AN ENHANCED FINANCING MODEL FOR STARTUP PROJECTS IN HIGHER EDUCATION INSTITUTIONS OF UZBEKISTAN
DOI:
https://doi.org/10.5281/zenodo.18933604Keywords:
innovation financing, startup projects, university startups, higher education innovation, innovation economy, economy of Uzbekistan.Abstract
The purpose of this article is to develop scientifically grounded proposals for improving the financing model of
startup projects in higher education institutions of Uzbekistan. Within the framework of the study, regression analysis was
applied to quantitatively assess the effectiveness of innovation financing in Central Asian countries during 2024–2026.
Based on the empirical results, an enhanced financing model for university startup projects in Uzbekistan was developed.
The scientific novelty of the proposed model lies in substantiating the priority allocation of financial resources to universitybased
startup projects compared to other innovation initiatives within the national innovation system. The study provides
practical recommendations aimed at increasing the efficiency of university startup financing by 2028.
The proposed model is designed to accelerate the diffusion of innovation, expand research-oriented employment, and
support the gradual shift of national exports toward high-technology sectors, while ensuring more efficient utilization of
research and development (R&D) expenditures.
References
World Bank. (2020). Uzbekistan to modernize its national innovation system with support from the World Bank.
Retrieved February 23, 2026, from https://www.vsemirnyjbank.org/ru/news/press-release/2020/10/28/uzbekistan-tomodernize-
its-national-innovation-system-with-support-from-the-world-bank
Fosfuri, A., & Nagar, J. P. (2026). Timing is key: Navigating venture capital funding for science-based startups. Research
Policy, 55(3), 105402. https://doi.org/10.1016/j.respol.2025.105402
García-Romanos, J., & Martínez-Ros, E. (2024). Digitalization and employment in Europe: The role of firm size and the
complementarity of R&D. R&D Management, 54(4), 695–712. https://doi.org/10.1111/radm.12656
Gilison, S., & Wilson, A. (2025). University-based startups and entrepreneurship: A practical guide for industry
collaboration. In International Series in Operations Research and Management Science (Vol. 369, pp. 141–153).
https://doi.org/10.1007/978-3-031-94913-5_8
World Intellectual Property Organization (WIPO). (2026). Global Innovation Index. Retrieved February 23, 2026, from
https://www.wipo.int/en/web/global-innovation-index
United Nations Development Programme (UNDP), Regional Bureau for Arab States (RBAS). (2025). Global Knowledge
Index 2025. Retrieved February 23, 2026, from https://www.undp.org/arab-states/publications/global-knowledgeindex-
Popkova, E. G. (2023). Benefits of distance education for overcoming cultural disparities, opening universities to
persons with disabilities, and ensuring inclusive higher education. Studies in Critical Social Sciences, 254, 7–19.
https://doi.org/10.1163/9789004540019_003
Wahyudi, S. E., Baihaqi, I., & Arvitrida, N. I. (2025). Unveiling the nexus: A comprehensive review of the universitybased
digital entrepreneurship ecosystem to foster students’ startups. Eurasian Studies in Business and Economics,
, 23–34. https://doi.org/10.1007/978-3-031-80256-0_2
Xu, Y., Kurbanova, S., & Liu, Z. (2025). Foreign direct investment and technological innovation nexus: Empirical
insights from Uzbekistan. Technology Analysis & Strategic Management. https://doi.org/10.1080/09537325.2025.25
Zou, Y., & Liu, J. (2025). The impact of digital technological innovation on high-tech industry exports in China. PLOS
ONE, 20(8), e0330494. https://doi.org/10.1371/journal.pone.0330494