A new fund in Kazakhstan will help start-ups in ICT

A new fund in Kazakhstan will help start-ups in ICTThe Fund for information and communication technologies development has been established in Kazakhstan, which will provide expert support to the founders of start-ups and help in the implementation of promising ideas in ICT. As they say in the Ministry of Transport and Communications of Kazakhstan, such fund is created in the country for the first time. The initial fund’s capitalization is approximately $2M.

The Fund has been established on the initiative and support of the Ministry of Transport and Communications of Kazakhstan, National ICT Holding Zerde and carriers Kazakhtelecom, Kcell and Kar-Tel and will also be responsible for promoting the development of Kazakhstan in ICT in the domestic and international levels.

We can say that young people, including students and businessmen, have interesting ideas, but they do not have funds to start a business. They have no related skills in accounting and business or advertising campaigns, and it's actually something that is found in almost all countries, - the Minister of Transport and Communications of the republic Askar Zhumagaliyev said.

Speaking about the short term, the management of the fund announced that a contest of startup projects will be conducted later this year, the winners of which will receive funds for their projects, and will get intensive training in entrepreneurship, basics of sales.

According to the Director General of the Fund for information and communication technologies development Aibol Kuandykov, the Fund will provide the necessary equipment, Internet access, hosting, software, accounting support and legal services, but most importantly, it will provide investment that will allow companies to start a business.