STARTUP FINANCING MECHANISMS: A COMPARATIVE ANALYSIS OF ANGEL INVESTMENT, VENTURE CAPITAL, BANK LENDING, AND STATE GRANTS

Mualliflar

  • Allayarov Sardor PhD student at Urgench state university

Kalit so'zlar

https://doi.org/10.65451/iqtisodiyotuzb.v6i8.14236

Annotasiya

This paper analyzes the main startup financing mechanisms, including angel investors, venture capital, bank loans, and state grants, from a theoretical and comparative perspective. Specifically, it examines how these financing instruments support startups at different stages of development and evaluates recent trends in Uzbekistan’s startup ecosystem. The findings indicate that diversified financing sources and increasing state support are contributing to the rapid growth of startups and innovation-driven entrepreneurship in Uzbekistan.

Manbalar

1. Lange, J., Rezepa, S. and Zatrochová, M. (2024) ‘The Role of Business Angels in the Early-Stage Financing of Startups: A Systematic Literature Review’, Administrative Sciences, 14(10), p. 247. Available at: https://doi.org/10.3390/admsci14100247

2. Kerr, W.R., Lerner, J. and Schoar, A. (2016) ‘How Angel Investors Help Startup Firms’, National Bureau of Economic Research Digest, March. Available at: https://www.nber.org/digest/mar16/how-angel-investors-help-startup-firms

3. Kaplan, S.N. and Lerner, J. (2017) Venture Capital Data: Opportunities and Challenges. Working Paper No. 17-012. Available at: https://www.hbs.edu/ris/P ublication%20Files/17-012_10de1f93-30e4-4a98-858c-4137556ec037.pdf.

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5. Giaretta, E. and Chesini, G. (2021) ‘The determinants of debt financing: The case of fintech start-ups’, Journal of Innovation & Knowledge, 6(4), pp. 268–279. Available at: https://doi.org/10.1016/j.jik.2021.10.001

6. Sitjà Fernández, L. and Subirós Sagnier, P. (2024) How does debt financing influence a start-up’s ability to raise equity financing? Master’s thesis. École des Hautes Études Commerciales de Paris (HEC Paris). Available at: https://upcommons. upc.edu/server/api/core/bitstreams/fa944ea3-29f7-42c5-aeb5-8fc4cd3645f9/content

7. Islam, M., Fremeth, A. and Marcus, A.A. (2018) ‘Signaling by early stage startups: US government research grants and venture capital funding’, Journal of Business Venturing, 33(1), pp. 35–51. Available at: https://doi.org/10.1016/j.jbusvent.2017.10.001

8. IT Park Uzbekistan and Startup Base (2025) Venture Ecosystem Report: IT Park Uzbekistan. Tashkent: IT Park Uzbekistan.

9. Startup Base (n.d.) Digital Startups Program – Venture. Available at: https://startupbase.uz/uz/digital-startups-program/venture

10. President of the Republic of Uzbekistan (2026) On measures for the introduction of a comprehensive ecosystem for startup support. Resolution No. PQ-59, 11 February 2026. Available at: https://lex.uz/uz/docs/-8046189

Nashr qilingan

06-08-2026

Qanday ko'rsatish

Sardor, A. (2026). STARTUP FINANCING MECHANISMS: A COMPARATIVE ANALYSIS OF ANGEL INVESTMENT, VENTURE CAPITAL, BANK LENDING, AND STATE GRANTS . «YANGI O’ZBEKISTON IQTISODIYOTI», 6(8). https://doi.org/10.65451/iqtisodiyotuzb.v6i8.14236