In an interview with Digital Business, Asset Abdualiyev, Founder and CEO of Silkroad Innovation Hub, spoke about the value of the AlchemistX and Silicon Valley Residency programs for startups, the results achieved by participants of the first cohort in the U.S., and why Kazakhstani IT projects have strong chances of gaining a foothold in the American market—despite its challenges.
“We Bring Founders to Silicon Valley for Four Months So They Can Truly Understand the Local Mindset”
— Asset, what do you see as the main value of the AlchemistX and Silicon Valley Residency programs for startups?
— We help founders make their first sales in the U.S. To achieve this, we use a range of tools. First, we bring founders to Silicon Valley for four months, where they can interact with representatives of various companies, experts, investors, and other startup founders. This immersion helps them absorb the local culture and better understand the mindset of the market, which is critical for adapting their product to the needs of American customers. Business models and approaches that work well in a home market rarely translate directly to the U.S.—some degree of transformation is inevitable.
Second, throughout the program, participants work closely with experienced mentors—people with deep expertise in sales and scaling startups in the U.S. In addition, through the Alchemist Accelerator platform, founders gain access to specialists for highly specific consultations. For example, if you are building a MedTech startup, you can connect with an expert who can advise you on how to approach a major medical center or pharmaceutical company.
And given that the program’s partners include Astana Hub Ventures and IT Park Ventures, participants may also become eligible for future investments. This can serve as strong fuel for growth in the U.S. market.
In fact, there is no other program in the world with this format and duration that physically brings founders to the U.S. and teaches them how to sell in this market. Alchemist Accelerator runs somewhat similar initiatives in Qatar and Japan, but those programs focus on helping local startups scale within their domestic markets.
Selection Criteria and Participation Terms
— Is the program open to everyone, or are there specific selection criteria?
— First and foremost, the company must be registered in Kazakhstan or Uzbekistan. We deliberately focus on founders from Central Asia. For startups from other countries, we launched a separate track—the Silicon Valley Residency program.
Another key requirement is that the startup must be B2B and have already made its first sales in the local market. We are not interested in B2C projects, where success largely depends on marketing budgets. Our focus is on B2B interaction—working with businesses and large corporations—which requires strong negotiation skills. That’s why founders must speak English. We don’t require IELTS or TOEFL certificates, but founders must be able to communicate directly with potential clients and partners in the U.S. Also, the founder must personally spend four months in Silicon Valley—this is a mandatory condition.
The program is fee-based. Participation in AlchemistX and Silicon Valley Residency costs $5,000, which essentially covers part of the housing expenses for four months. Even this amount is subsidized—the actual cost is higher. In addition, we sign a SAFE agreement (a contract that allows investors to acquire equity in the future), under which Silkroad Innovation Hub, IT Park Ventures, and Astana Hub Ventures take 1–1.5% equity, depending on the company’s valuation. This is standard global practice.
Why Participation Is Not Free
— Why did you decide to charge founders for participation?
— Honestly, we debated this extensively with Astana Hub and IT Park Uzbekistan. In the end, we concluded that a participation fee is an indicator of a startup’s seriousness. We’ve had cases where founders backed out at the last moment, even though accommodation and other logistics had already been paid for in advance.
The fee helps filter out those who are not ready for full commitment. It also ensures that founders clearly understand where they are going and why. At the same time, the real cost of the program is significantly higher than $5,000—the majority of expenses are subsidized by Astana Hub, IT Park Uzbekistan, and Silkroad Innovation Hub, which keeps participation accessible.
Read more on Digitalbusiness.kz.
In an interview with Digital Business, Asset Abdualiyev, Founder and CEO of Silkroad Innovation Hub, spoke about the value of the AlchemistX and Silicon Valley Residency programs for startups, the results achieved by participants of the first cohort in the U.S., and why Kazakhstani IT projects have strong chances of gaining a foothold in the American market—despite its challenges.
“We Bring Founders to Silicon Valley for Four Months So They Can Truly Understand the Local Mindset”
— Asset, what do you see as the main value of the AlchemistX and Silicon Valley Residency programs for startups?
— We help founders make their first sales in the U.S. To achieve this, we use a range of tools. First, we bring founders to Silicon Valley for four months, where they can interact with representatives of various companies, experts, investors, and other startup founders. This immersion helps them absorb the local culture and better understand the mindset of the market, which is critical for adapting their product to the needs of American customers. Business models and approaches that work well in a home market rarely translate directly to the U.S.—some degree of transformation is inevitable.
Second, throughout the program, participants work closely with experienced mentors—people with deep expertise in sales and scaling startups in the U.S. In addition, through the Alchemist Accelerator platform, founders gain access to specialists for highly specific consultations. For example, if you are building a MedTech startup, you can connect with an expert who can advise you on how to approach a major medical center or pharmaceutical company.
And given that the program’s partners include Astana Hub Ventures and IT Park Ventures, participants may also become eligible for future investments. This can serve as strong fuel for growth in the U.S. market.
In fact, there is no other program in the world with this format and duration that physically brings founders to the U.S. and teaches them how to sell in this market. Alchemist Accelerator runs somewhat similar initiatives in Qatar and Japan, but those programs focus on helping local startups scale within their domestic markets.
Selection Criteria and Participation Terms
— Is the program open to everyone, or are there specific selection criteria?
— First and foremost, the company must be registered in Kazakhstan or Uzbekistan. We deliberately focus on founders from Central Asia. For startups from other countries, we launched a separate track—the Silicon Valley Residency program.
Another key requirement is that the startup must be B2B and have already made its first sales in the local market. We are not interested in B2C projects, where success largely depends on marketing budgets. Our focus is on B2B interaction—working with businesses and large corporations—which requires strong negotiation skills. That’s why founders must speak English. We don’t require IELTS or TOEFL certificates, but founders must be able to communicate directly with potential clients and partners in the U.S. Also, the founder must personally spend four months in Silicon Valley—this is a mandatory condition.
The program is fee-based. Participation in AlchemistX and Silicon Valley Residency costs $5,000, which essentially covers part of the housing expenses for four months. Even this amount is subsidized—the actual cost is higher. In addition, we sign a SAFE agreement (a contract that allows investors to acquire equity in the future), under which Silkroad Innovation Hub, IT Park Ventures, and Astana Hub Ventures take 1–1.5% equity, depending on the company’s valuation. This is standard global practice.
Why Participation Is Not Free
— Why did you decide to charge founders for participation?
— Honestly, we debated this extensively with Astana Hub and IT Park Uzbekistan. In the end, we concluded that a participation fee is an indicator of a startup’s seriousness. We’ve had cases where founders backed out at the last moment, even though accommodation and other logistics had already been paid for in advance.
The fee helps filter out those who are not ready for full commitment. It also ensures that founders clearly understand where they are going and why. At the same time, the real cost of the program is significantly higher than $5,000—the majority of expenses are subsidized by Astana Hub, IT Park Uzbekistan, and Silkroad Innovation Hub, which keeps participation accessible.
Read more on Digitalbusiness.kz.
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