Doctoral project

Managing Startup Financing: An Empirical, Stage-Specific Analysis of Funding Models in Uzbekistan

This doctoral research, titled «Managing Startup Financing: An Empirical, Stage-Specific Analysis of Funding Models in Uzbekistan», examines how financing choices influence the development and sustainability of startups within an emerging entrepreneurial ecosystem. While startups are globally recognized as key drivers of innovation and growth, in Uzbekistan their progress is constrained by limited funding diversity, weak private equity involvement, and insufficient managerial capacity to navigate financing decisions. The study aims to identify which funding models, ranging from bootstrapping, angel investment, and venture capital to debt financing, crowdfunding, and revenue-based financing are most appropriate at specific stages of the startup lifecycle, from the idea stage through to maturity or exit. By adopting a mixed-methods approach, the research combines qualitative interviews with founders, investors, and ecosystem stakeholders, alongside a quantitative survey of approximately 60 startups across different lifecycle stages. Statistical analysis will reveal stage-specific patterns in financing choices, their trade-offs, and their implications for managerial decision-making. The project addresses three core gaps: (1) the lack of clear guidance for founders in aligning financing strategies with business needs, (2) the limited role of private investors and venture capital in Uzbekistan, and (3) the managerial challenges of scaling and sustaining growth. Grounded in theories such as the Pecking Order Theory and lifecycle financing models, the research seeks to extend entrepreneurial finance literature to the context of emerging markets. The expected contribution is threefold: theoretically, it advances understanding of stage-specific financing in under-researched ecosystems; practically, it equips founders and investors with actionable insights for more effective funding decisions; and for policymakers, it offers evidence-based recommendations to design targeted programs and encourage private-sector participation in Uzbekistan’s startup landscape.

Publications

1. Sodikov, E. (2025) An empirical analysis of financial behavior in post-soviet Economies during periods of inflation. “Modern science and research” Journal Doi: https://doi.org/10.5281/zenodo.15405319
   
   
2. Sodikov, E. (2025) Project Management in Startups: The Effectiveness of Agile and Lean Approaches in a Rapidly Growing Environment “New renaissance” Journal Doi: https://doi.org/10.5281/zenodo.16757437

Conference Participations, Scientific Talks:

1. «New Renaissance» conference, Topic: Social Capital and Managerial Effectiveness: An Empirical Analysis on the Example of Organizations, https://ojs.renaissance.com.uz
   
   
2. Prospects of Modern Science and Education conference, The Evolution of Managerial Decision-Making Mechanisms in the Context of Digital Transformation: The Case of Uzbekistan, https://doi.org/10.5281/zenodo.16758644