First Business Angel School Completes Series of Training Sessions

Eight-session educational program strengthening the capacity of private investors and fostering early-stage startup financing.

December 22, 2025

Tablet on a desk displaying a slide titled “Business Angels School” with a QR code. — Photo: Rimma Mukhtarova

The development of a startup ecosystem is impossible without active participation of private investors who are ready not only to invest capital but also to share expertise, support projects at early stages, and make informed investment decisions. However, building a venture investment culture requires systematic knowledge, practical skills, and a trusting environment for interaction between investors and startups.

In response to this need, the first Business Angel School was launched in 2025 – an educational initiative aimed at forming a professional community of private investors and enhancing their competencies in venture investing, investment portfolio management, and interaction with early-stage startups.

The School was implemented within the framework of the joint project of the Ministry of Economy and Finance of the Republic of Uzbekistan and UNDP "Empowering Youth to Embrace the Digital Economy and Digital Entrepreneurship", with financial support from the Russia-UNDP Trust Fund for Development and became an important step toward strengthening investment infrastructure and developing private investments.

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People seated at long, L-shaped tables in a dark conference room, a speaker presenting at the front.

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Educational Program

The School's program was designed to increase awareness of potential and novice business angels in key aspects of venture investments – from basic investment principles to portfolio management and effective interaction with startups.

The training included 8 sequential sessions covering the full investment cycle:

Introduction to Venture Investments – key concepts, the role of business angels, and venture market specifics
Investment Strategy and Portfolio Management – approaches to diversification and risk reduction
Startup Sourcing and Market Analysis – sourcing, market assessment, and investment niches
Financial Analysis and Key Metrics – unit economics, growth indicators, and sustainability
Startup Valuation and Due Diligence – investment review and decision-making
Legal Deal Structuring – deal structure and legal aspects of investing
Red Flags for Investors – typical risks and mistakes when investing in startups
Exit Strategies – exit scenarios, M&A, and IPO using international case studies

Individual sessions were supplemented with analyses of real cases, including international examples of successful deals and IPOs, as well as practical recommendations for private investors.

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Practice and Work with Startups

An important part of the program was practical assignments, where active startups presented their projects in test pitch format. School participants had the opportunity to:

analyze real startup projects;
ask questions to founders;
practice skills in assessing investment attractiveness;
gain experience in making investment decisions in a safe learning format.

Startups presented solutions in digital services, B2B and B2C products, business process automation, education, and artificial intelligence.

International Expertise and Practical Training

A special guest of the program was Denis Kalyshkin, Investment Director of I2BF Global Ventures, invited within the framework of expert and financial support of the project "Knowledge Management and Capacity Development in Russia-UNDP Partnership, Phase III”.

During his mission, Denis Kalyshkin conducted a series of in-person training sessions, including two intensive modules of the Business Angel School aimed at developing practical skills of private investors. The training covered key aspects of venture investing, including startup valuation, deal structuring, investment portfolio management, and exit strategy planning.

The sessions were built on analyses of real cases from regional and international markets and included interactive exercises and practical scenarios. This approach allowed participants not only to deepen their understanding of investment processes but also to acquire tools for applying knowledge in real investment decisions.

Significance of the Initiative

The Business Angel School became the first such educational program, laying the foundation for forming a professional community of private investors and developing a venture investment culture. The initiative contributed to:

increasing investment literacy;
developing dialogue between investors and startups;
strengthening the startup ecosystem;
forming sustainable interest in early-stage investments.

The implementation of the Business Angel School demonstrated high demand for structured knowledge in venture investing and confirmed the importance of educational formats for developing the investment ecosystem.

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