Abstract
The venture capital market in Kazakhstan has been developing since the early 2000s. With state support, venture funds and innovation infrastructure (science parks, accelerators, etc.) were formed. The results of these efforts, however, were modest. Rapid growth of the Kazakhstan venture sector since late 2010s was spurred by the development of the Internet markets. Despite some success stories, the sector is at an early stage of its growth. The potential for commercialization is low, emerging technologies are absent, and financial instruments are not developed. The main problem is not the effectiveness of national policy, but the framework limitations of Kazakhstan`s economy. These are insufficient R&D; dominance of extractive industries; small domestic market and weak potential for regional scaling. Global players are more interested in supporting individual projects rather than in developing Kazakhstan`s venture market. Outcomes of 2022 create new challenges and opportunities for Kazakhstan. However, without correction of national policy, the venture sector will still face limits to growth – even in the most promising Internet markets.
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