This article examines the issues of improving the methodology of financing innovative projects through venture funds. Based on the experience of the United States and Western European countries, the main mechanisms of venture financing, methods of attracting investors, and government support measures are studied. Additionally, proposals are developed for institutional changes, improvement of the legal framework, and expansion of public-private partnerships to enhance venture financing in Uzbekistan. The research results aim to support innovative entrepreneurship in the country and improve the process of attracting venture investments.

The article examines the problems of the venture capital market. Despite the fact that this sector is well financed by the state and has large development institutions, it cannot be called successful today, a description of the current state of venture financing and its inherent problems are identified, and recommendations are developed to eliminate them.

The article is devoted to the analysis of the venture insurance market, which is becoming an important component for protecting venture investors and startups from various risks. With the development of venture capital and the increase in the number of startups, the need for insurance products aimed at minimizing financial losses caused by uncertainty and possible failures in business increases. The article also focuses on the importance of risk management strategies for venture investors and the need for insurance mechanisms to ensure the long-term sustainability of startups.

The article reveals the essence and content of venture capital, its theoretical foundations, as well as the contribution of Western, Russian and Uzbek scientists to the development of venture capital theory.

The article provides a brief description of the state of the economy of Uzbekistan and the relevance of its further development associated with the creation and use of innovative products. The highest concentration of startup initiatives is shown in such industries as IT, FinTech, E-commerce, EdTech, AgriTech, MedTech. Most startups and resources are concentrated in the city of Tashkent and large cities  like Samarkand, Bukhara and Fergana. The factors hindering the formation of a full-fledged startup ecosystem in the country and its regions are shown. Particular attention is paid to the problem of startup financing. Weak investment support at the initial stage of startup development, the low level of venture infrastructure and the legal framework for venture capital are emphasized. The evolution of the startup ecosystem in Uzbekistan is presented, starting with support for entrepreneurship and ending with the creation of a state system of venture funds. The development of the startup ecosystem in Uzbekistan is associated with the need to improve the legal framework, create a favorable business infrastructure, and introduce new mechanisms for financial and legal support. Proposals for the further development of innovation and the startup ecosystem in Uzbekistan have been systematized.

The article examines the circulation of venture capital in the process of reproduction, it reflects the movement of economic entities of capital, the change in the forms of capital in the process of circulation and its characteristics.

This article analyzes the risks involved in financing innovation projects and the methods of managing them, as well as the mechanisms for effective investment flow management. Based on global and local experiences, it examines models of innovation support through venture capital, startup funds, government grants, and other financial sources. The study covers the main components of risk management like probability assessment, insurance, diversification, and monitoring systems. Practical recommendations for improving the system in the context of Uzbekistan are developed

This article examines the financing trends of business models of innovative entrepreneurship subjects, particularly startup ecosystems, in the national economy and mechanisms for assessing related risks. The support framework for startup projects through traditional and alternative financial instruments (venture capital, crowdfunding) under current digital transformation has been systematically analyzed. The results show that the sustainability of innovative business models depends on the correct forecasting of their financial flows and strategies for minimizing specific risk factors. In conclusion, practical proposals have been developed to increase the financial sustainability of national startup projects and reduce risks in their business models

This article analyzes the importance, scientific, theoretical, and legal foundations for attracting investment in innovation. Investment is viewed as a key factor in transforming scientific ideas into new products and technologies. Scientific and theoretical approaches to the relationship between investment and innovation (Schumpeter, Drucker, the concept of national innovation systems, and endogenous growth models) are discussed. The legislative framework of the Republic of Uzbekistan is examined from a legal perspective, including the Laws "On Investments and Investment Activities" (2019), "On Innovation Activities" (2020), and the Innovative Development Strategy for 2022-2026. Venture capital financing mechanisms, regulatory testing platforms for startups, and international experience are discussed. The need for a comprehensive approach combining government support, private capital, and legal guarantees to ensure sustainable innovative growth is emphasized.

The article describes the mechanism of taxation of enterprises with foreign investment operating in special economic zones. Also, the experience of a number of foreign countries in taxation of the activities of enterprises with foreign investment and joint ventures is analyzed.

This article analyzes the economic efficiency and organizational mechanisms of economic entities in developed countries. The results of the study show that the possibilities of creating a favorable financial environment for economic entities by studying foreign experiences and adapting them to the economy of our country were considered. At the same time, based on the results of the analysis, specific recommendations were developed in the areas of further improving state policy, introducing new financing mechanisms and eliminating existing problems

This article provides a comprehensive analysis of the development of innovative entrepreneurship in the regions of Uzbekistan during 2024–2025. The relevance of the study is justified by the observed regional disparities in innovation activity and investment capacity. The research methodology is based on content analysis, comparative analysis, induction, and logical generalization. The author developed a Regional Innovative Entrepreneurship Index (HITI), and calculations were conducted using official statistical data. The results reveal significant territorial differentiation in innovation performance. Regions with higher index values demonstrate advanced innovation infrastructure and investment concentration, while regions with lower scores face institutional and financial constraints. The paper proposes strategic directions for improving innovation policy based on a differentiated regional approach

The article notes the need to improve the lending activities of commercial banks based on the introduction of digital technologies in the process of assessing the creditworthiness of potential borrowers. An analysis of innovative lending models in foreign countries is presented, issues of managing credit activities and credit risks, the main directions of development of digitalization of banking activities are considered

In this article, foreign experiments of the development of innovative-investment entrepreneurship and their possibilities of application in the conditions of the national economy are scientifically-theoretically covered. In the current process of globalization, the introduction of innovations and the effective management of investments have become an important factor in economic development. Foreign experience shows that in the development of innovative-investment entrepreneurship, financial mechanisms, the perfection of the legal base, the initiative of entrepreneurs and the high level of scientific potential occupy an important place. The implementation of these experiences in the national economy makes it possible to develop innovative infrastructure, form a venture capital market, stimulate the private sector and support the activities of startups. At the same time, it is necessary to adapt foreign experience to national conditions, effectively use existing resources and improve the national innovation system. This article will analyze foreign experiences and highlight the mechanisms of their implementation for the Uzbek economy, as well as provide theoretical and practical directions for the development of national innovative and investment entrepreneurship.

This study assesses Uzbekistan’s innovation efficiency from 2020 to 2025 using Global Innovation Index (GII) data and compares it with global leaders (Switzerland, Sweden, USA), top overperformers (India, Vietnam, Morocco), and regional peers (Kazakhstan, Azerbaijan). Although Uzbekistan’s overall GII rank improved to 79th in 2025, its innovation outputs remain far below inputs, resulting in an average efficiency gap of 23 ranks. The three countries of India, Vietnam, and Morocco achieve better results than expected based on their input levels, but Kazakhstan and Azerbaijan produce outcomes that fall short of their potential. The main challenge for Uzbekistan is not investment levels but weak conversion of inputs into outputs, due to limited R&D commercialization, weak industry–research linkages, and low high-tech exports. The research suggests Uzbekistan should improve its national innovation system coordination through targeted foreign investment and venture financing for selected sectors to build an innovation-based economy

This article considers foreign experience as an important factor in ensuring the effectiveness and sustainable development of financial planning in enterprises. In developed countries, financial planning is carried out, first of all, in combination with market mechanisms, digital technologies and financial control systems. Efficient allocation and optimization of financial resources, the use of automated models for budgeting and forecasting, the implementation of modern risk management methods, compliance with international financial reporting standards, and ensuring financial transparency and accountability based on corporate governance principles are of great importance. At the same time, the experience of foreign enterprises shows the widespread use of innovative financing sources - venture capital, bonds, leasing and crowdfunding. The analysis of these experiences serves as an important methodological basis for Uzbek enterprises to improve the effectiveness of financial planning, strengthen competitiveness and accelerate the integration processes into world markets

This article explores the meaning and origin of the concept of economics. It provides information about the contributions of Eastern scholars to the development of economic thought. The economic theories and ideas created by each scholar are analyzed. The paper also highlights how economics developed in ancient times