KAZAKHSTAN EXPERIENCE OF VENTURE CAPITAL FINANCING OF TECHNOLOGY ENTREPRENEURS

The economy cannot function without a high-quality technology production sector. To do this, a connection between science and business must be established. Supporting technology entrepreneurship is the fi rst step in building communication amongst them.

Technological entrepreneurship is a high level of commercialization of high-tech technologies with high added value. Technology-based entrepreneurship needs an eff ective ecosystem where venture capital investment is developing, as it is a high-risk investment tool. The following indicators demonstrate the relevance of the study: R&D expenditures in the country’s GDP have signifi cantly decreased over the past 10 years; the rating of the Republic of Kazakhstan in GEM, according to the indicator «Access to entrepreneurial fi nance» – 38th place out of 45 countries; the rating in the Venture Capital & Private Equity Country Attractiveness Index – 54th place.

The purpose of the study is an analytical and empirical review of venture investment in technological entrepreneurship in the Republic of Kazakhstan.

The research methodology is based on the methods of basic statistics, logical analysis, correlation and regression analysis, questionnaires, and content analysis.

The originality of the work lies in the study of a phenomenon of gaining momentum in the country as venture fi nancing of technological entrepreneurship, through a survey of technological entrepreneurs of the Republic of Kazakhstan.

The results of the study show that venture fi nancing signifi cantly aff ects the development of technological entrepreneurship. However, this method of fi nancing is mainly available only to large enterprises. The authors come to the conclusion that techno-trainers fi nd access to venture fi nancing moderately diffi cult and mainly rely on personal fi nances.

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