Improvement of Kazakhstan's legislation on venture financing and international experience

https://www.doi.org/10.32523/2791-0954-2024-11-3-6-22

Abstract

Venture entrepreneurship is a real basis for financial and economic improvement of the well-being of different segments of the country's population. This idea is formulated in the national priority 8 of the National Development Plan of the Republic of Kazakhstan until 2025. This makes it possible to build a diversified and innovative economy of the country. The article emphasizes that the transition to a knowledge-based economic model is possible only if there is a venture capital system that needs to be brought to a high quality level. Therefore, the author considers it necessary to improve laws such as: the Law of the Republic of Kazakhstan dated February 18, 2011 "On Science", the Law of the Republic of Kazakhstan dated October 31, 2015 "On commercialization of the results of scientific and (or) scientific and technical activities", the Law of the Republic of Kazakhstan dated July 7, 2004 "On Investment and Venture capital funds" and other laws that would somehow stimulate venture investors. It is no coincidence that the author points out that, thanks to the experience of developed countries in the field of venture financing, the effectiveness of commercial developments and cases increases. It is this approach that leads to an increase in the competitiveness of innovative products produced in these countries.