Pavel Koktyshev and Chubak Temirov. We discussed how the IT industry in Central Asia developed in 2023.

Pavel Koktyshev, Co-founder of MOST Ventures
Chubak Temirov, Deputy Director of the High Technologies Park

About Us

Pavel. MOST Ventures has been supporting entrepreneurs for 13 years. Over the last eight years, we have focused on the IT sector. We have 18 companies in our portfolio. Additionally, we registered and launched a second fund worth $30,000,000. We invest heavily in early-stage entrepreneurs.

Chubak. I have been working in IT since 2012. I participated in various projects and worked at Amazon. I earned a master's degree from the University of East Anglia in the UK. Afterward, I returned to Kyrgyzstan and began working at the High Technologies Park, which was established at the initiative of KARPOL.

How the Year Went

Pavel. We organized numerous networking events. We ran six incubation programs, from which more than 100 startups graduated. Many of them entered our accelerator.

Together with StartX and Silkroad Innovation Hub, we sent about 10 companies to undergo acceleration at Stanford University. Two projects passed the selection process and are now actively scaling in Silicon Valley.

Chubak. It was a good year for Central Asia. We registered a large number of new companies. Currently, more than 362 enterprises operate under the High Technologies Park. The main directions are software development, animation, and startups. Turnover nearly doubled, approaching the figure of $100,000,000.

Starting in 2023, we began investing in Kyrgyz startups. For the first time in Kyrgyzstan, we launched the Unicorn from KG program. As a result of this program, the best startups had the opportunity to undergo the Hero Training accelerator by Draper University.

The Most Significant Event in Central Asia in 2023

Pavel. I would like to highlight our Central Asian Venture Forum. It emerged from the investor market's need for networking. The event is aimed at quality communication and providing a good time for participants. Many attendees closed deals.

The forum is targeted at two groups of people: entrepreneurs and investors. In everyday life, they rarely intersect, as they have different social circles. Therefore, CAVF is a unique event for such meetings and building connections.

Chubak. I also liked the Central Asian Venture Forum. At the event, the High Technologies Park signed a memorandum, under which we recently held a startup competition.
There were other bright events this year as well. At Digital Almaty 2023, I met companies from all over the world. I gained many positive emotions and networking opportunities at Digital Bridge.

ICT Week Uzbekistan recently took place in Uzbekistan. There, I met impressive entrepreneurs and saw old friends. One of the bright events in Bishkek was an event with Arka Dhar, a top manager at OpenAI. The forum went well and introduced our companies to the opportunities of the leading AI organization.

Central Asian Startups That Stood Out the Most in 2023

Pavel. I was impressed by the team from the ADAPT project. They develop social commerce and artificial intelligence technologies for SMEs. The startup addresses the pain points of artificial intelligence, combats its hallucinations, and seeks solutions to increase its effectiveness. Most of the team is located in Silicon Valley.

Also, another startup from our portfolio, Qtap, recently moved to Silicon Valley. The project has a strong team and a stylish product. I appreciate that its founder, Madat Karimov, is a straightforward and persistent person. With every step, he tries to achieve an effect for the company. During a single trip to the UFC office in Las Vegas, he signed several fighters for the project.

Another startup that is not yet part of our portfolio is Behype by Aigerim Beyssembina. She was part of a business delegation to Indonesia. During one tour, Aigerim managed to establish partnerships with necessary companies and gained the opportunity to scale into one of the most dynamic markets in the world. Behype is a solution for companies that want to attract social media bloggers to achieve good sales.

Chubak. I was impressed by Azamat Akeleev's project: Olive Rooms EcoSmart. This is a hotel management system focused on offering guests unique eco-friendly proposals. The product provides a comprehensive solution for small hotel owners. It entered the top 10 startups following Hero Training and received residency in the accelerator for three months—from February to May 2024.

Another interesting startup is Mystory. Using artificial intelligence, the team creates fairy tales and stories for children. They became winners at Astana Hub Battle 2023.
I would also like to mention Dolon, which is part of the MOST Ventures portfolio. The uniqueness of the product lies in its comprehensive solutions for the mining industry. Recently, the startup shifted from B2B to B2C: now they provide their solutions to individual consumers as well.

Trends in the Development of the IT Sector in Central Asia in 2023

Chubak. The development of artificial intelligence is one of the biggest trends of 2023. Companies have begun actively incorporating it into their products.

With the development of AI, a problem has also emerged—the lack of sufficient data to create impressive products. For example, we have a project to create our own analog of Siri—"Alice" in the Kyrgyz language. For development, we lack resources and information. If these problems are resolved, more successful companies will emerge whose solutions will impact not only the IT sector but also the economy as a whole.

Pavel. I agree with Chubak: artificial intelligence has become the largest trend in the IT sector. We have many people working on developing fundamental technologies in this area.

It is more difficult for our companies to enter large hubs and develop there. Many startups went to the US through the Hero Training program. This is important even if they decide to build their business only there. The economic effect will be visible regardless. It is only necessary to communicate this correctly.

In Silicon Valley, I saw founders from our region who maintain a large team of developers in Central Asia. This is another major trend: we are both global and local simultaneously.

All Central Asian companies and funds influence each other. We are building a common reputation in the global market. Murat Abdrakhmanov, an entrepreneur and venture investor, recently said: "For the large global community, we are interesting only as a region." Our formal differences on a global scale are not that important. In this regard, we need to understand how we can help each other. Therefore, this year is memorable for me for its globalization.