Supporting Young Entrepreneurs with Build Your Business initiative

From 2014 to 2023, Kazakhstan hosted the annual Build Your Business contest. This initiative was aimed at supporting young entrepreneurs and startups in Kazakhstan.

The competition was organized by the Saby Charitable Foundation under the leadership of Asel Tasmagambetova with support from renowned businessmen Kenes Rakishev and Vyacheslav Kim. The competition focused on providing non-repayable financial support to young entrepreneurs.

The Build Your Business project offered young entrepreneurs the chance to receive grants to develop their business ideas, ranging from $10,000 to $100,000. Over the duration of the competition, more than 70 startups received financial support totaling about $2 million.

One of the key conditions of the competition was the social responsibility of the business: winners were required to create jobs for the wards of the Saby Charitable Foundation.

The prize pool for the 2022 competition amounted to $330,000, which was distributed among the finalists. For instance, a project producing centralizers for oil and gas wells and the diaper producers Altyn Bala each received $50,000. In addition to monetary grants, finalists also received additional support from competition partners such as EY, Microsoft, and Forbes Kazakhstan.

The Build Your Business contest contributed to the development of various sectors of Kazakhstan’s economy—from high technology to the production of basic necessities.

Vyacheslav Kim noted that such projects help young entrepreneurs believe in themselves and not be afraid to take risks, which is important for the growth and development of business in the country. According to the philanthropist, the main focus of this competition is on import substitution. All projects supported by businessmen are human oriented, human centered by nature.

The project also provided necessary informational support and business promotion opportunities, enabling finalists and winners to better develop their ideas and attract attention to their products and services.

«After ten years, the competition must evolve into something new. We think now is the perfect time to create a new investment fund in Kazakhstan to support young entrepreneurs. It will likely be registered based on the AIFC, and winners of the Build Your Business project will have preferential participation rights,» declared Kenes Rakishev and Vyacheslav Kim at the 2022 winners' celebration.

The project continues to support entrepreneurs on the website https://do-business.kz.