Alikhan Smailov holds Baiterek Holding's Board of Directors meeting


Adil Nurgozhin Has Told about Activities QazTech Ventures JSC Will Be Engaged In

Adil Nurgozhin Has Told about Activities QazTech Ventures JSC Will Be Engaged In

The Managing Director of Baiterek National Managing Holding JSC Adil Nurgozhin told about the activities the holding’s transformed subsidiary company, QazTech Ventures, will be engaged in.


Being a person with a market background, I understand that grants are an ineffective tool to stimulate entrepreneurship. Thus, science can be sponsored, but when it comes to commercialization, a lively commercial interest and an investor are needed. The investor should encourage entrepreneurs to develop themselves, to move forward. Grants, on the contrary, discourage entrepreneurs, because they are free funds. In fact, I have to bring the reports and that's it. And what about the product? Market? Commercialization? Revenue? There is nothing of it, and no one demands it from them,” - said Adil Nurgorzhin in an interview to the Exclusive program on Atameken Business TV channel.


According to him, at present, QazTech Ventures is not engaged in issuing grants. He noted the extensive work done on the introduction of three new tools. One of them is the support of existing market players such as business accelerators and incubators.


This is a grant support, but it is directed to coaches who prepare startups, to train them as experts, trackers, and so on. To shut off some of their operating expenses. We do not interfere in operations, we simply give the opportunity to develop a new business model that will be tenacious. And thus make this system self-sufficient without government’s direct intervention and direct funds,” - the Managing Director of the Holding emphasized.


The second tool is venture funds. In his opinion, it is necessary to create and connect the Kazakhstani ecosystem with advanced ecosystems, with large markets such as Singapore.


“The economies in this area are growing by 6-9% per year. Therefore, it is a good and lively ecosystem. And our task is to form a bridge with them, and this can be a joint venture fund,” - said Adil Nurgorzhin.


The third tool is assistance to companies that are willing to carry out technological modernization, "that is, technology transfer and technology consulting".


“None of these three functions are carried out by anyone in Kazakhstan. This is area where the state should lead,” - he added.


Adil Nurgozhin said that the National Agency for Technological Development JSC was a complex institution before becoming QazTech Ventures JSC.


There were 180 people, including all the subsidiary and various portfolio-type companies. We, in Baiterek Holding, have considered that it was ineffective. Reduced the staff to 53 people. But, at the same time, efficiency will be increasing due to the fact that we will be attracting and working based on the service model with market tools with commercial companies, which will be developing faster due to this,” – summarized Adil Nurgorzhin.


Please, read the complete version of the interview by using this link.




“Baiterek” National Managing Holding” JSC was established in accordance with the Decree of the President of the Republic of Kazakhstan dated May 22, 2013. The key institution of the Government of the Republic of Kazakhstan that complies with the advanced standards of corporate governance and ensures the implementation of the objectives for the sustainable development of the economy of Kazakhstan through its diversification, support for innovation, export development, increase in labor productivity. The Holding includes: Development Bank of Kazakhstan JSC, Investment Fund of Kazakhstan JSC, Zhilstroisberbank of Kazakhstan (HCSBK) JSC, Kazakhstan Mortgage Company MO JSC, KazakhExport EIC JSC, Damu EDF JSC, QazTech Ventures JSC, Housing Construction Guarantee Fund JSC, Kazyna Capital Management JSC, Baiterek Development JSC, Kazakhstan Project Preparation Fund LLP.


QazTech Ventures JSC was established to enable the development of technology entrepreneurship through the tools of venture financing, business incubation and technology consulting. QazTech Ventures is a part of the structure of Baiterek NMH JSC.

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