Our third CustDev session — this time with venture funds and investors

3 things came out of the discussion:

1️⃣ Rules change after the money is in. Funds have faced situations where the regulatory ground shifted mid-investment — turning a calculated risk into an unexpected multi-million dollar cost.

2️⃣ Buying into a local company shouldn't require a three-step currency conversion through local banks. The mechanics of paying for a deal in Uzbekistan are complex enough to make investors walk away.

3️⃣ Fund infrastructure doesn't exist yet. LP/GP structures, SAFE instruments, fast fund registration — the tools that make venture work globally aren't available locally. Funds end up structuring everything offshore by default.

Enterprise Uzbekistan's constitutional framework locks in conditions through 2100 — protection against retrospective changes is written in. Fund structures under English and Welsh Common Law are part of what's being built. The goal is a registered, operational fund in 30 days or less.

We came in with one list and left with a longer one. How Enterprise rules interact with local legislation when they conflict — still needs to be sharper. Whether deals inside the zone can be priced in foreign currency — still being worked out with the Central Bank.

None of this was wasted. Everything raised goes directly into the proposals we're developing.

CustDev sessions continue through June 5. Register.

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