The startup ecosystem in Uzbekistan continues to develop rapidly. One of the successful representatives of technology and entrepreneurship is Murod Parmonov, who has carved a niche for himself with his pDaftar app and other startups. pDaftar simplifies financial management for small and medium businesses, contributing to the technological development of the region. In this interview, we discuss with Murod Parmonov his startups, innovations, challenges, and plans to expand internationally.
— What were the main factors that inspired you to become a startup founder?
— As a developer, knowing that thousands of people use my software inspires me greatly. If a project succeeds, it can help solve the problems of hundreds of thousands of people, which is very meaningful to me. Additionally, startups offer the opportunity to earn a good income. By offering solutions to people’s problems, you not only help them but also achieve financial success. With these goals and good intentions, I stepped into the world of startups.
— What needs and challenges led to the creation of pDaftar?
— A friend of mine, a businessman, struggled to find time for our meetings because he was constantly busy with issues related to his debt ledger. This made me think about how I could help him. That’s when the idea of creating an app that reminds users of debts came to me. Moreover, I noticed that my neighbor also managed debts using a traditional ledger. Taking these challenges into account, I formed a team and started developing a dedicated website.
— What difficulties did you face in the early stages of entrepreneurship, and what lessons did you learn?
— I wouldn’t call myself a successful entrepreneur yet, as I’m still transitioning through various stages. However, one of the most important lessons I’ve learned so far is the ability to say “no” when necessary. This is crucial for making the right decisions.
— Could you explain the main functions and advantages of pDaftar?
— Currently, the main function of pDaftar is debt management. For instance, imagine you own a grocery store, and you have customers who regularly purchase goods on credit. pDaftar helps manage such debts by reminding both you and your customers about them. This helps organize financial records and prevents any forgetfulness.
— Can you share any notable achievements of your startups?
— Our startup is still in its early stages, so we haven’t achieved any major milestones yet. However, one memorable moment was when a user recently purchased a one-year subscription to pDaftar. While it may seem like a small achievement, it holds great significance for us and is just the beginning.
Moreover, on April 25, 2024, pDaftar participated in the WERISE Business Accelerator program organized by the Uzbekistan FinTech Association. The project secured third place, winning a prize of $5,000. This victory provided an opportunity to connect with international investors and experts, inspiring us to further develop our startup.
In the future, we aim to expand internationally, implement new technologies, and provide innovative solutions for businesses.
— What strategies are you planning for pDaftar to enter international markets?
— Before entering international markets, we need to address several tasks within Uzbekistan. We are currently developing strategies, such as the Dedcollection system, which integrates with banking systems. This system helps business owners recover debts from customers. Currently, we are in negotiations with investors and banks, and hopefully, we will see results soon.
The next stage of our strategy focuses on expanding to CIS countries. This region has a strong tradition of trade on credit, and I believe pDaftar can serve as a valuable tool for them.
— Could you briefly talk about your other startup projects?
— Another project of mine is ZUMDA, a food delivery service in the city of Termiz. So far, this project has served over 7,000 customers. Currently, I am focusing on two projects: pDaftar and ZUMDA.
— What are your thoughts on the strengths and weaknesses of Uzbekistan’s startup ecosystem?
— Uzbekistan has many initiatives aimed at increasing the number of developers, which is one of the ecosystem’s strengths. However, there aren’t enough mechanisms to evaluate their effectiveness.Additionally, payment systems like Stripe and PayPal, which play a crucial role in taking startups global, are not operational in Uzbekistan. This creates a significant barrier to selling on international markets.Another important aspect is the need for hubs in every region. These hubs—incubators—can help startups transition from the idea stage to an MVP (minimum viable product) stage and provide valuable networking opportunities. Bringing experienced professionals to these hubs can significantly enhance their success.
One of the strengths of Uzbekistan’s startup ecosystem is the rapid reforms being implemented to improve it, marking the beginning of positive change.
— In your opinion, what are the main challenges for attracting investors to Uzbekistan’s startups?
— To be honest, I haven’t yet attracted investments, but I’ve been participating in discussions with investors. I believe the biggest challenge is delivering an effective presentation. Choosing the right business model and clearly communicating it to the right investors is a significant weakness.
Another challenge is the lack of stable regulations. Investors prefer countries where human rights, business property, and ownership rights are guaranteed. For instance, imagine if your street’s sidewalks were changed daily—it would be inconvenient, wouldn’t it? Similarly, investors want to place their money in reliable environments. Frequent changes in legislation can make investments risky, deterring foreign investors from entering Uzbekistan.
— How is your process of finding investors for your startups going?
— Recently, we completed our Pitch Tech and sent it to potential investors. They invited me to Tashkent for discussions, but as I’m currently based in Termiz, I couldn’t meet in person. Therefore, we have scheduled an online meeting with an angel investor for the ZUMDA project.
— What are the future development stages for pDaftar?
— We aim to transform this startup into a large Dedcollector business. This ecosystem will include processes such as debt insurance and payment automation. As a result, small and medium business owners can trade on credit without fear and easily receive their payments when due. This will contribute to the formation of a stable economy.
— What advice would you give to young people considering starting a startup?
— Since startups are closely tied to IT, I believe understanding the IT field is essential. One should know how to use technology effectively. Moreover, learning English is crucial because, without it, you can’t access new information or keep up with the latest developments. Communicating with foreign partners also becomes challenging. These two skills—IT knowledge and English—are the key pieces of advice I would give.
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