id	sid	tid	token	lemma	pos
ajird-1608	1	1	american	american	PROPN
ajird-1608	1	2	journal	journal	PROPN
ajird-1608	1	3	of	of	ADP
ajird-1608	1	4	interdisciplinary	interdisciplinary	ADJ
ajird-1608	1	5	research	research	NOUN
ajird-1608	1	6	and	and	CCONJ
ajird-1608	1	7	development	development	NOUN
ajird-1608	1	8	issn	issn	PROPN
ajird-1608	1	9	online	online	NOUN
ajird-1608	1	10	:	:	PUNCT
ajird-1608	1	11	2771	2771	NUM
ajird-1608	1	12	-	-	SYM
ajird-1608	1	13	8948	8948	NUM
ajird-1608	1	14	website	website	NOUN
ajird-1608	1	15	:	:	PUNCT
ajird-1608	1	16	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	1	17	volume	volume	NOUN
ajird-1608	1	18	44	44	NUM
ajird-1608	1	19	,	,	PUNCT
ajird-1608	1	20	september2025	september2025	PROPN
ajird-1608	1	21	12	12	NUM
ajird-1608	2	1	|	|	ADV
ajird-1608	2	2	p	p	ADP
ajird-1608	2	3	a	a	DET
ajird-1608	2	4	g	g	NOUN
ajird-1608	2	5	e	e	ADP
ajird-1608	2	6	global	global	ADJ
ajird-1608	2	7	trends	trend	NOUN
ajird-1608	2	8	in	in	ADP
ajird-1608	2	9	venture	venture	NOUN
ajird-1608	2	10	capital	capital	NOUN
ajird-1608	2	11	in	in	ADP
ajird-1608	2	12	innovative	innovative	ADJ
ajird-1608	2	13	development	development	NOUN
ajird-1608	2	14	aminov	aminov	NOUN
ajird-1608	2	15	farrux	farrux	NOUN
ajird-1608	2	16	farxadovich	farxadovich	VERB
ajird-1608	2	17	independent	independent	ADJ
ajird-1608	2	18	researcher	researcher	NOUN
ajird-1608	2	19	tashkent	tashkent	PROPN
ajird-1608	2	20	state	state	PROPN
ajird-1608	2	21	university	university	PROPN
ajird-1608	2	22	of	of	ADP
ajird-1608	2	23	economics	economics	PROPN
ajird-1608	2	24	e	e	NOUN
ajird-1608	2	25	-	-	NOUN
ajird-1608	2	26	mail	mail	NOUN
ajird-1608	2	27	:	:	PUNCT
ajird-1608	2	28	aminovfarrukh0707@gmail.com	aminovfarrukh0707@gmail.com	X
ajird-1608	3	1	abstract	abstract	NOUN
ajird-1608	3	2	:	:	PUNCT
ajird-1608	3	3	this	this	DET
ajird-1608	3	4	work	work	NOUN
ajird-1608	3	5	analyzes	analyze	VERB
ajird-1608	3	6	the	the	DET
ajird-1608	3	7	impact	impact	NOUN
ajird-1608	3	8	of	of	ADP
ajird-1608	3	9	venture	venture	NOUN
ajird-1608	3	10	capital	capital	NOUN
ajird-1608	3	11	(	(	PUNCT
ajird-1608	3	12	vc	vc	NOUN
ajird-1608	3	13	)	)	PUNCT
ajird-1608	3	14	investments	investment	NOUN
ajird-1608	3	15	on	on	ADP
ajird-1608	3	16	innovative	innovative	ADJ
ajird-1608	3	17	development	development	NOUN
ajird-1608	3	18	on	on	ADP
ajird-1608	3	19	a	a	DET
ajird-1608	3	20	global	global	ADJ
ajird-1608	3	21	scale	scale	NOUN
ajird-1608	3	22	and	and	CCONJ
ajird-1608	3	23	the	the	DET
ajird-1608	3	24	main	main	ADJ
ajird-1608	3	25	trends	trend	NOUN
ajird-1608	3	26	in	in	ADP
ajird-1608	3	27	recent	recent	ADJ
ajird-1608	3	28	years	year	NOUN
ajird-1608	3	29	.	.	PUNCT
ajird-1608	4	1	the	the	DET
ajird-1608	4	2	volatility	volatility	NOUN
ajird-1608	4	3	of	of	ADP
ajird-1608	4	4	global	global	ADJ
ajird-1608	4	5	vc	vc	PROPN
ajird-1608	4	6	flows	flow	NOUN
ajird-1608	4	7	is	be	AUX
ajird-1608	4	8	revealed	reveal	VERB
ajird-1608	4	9	based	base	VERB
ajird-1608	4	10	on	on	ADP
ajird-1608	4	11	the	the	DET
ajird-1608	4	12	investment	investment	NOUN
ajird-1608	4	13	explosion	explosion	NOUN
ajird-1608	4	14	in	in	ADP
ajird-1608	4	15	2020	2020	NUM
ajird-1608	4	16	-	-	SYM
ajird-1608	4	17	2021	2021	NUM
ajird-1608	4	18	,	,	PUNCT
ajird-1608	4	19	the	the	DET
ajird-1608	4	20	decline	decline	NOUN
ajird-1608	4	21	in	in	ADP
ajird-1608	4	22	20222023	20222023	NUM
ajird-1608	4	23	,	,	PUNCT
ajird-1608	4	24	and	and	CCONJ
ajird-1608	4	25	the	the	DET
ajird-1608	4	26	observed	observe	VERB
ajird-1608	4	27	investment	investment	NOUN
ajird-1608	4	28	recovery	recovery	NOUN
ajird-1608	4	29	in	in	ADP
ajird-1608	4	30	the	the	DET
ajird-1608	4	31	field	field	NOUN
ajird-1608	4	32	of	of	ADP
ajird-1608	4	33	generative	generative	ADJ
ajird-1608	4	34	artificial	artificial	ADJ
ajird-1608	4	35	intelligence	intelligence	NOUN
ajird-1608	4	36	in	in	ADP
ajird-1608	4	37	2025	2025	NUM
ajird-1608	4	38	.	.	PUNCT
ajird-1608	5	1	it	it	PRON
ajird-1608	5	2	will	will	AUX
ajird-1608	5	3	also	also	ADV
ajird-1608	5	4	show	show	VERB
ajird-1608	5	5	the	the	DET
ajird-1608	5	6	role	role	NOUN
ajird-1608	5	7	of	of	ADP
ajird-1608	5	8	promising	promise	VERB
ajird-1608	5	9	venture	venture	NOUN
ajird-1608	5	10	capital	capital	NOUN
ajird-1608	5	11	areas	area	NOUN
ajird-1608	5	12	,	,	PUNCT
ajird-1608	5	13	in	in	ADP
ajird-1608	5	14	particular	particular	ADJ
ajird-1608	5	15	in	in	ADP
ajird-1608	5	16	the	the	DET
ajird-1608	5	17	fields	field	NOUN
ajird-1608	5	18	of	of	ADP
ajird-1608	5	19	ai	ai	NOUN
ajird-1608	5	20	,	,	PUNCT
ajird-1608	5	21	green	green	ADJ
ajird-1608	5	22	technologies	technology	NOUN
ajird-1608	5	23	,	,	PUNCT
ajird-1608	5	24	and	and	CCONJ
ajird-1608	5	25	digital	digital	ADJ
ajird-1608	5	26	security	security	NOUN
ajird-1608	5	27	.	.	PUNCT
ajird-1608	6	1	during	during	ADP
ajird-1608	6	2	the	the	DET
ajird-1608	6	3	work	work	NOUN
ajird-1608	6	4	,	,	PUNCT
ajird-1608	6	5	proposals	proposal	NOUN
ajird-1608	6	6	will	will	AUX
ajird-1608	6	7	be	be	AUX
ajird-1608	6	8	developed	develop	VERB
ajird-1608	6	9	for	for	ADP
ajird-1608	6	10	developing	develop	VERB
ajird-1608	6	11	countries	country	NOUN
ajird-1608	6	12	,	,	PUNCT
ajird-1608	6	13	and	and	CCONJ
ajird-1608	6	14	practical	practical	ADJ
ajird-1608	6	15	recommendations	recommendation	NOUN
ajird-1608	6	16	will	will	AUX
ajird-1608	6	17	be	be	AUX
ajird-1608	6	18	given	give	VERB
ajird-1608	6	19	on	on	ADP
ajird-1608	6	20	the	the	DET
ajird-1608	6	21	development	development	NOUN
ajird-1608	6	22	of	of	ADP
ajird-1608	6	23	innovative	innovative	ADJ
ajird-1608	6	24	infrastructure	infrastructure	NOUN
ajird-1608	6	25	and	and	CCONJ
ajird-1608	6	26	cooperation	cooperation	NOUN
ajird-1608	6	27	with	with	ADP
ajird-1608	6	28	international	international	ADJ
ajird-1608	6	29	vc	vc	PROPN
ajird-1608	6	30	funds	fund	NOUN
ajird-1608	6	31	.	.	PUNCT
ajird-1608	7	1	keywords	keyword	NOUN
ajird-1608	7	2	:	:	PUNCT
ajird-1608	7	3	venture	venture	NOUN
ajird-1608	7	4	capital	capital	NOUN
ajird-1608	7	5	(	(	PUNCT
ajird-1608	7	6	vc	vc	NOUN
ajird-1608	7	7	)	)	PUNCT
ajird-1608	7	8	,	,	PUNCT
ajird-1608	7	9	innovative	innovative	ADJ
ajird-1608	7	10	development	development	NOUN
ajird-1608	7	11	,	,	PUNCT
ajird-1608	7	12	startups	startup	NOUN
ajird-1608	7	13	,	,	PUNCT
ajird-1608	7	14	generative	generative	ADJ
ajird-1608	7	15	artificial	artificial	ADJ
ajird-1608	7	16	intelligence	intelligence	NOUN
ajird-1608	7	17	(	(	PUNCT
ajird-1608	7	18	ai	ai	NOUN
ajird-1608	7	19	)	)	PUNCT
ajird-1608	7	20	,	,	PUNCT
ajird-1608	7	21	investment	investment	NOUN
ajird-1608	7	22	trends	trend	NOUN
ajird-1608	7	23	,	,	PUNCT
ajird-1608	7	24	global	global	ADJ
ajird-1608	7	25	economy	economy	NOUN
ajird-1608	7	26	,	,	PUNCT
ajird-1608	7	27	technological	technological	ADJ
ajird-1608	7	28	infrastructure	infrastructure	NOUN
ajird-1608	7	29	,	,	PUNCT
ajird-1608	7	30	mega	mega	ADJ
ajird-1608	7	31	-	-	ADJ
ajird-1608	7	32	round	round	ADJ
ajird-1608	7	33	,	,	PUNCT
ajird-1608	7	34	unicorn	unicorn	ADJ
ajird-1608	7	35	companies	company	NOUN
ajird-1608	7	36	,	,	PUNCT
ajird-1608	7	37	digital	digital	ADJ
ajird-1608	7	38	transformation	transformation	NOUN
ajird-1608	7	39	,	,	PUNCT
ajird-1608	7	40	green	green	ADJ
ajird-1608	7	41	technologies	technology	NOUN
ajird-1608	7	42	,	,	PUNCT
ajird-1608	7	43	developing	develop	VERB
ajird-1608	7	44	countries	country	NOUN
ajird-1608	7	45	,	,	PUNCT
ajird-1608	7	46	capital	capital	NOUN
ajird-1608	7	47	inflow	inflow	NOUN
ajird-1608	7	48	,	,	PUNCT
ajird-1608	7	49	vc	vc	PROPN
ajird-1608	7	50	funds	fund	NOUN
ajird-1608	7	51	,	,	PUNCT
ajird-1608	7	52	innovative	innovative	ADJ
ajird-1608	7	53	ecosystem	ecosystem	NOUN
ajird-1608	7	54	.	.	PUNCT
ajird-1608	8	1	introduction	introduction	NOUN
ajird-1608	8	2	in	in	ADP
ajird-1608	8	3	the	the	DET
ajird-1608	8	4	modern	modern	ADJ
ajird-1608	8	5	world	world	NOUN
ajird-1608	8	6	,	,	PUNCT
ajird-1608	8	7	innovative	innovative	ADJ
ajird-1608	8	8	technologies	technology	NOUN
ajird-1608	8	9	and	and	CCONJ
ajird-1608	8	10	startups	startup	NOUN
ajird-1608	8	11	remain	remain	VERB
ajird-1608	8	12	the	the	DET
ajird-1608	8	13	main	main	ADJ
ajird-1608	8	14	driving	driving	NOUN
ajird-1608	8	15	force	force	NOUN
ajird-1608	8	16	of	of	ADP
ajird-1608	8	17	the	the	DET
ajird-1608	8	18	economy	economy	NOUN
ajird-1608	8	19	.	.	PUNCT
ajird-1608	9	1	venture	venture	NOUN
ajird-1608	9	2	capital	capital	NOUN
ajird-1608	9	3	investments	investment	NOUN
ajird-1608	9	4	play	play	VERB
ajird-1608	9	5	an	an	DET
ajird-1608	9	6	important	important	ADJ
ajird-1608	9	7	role	role	NOUN
ajird-1608	9	8	in	in	ADP
ajird-1608	9	9	the	the	DET
ajird-1608	9	10	implementation	implementation	NOUN
ajird-1608	9	11	of	of	ADP
ajird-1608	9	12	these	these	DET
ajird-1608	9	13	innovative	innovative	ADJ
ajird-1608	9	14	ideas	idea	NOUN
ajird-1608	9	15	.	.	PUNCT
ajird-1608	10	1	in	in	ADP
ajird-1608	10	2	recent	recent	ADJ
ajird-1608	10	3	years	year	NOUN
ajird-1608	10	4	,	,	PUNCT
ajird-1608	10	5	the	the	DET
ajird-1608	10	6	global	global	ADJ
ajird-1608	10	7	venture	venture	NOUN
ajird-1608	10	8	capital	capital	NOUN
ajird-1608	10	9	market	market	NOUN
ajird-1608	10	10	has	have	AUX
ajird-1608	10	11	undergone	undergo	VERB
ajird-1608	10	12	significant	significant	ADJ
ajird-1608	10	13	changes	change	NOUN
ajird-1608	10	14	,	,	PUNCT
ajird-1608	10	15	and	and	CCONJ
ajird-1608	10	16	there	there	PRON
ajird-1608	10	17	is	be	VERB
ajird-1608	10	18	a	a	DET
ajird-1608	10	19	need	need	NOUN
ajird-1608	10	20	for	for	ADP
ajird-1608	10	21	a	a	DET
ajird-1608	10	22	deep	deep	ADJ
ajird-1608	10	23	analysis	analysis	NOUN
ajird-1608	10	24	of	of	ADP
ajird-1608	10	25	these	these	DET
ajird-1608	10	26	trends	trend	NOUN
ajird-1608	10	27	.	.	PUNCT
ajird-1608	11	1	the	the	DET
ajird-1608	11	2	technological	technological	ADJ
ajird-1608	11	3	revolution	revolution	NOUN
ajird-1608	11	4	,	,	PUNCT
ajird-1608	11	5	digitalization	digitalization	NOUN
ajird-1608	11	6	processes	process	NOUN
ajird-1608	11	7	,	,	PUNCT
ajird-1608	11	8	and	and	CCONJ
ajird-1608	11	9	new	new	ADJ
ajird-1608	11	10	business	business	NOUN
ajird-1608	11	11	models	model	NOUN
ajird-1608	11	12	have	have	AUX
ajird-1608	11	13	fundamentally	fundamentally	ADV
ajird-1608	11	14	changed	change	VERB
ajird-1608	11	15	the	the	DET
ajird-1608	11	16	venture	venture	NOUN
ajird-1608	11	17	capital	capital	NOUN
ajird-1608	11	18	industry1	industry1	PROPN
ajird-1608	11	19	.	.	PUNCT
ajird-1608	12	1	geographically	geographically	ADV
ajird-1608	12	2	,	,	PUNCT
ajird-1608	12	3	the	the	DET
ajird-1608	12	4	distribution	distribution	NOUN
ajird-1608	12	5	of	of	ADP
ajird-1608	12	6	venture	venture	NOUN
ajird-1608	12	7	capital	capital	NOUN
ajird-1608	12	8	investments	investment	NOUN
ajird-1608	12	9	is	be	AUX
ajird-1608	12	10	also	also	ADV
ajird-1608	12	11	undergoing	undergo	VERB
ajird-1608	12	12	significant	significant	ADJ
ajird-1608	12	13	changes	change	NOUN
ajird-1608	12	14	.	.	PUNCT
ajird-1608	13	1	traditionally	traditionally	ADV
ajird-1608	13	2	directed	direct	VERB
ajird-1608	13	3	towards	towards	ADP
ajird-1608	13	4	the	the	DET
ajird-1608	13	5	us	us	PROPN
ajird-1608	13	6	and	and	CCONJ
ajird-1608	13	7	european	european	ADJ
ajird-1608	13	8	markets	market	NOUN
ajird-1608	13	9	,	,	PUNCT
ajird-1608	13	10	investments	investment	NOUN
ajird-1608	13	11	are	be	AUX
ajird-1608	13	12	now	now	ADV
ajird-1608	13	13	expanding	expand	VERB
ajird-1608	13	14	towards	towards	ADP
ajird-1608	13	15	the	the	DET
ajird-1608	13	16	asia	asia	PROPN
ajird-1608	13	17	-	-	PUNCT
ajird-1608	13	18	pacific	pacific	PROPN
ajird-1608	13	19	region	region	NOUN
ajird-1608	13	20	,	,	PUNCT
ajird-1608	13	21	china	china	PROPN
ajird-1608	13	22	,	,	PUNCT
ajird-1608	13	23	india	india	PROPN
ajird-1608	13	24	,	,	PUNCT
ajird-1608	13	25	and	and	CCONJ
ajird-1608	13	26	other	other	ADJ
ajird-1608	13	27	emerging	emerge	VERB
ajird-1608	13	28	markets	market	NOUN
ajird-1608	13	29	.	.	PUNCT
ajird-1608	14	1	this	this	DET
ajird-1608	14	2	change	change	NOUN
ajird-1608	14	3	is	be	AUX
ajird-1608	14	4	forming	form	VERB
ajird-1608	14	5	new	new	ADJ
ajird-1608	14	6	centers	center	NOUN
ajird-1608	14	7	of	of	ADP
ajird-1608	14	8	the	the	DET
ajird-1608	14	9	global	global	ADJ
ajird-1608	14	10	innovation	innovation	PROPN
ajird-1608	14	11	ecosystem	ecosystem	NOUN
ajird-1608	14	12	and	and	CCONJ
ajird-1608	14	13	further	far	ADV
ajird-1608	14	14	complicating	complicate	VERB
ajird-1608	14	15	the	the	DET
ajird-1608	14	16	competitive	competitive	ADJ
ajird-1608	14	17	environment2	environment2	NOUN
ajird-1608	14	18	.	.	PUNCT
ajird-1608	14	19	1	1	NUM
ajird-1608	14	20	bain	bain	PROPN
ajird-1608	14	21	&	&	CCONJ
ajird-1608	14	22	company	company	NOUN
ajird-1608	14	23	.	.	PUNCT
ajird-1608	15	1	(	(	PUNCT
ajird-1608	15	2	2025	2025	NUM
ajird-1608	15	3	)	)	PUNCT
ajird-1608	15	4	.	.	PUNCT
ajird-1608	16	1	global	global	ADJ
ajird-1608	16	2	venture	venture	NOUN
ajird-1608	16	3	capital	capital	NOUN
ajird-1608	16	4	trends	trend	NOUN
ajird-1608	16	5	:	:	PUNCT
ajird-1608	16	6	the	the	DET
ajird-1608	16	7	latest	late	ADJ
ajird-1608	16	8	industry	industry	NOUN
ajird-1608	16	9	report	report	NOUN
ajird-1608	16	10	.	.	PUNCT
ajird-1608	17	1	retrieved	retrieve	VERB
ajird-1608	17	2	from	from	ADP
ajird-1608	17	3	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	PROPN
ajird-1608	17	4	2	2	NUM
ajird-1608	17	5	wipo	wipo	PROPN
ajird-1608	17	6	.	.	PUNCT
ajird-1608	18	1	(	(	PUNCT
ajird-1608	18	2	2024	2024	NUM
ajird-1608	18	3	)	)	PUNCT
ajird-1608	18	4	.	.	PUNCT
ajird-1608	19	1	2024	2024	NUM
ajird-1608	19	2	venture	venture	NOUN
ajird-1608	19	3	capital	capital	NOUN
ajird-1608	19	4	outlook	outlook	NOUN
ajird-1608	19	5	:	:	PUNCT
ajird-1608	19	6	from	from	ADP
ajird-1608	19	7	freefall	freefall	NOUN
ajird-1608	19	8	to	to	ADP
ajird-1608	19	9	the	the	DET
ajird-1608	19	10	first	first	ADJ
ajird-1608	19	11	signs	sign	NOUN
ajird-1608	19	12	of	of	ADP
ajird-1608	19	13	stabilization	stabilization	NOUN
ajird-1608	19	14	?	?	PUNCT
ajird-1608	20	1	retrieved	retrieve	VERB
ajird-1608	20	2	from	from	ADP
ajird-1608	20	3	https://www.wipo.int/en/web/global-innovation-index/w/blogs/2024/2024-venture-capital	https://www.wipo.int/en/web/global-innovation-index/w/blogs/2024/2024-venture-capital	PROPN
ajird-1608	20	4	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	ADJ
ajird-1608	20	5	https://www.wipo.int/en/web/global-innovation-index/w/blogs/2024/2024-venture-capital	https://www.wipo.int/en/web/global-innovation-index/w/blogs/2024/2024-venture-capital	PROPN
ajird-1608	20	6	american	american	ADJ
ajird-1608	20	7	journal	journal	NOUN
ajird-1608	20	8	of	of	ADP
ajird-1608	20	9	interdisciplinary	interdisciplinary	ADJ
ajird-1608	20	10	research	research	NOUN
ajird-1608	20	11	and	and	CCONJ
ajird-1608	20	12	development	development	NOUN
ajird-1608	20	13	issn	issn	PROPN
ajird-1608	20	14	online	online	NOUN
ajird-1608	20	15	:	:	PUNCT
ajird-1608	20	16	2771	2771	NUM
ajird-1608	20	17	-	-	SYM
ajird-1608	20	18	8948	8948	NUM
ajird-1608	20	19	website	website	NOUN
ajird-1608	20	20	:	:	PUNCT
ajird-1608	20	21	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	20	22	volume	volume	NOUN
ajird-1608	20	23	44	44	NUM
ajird-1608	20	24	,	,	PUNCT
ajird-1608	20	25	september2025	september2025	PROPN
ajird-1608	20	26	13	13	NUM
ajird-1608	21	1	|	|	ADV
ajird-1608	21	2	p	p	NOUN
ajird-1608	21	3	a	a	DET
ajird-1608	21	4	g	g	NOUN
ajird-1608	21	5	e	e	NOUN
ajird-1608	21	6	advanced	advanced	ADJ
ajird-1608	21	7	technologies	technology	NOUN
ajird-1608	21	8	such	such	ADJ
ajird-1608	21	9	as	as	ADP
ajird-1608	21	10	artificial	artificial	ADJ
ajird-1608	21	11	intelligence	intelligence	NOUN
ajird-1608	21	12	,	,	PUNCT
ajird-1608	21	13	machine	machine	NOUN
ajird-1608	21	14	learning	learning	NOUN
ajird-1608	21	15	,	,	PUNCT
ajird-1608	21	16	biotechnology	biotechnology	NOUN
ajird-1608	21	17	,	,	PUNCT
ajird-1608	21	18	and	and	CCONJ
ajird-1608	21	19	quantum	quantum	NOUN
ajird-1608	21	20	computing	computing	NOUN
ajird-1608	21	21	are	be	AUX
ajird-1608	21	22	defining	define	VERB
ajird-1608	21	23	new	new	ADJ
ajird-1608	21	24	directions	direction	NOUN
ajird-1608	21	25	for	for	ADP
ajird-1608	21	26	venture	venture	NOUN
ajird-1608	21	27	capital	capital	NOUN
ajird-1608	21	28	investments	investment	NOUN
ajird-1608	21	29	.	.	PUNCT
ajird-1608	22	1	such	such	ADJ
ajird-1608	22	2	technologies	technology	NOUN
ajird-1608	22	3	not	not	PART
ajird-1608	22	4	only	only	ADV
ajird-1608	22	5	offer	offer	VERB
ajird-1608	22	6	the	the	DET
ajird-1608	22	7	opportunity	opportunity	NOUN
ajird-1608	22	8	to	to	PART
ajird-1608	22	9	earn	earn	VERB
ajird-1608	22	10	a	a	DET
ajird-1608	22	11	large	large	ADJ
ajird-1608	22	12	income	income	NOUN
ajird-1608	22	13	,	,	PUNCT
ajird-1608	22	14	but	but	CCONJ
ajird-1608	22	15	also	also	ADV
ajird-1608	22	16	have	have	VERB
ajird-1608	22	17	the	the	DET
ajird-1608	22	18	potential	potential	NOUN
ajird-1608	22	19	to	to	PART
ajird-1608	22	20	have	have	AUX
ajird-1608	22	21	a	a	DET
ajird-1608	22	22	significant	significant	ADJ
ajird-1608	22	23	social	social	ADJ
ajird-1608	22	24	impact	impact	NOUN
ajird-1608	22	25	on	on	ADP
ajird-1608	22	26	society	society	NOUN
ajird-1608	22	27	.	.	PUNCT
ajird-1608	23	1	therefore	therefore	ADV
ajird-1608	23	2	,	,	PUNCT
ajird-1608	23	3	investors	investor	NOUN
ajird-1608	23	4	are	be	AUX
ajird-1608	23	5	forced	force	VERB
ajird-1608	23	6	to	to	PART
ajird-1608	23	7	take	take	VERB
ajird-1608	23	8	into	into	ADP
ajird-1608	23	9	account	account	NOUN
ajird-1608	23	10	not	not	PART
ajird-1608	23	11	only	only	ADV
ajird-1608	23	12	traditional	traditional	ADJ
ajird-1608	23	13	financial	financial	ADJ
ajird-1608	23	14	indicators	indicator	NOUN
ajird-1608	23	15	,	,	PUNCT
ajird-1608	23	16	but	but	CCONJ
ajird-1608	23	17	also	also	ADV
ajird-1608	23	18	esg	esg	PROPN
ajird-1608	23	19	(	(	PUNCT
ajird-1608	23	20	environmental	environmental	ADJ
ajird-1608	23	21	,	,	PUNCT
ajird-1608	23	22	social	social	ADJ
ajird-1608	23	23	,	,	PUNCT
ajird-1608	23	24	and	and	CCONJ
ajird-1608	23	25	management	management	NOUN
ajird-1608	23	26	)	)	PUNCT
ajird-1608	23	27	criteria3	criteria3	PROPN
ajird-1608	23	28	.	.	PUNCT
ajird-1608	24	1	the	the	DET
ajird-1608	24	2	development	development	NOUN
ajird-1608	24	3	cycle	cycle	NOUN
ajird-1608	24	4	of	of	ADP
ajird-1608	24	5	startups	startup	NOUN
ajird-1608	24	6	is	be	AUX
ajird-1608	24	7	also	also	ADV
ajird-1608	24	8	undergoing	undergo	VERB
ajird-1608	24	9	significant	significant	ADJ
ajird-1608	24	10	changes	change	NOUN
ajird-1608	24	11	.	.	PUNCT
ajird-1608	25	1	now	now	ADV
ajird-1608	25	2	companies	company	NOUN
ajird-1608	25	3	are	be	AUX
ajird-1608	25	4	more	more	ADV
ajird-1608	25	5	inclined	inclined	ADJ
ajird-1608	25	6	to	to	PART
ajird-1608	25	7	develop	develop	VERB
ajird-1608	25	8	longer	long	ADJ
ajird-1608	25	9	-	-	PUNCT
ajird-1608	25	10	term	term	NOUN
ajird-1608	25	11	strategies	strategy	NOUN
ajird-1608	25	12	and	and	CCONJ
ajird-1608	25	13	delay	delay	VERB
ajird-1608	25	14	the	the	DET
ajird-1608	25	15	ipo	ipo	NOUN
ajird-1608	25	16	(	(	PUNCT
ajird-1608	25	17	initial	initial	ADJ
ajird-1608	25	18	public	public	ADJ
ajird-1608	25	19	offering	offering	NOUN
ajird-1608	25	20	)	)	PUNCT
ajird-1608	25	21	processes	process	NOUN
ajird-1608	25	22	.	.	PUNCT
ajird-1608	26	1	this	this	DET
ajird-1608	26	2	situation	situation	NOUN
ajird-1608	26	3	leads	lead	VERB
ajird-1608	26	4	to	to	ADP
ajird-1608	26	5	a	a	DET
ajird-1608	26	6	review	review	NOUN
ajird-1608	26	7	of	of	ADP
ajird-1608	26	8	the	the	DET
ajird-1608	26	9	investment	investment	NOUN
ajird-1608	26	10	strategies	strategy	NOUN
ajird-1608	26	11	of	of	ADP
ajird-1608	26	12	venture	venture	NOUN
ajird-1608	26	13	capital	capital	NOUN
ajird-1608	26	14	funds	fund	NOUN
ajird-1608	26	15	and	and	CCONJ
ajird-1608	26	16	the	the	DET
ajird-1608	26	17	search	search	NOUN
ajird-1608	26	18	for	for	ADP
ajird-1608	26	19	new	new	ADJ
ajird-1608	26	20	financing	financing	NOUN
ajird-1608	26	21	instruments	instrument	NOUN
ajird-1608	26	22	.	.	PUNCT
ajird-1608	27	1	the	the	DET
ajird-1608	27	2	number	number	NOUN
ajird-1608	27	3	of	of	ADP
ajird-1608	27	4	unicorn	unicorn	ADJ
ajird-1608	27	5	companies	company	NOUN
ajird-1608	27	6	(	(	PUNCT
ajird-1608	27	7	startups	startup	NOUN
ajird-1608	27	8	valued	value	VERB
ajird-1608	27	9	at	at	ADP
ajird-1608	27	10	$	$	SYM
ajird-1608	27	11	1	1	NUM
ajird-1608	27	12	billion	billion	NUM
ajird-1608	27	13	)	)	PUNCT
ajird-1608	27	14	is	be	AUX
ajird-1608	27	15	also	also	ADV
ajird-1608	27	16	growing	grow	VERB
ajird-1608	27	17	sharply	sharply	ADV
ajird-1608	27	18	.	.	PUNCT
ajird-1608	28	1	institutional	institutional	ADJ
ajird-1608	28	2	investors	investor	NOUN
ajird-1608	28	3	,	,	PUNCT
ajird-1608	28	4	pension	pension	NOUN
ajird-1608	28	5	funds	fund	NOUN
ajird-1608	28	6	,	,	PUNCT
ajird-1608	28	7	insurance	insurance	NOUN
ajird-1608	28	8	companies	company	NOUN
ajird-1608	28	9	,	,	PUNCT
ajird-1608	28	10	and	and	CCONJ
ajird-1608	28	11	other	other	ADJ
ajird-1608	28	12	large	large	ADJ
ajird-1608	28	13	financial	financial	ADJ
ajird-1608	28	14	institutions	institution	NOUN
ajird-1608	28	15	are	be	AUX
ajird-1608	28	16	increasingly	increasingly	ADV
ajird-1608	28	17	entering	enter	VERB
ajird-1608	28	18	the	the	DET
ajird-1608	28	19	venture	venture	NOUN
ajird-1608	28	20	capital	capital	NOUN
ajird-1608	28	21	market	market	NOUN
ajird-1608	28	22	.	.	PUNCT
ajird-1608	29	1	this	this	DET
ajird-1608	29	2	situation	situation	NOUN
ajird-1608	29	3	brings	bring	VERB
ajird-1608	29	4	greater	great	ADJ
ajird-1608	29	5	liquidity	liquidity	NOUN
ajird-1608	29	6	to	to	ADP
ajird-1608	29	7	the	the	DET
ajird-1608	29	8	market	market	NOUN
ajird-1608	29	9	,	,	PUNCT
ajird-1608	29	10	but	but	CCONJ
ajird-1608	29	11	at	at	ADP
ajird-1608	29	12	the	the	DET
ajird-1608	29	13	same	same	ADJ
ajird-1608	29	14	time	time	NOUN
ajird-1608	29	15	intensifies	intensify	VERB
ajird-1608	29	16	competition	competition	NOUN
ajird-1608	29	17	and	and	CCONJ
ajird-1608	29	18	increases	increase	VERB
ajird-1608	29	19	prices	price	NOUN
ajird-1608	29	20	.	.	PUNCT
ajird-1608	30	1	as	as	ADP
ajird-1608	30	2	a	a	DET
ajird-1608	30	3	result	result	NOUN
ajird-1608	30	4	,	,	PUNCT
ajird-1608	30	5	venture	venture	NOUN
ajird-1608	30	6	capital	capital	NOUN
ajird-1608	30	7	funds	fund	NOUN
ajird-1608	30	8	are	be	AUX
ajird-1608	30	9	forced	force	VERB
ajird-1608	30	10	to	to	PART
ajird-1608	30	11	develop	develop	VERB
ajird-1608	30	12	new	new	ADJ
ajird-1608	30	13	differentiation	differentiation	NOUN
ajird-1608	30	14	strategies	strategy	NOUN
ajird-1608	30	15	.	.	PUNCT
ajird-1608	31	1	the	the	DET
ajird-1608	31	2	regulatory	regulatory	ADJ
ajird-1608	31	3	environment	environment	NOUN
ajird-1608	31	4	and	and	CCONJ
ajird-1608	31	5	state	state	NOUN
ajird-1608	31	6	policy	policy	NOUN
ajird-1608	31	7	also	also	ADV
ajird-1608	31	8	have	have	VERB
ajird-1608	31	9	a	a	DET
ajird-1608	31	10	significant	significant	ADJ
ajird-1608	31	11	impact	impact	NOUN
ajird-1608	31	12	on	on	ADP
ajird-1608	31	13	venture	venture	NOUN
ajird-1608	31	14	capital	capital	NOUN
ajird-1608	31	15	trends	trend	NOUN
ajird-1608	31	16	.	.	PUNCT
ajird-1608	32	1	different	different	ADJ
ajird-1608	32	2	countries	country	NOUN
ajird-1608	32	3	are	be	AUX
ajird-1608	32	4	developing	develop	VERB
ajird-1608	32	5	special	special	ADJ
ajird-1608	32	6	programs	program	NOUN
ajird-1608	32	7	for	for	ADP
ajird-1608	32	8	the	the	DET
ajird-1608	32	9	development	development	NOUN
ajird-1608	32	10	of	of	ADP
ajird-1608	32	11	their	their	PRON
ajird-1608	32	12	innovation	innovation	NOUN
ajird-1608	32	13	ecosystems	ecosystem	NOUN
ajird-1608	32	14	and	and	CCONJ
ajird-1608	32	15	are	be	AUX
ajird-1608	32	16	looking	look	VERB
ajird-1608	32	17	for	for	ADP
ajird-1608	32	18	ways	way	NOUN
ajird-1608	32	19	to	to	PART
ajird-1608	32	20	stimulate	stimulate	VERB
ajird-1608	32	21	venture	venture	NOUN
ajird-1608	32	22	capital	capital	NOUN
ajird-1608	32	23	investments	investment	NOUN
ajird-1608	32	24	.	.	PUNCT
ajird-1608	33	1	these	these	DET
ajird-1608	33	2	processes	process	NOUN
ajird-1608	33	3	are	be	AUX
ajird-1608	33	4	intensifying	intensify	VERB
ajird-1608	33	5	competition	competition	NOUN
ajird-1608	33	6	between	between	ADP
ajird-1608	33	7	national	national	ADJ
ajird-1608	33	8	innovation	innovation	NOUN
ajird-1608	33	9	systems	system	NOUN
ajird-1608	33	10	and	and	CCONJ
ajird-1608	33	11	leading	lead	VERB
ajird-1608	33	12	to	to	ADP
ajird-1608	33	13	the	the	DET
ajird-1608	33	14	redistribution	redistribution	NOUN
ajird-1608	33	15	of	of	ADP
ajird-1608	33	16	global	global	ADJ
ajird-1608	33	17	investment	investment	NOUN
ajird-1608	33	18	flows4	flows4	NOUN
ajird-1608	33	19	.	.	PUNCT
ajird-1608	34	1	in	in	ADP
ajird-1608	34	2	the	the	DET
ajird-1608	34	3	future	future	NOUN
ajird-1608	34	4	,	,	PUNCT
ajird-1608	34	5	the	the	DET
ajird-1608	34	6	venture	venture	NOUN
ajird-1608	34	7	capital	capital	NOUN
ajird-1608	34	8	industry	industry	NOUN
ajird-1608	34	9	is	be	AUX
ajird-1608	34	10	expected	expect	VERB
ajird-1608	34	11	to	to	PART
ajird-1608	34	12	face	face	VERB
ajird-1608	34	13	even	even	ADV
ajird-1608	34	14	greater	great	ADJ
ajird-1608	34	15	changes	change	NOUN
ajird-1608	34	16	.	.	PUNCT
ajird-1608	35	1	digital	digital	ADJ
ajird-1608	35	2	currencies	currency	NOUN
ajird-1608	35	3	,	,	PUNCT
ajird-1608	35	4	web3	web3	NOUN
ajird-1608	35	5	technologies	technology	NOUN
ajird-1608	35	6	,	,	PUNCT
ajird-1608	35	7	the	the	DET
ajird-1608	35	8	metaverse	metaverse	NOUN
ajird-1608	35	9	,	,	PUNCT
ajird-1608	35	10	climate	climate	NOUN
ajird-1608	35	11	technologies	technology	NOUN
ajird-1608	35	12	,	,	PUNCT
ajird-1608	35	13	and	and	CCONJ
ajird-1608	35	14	other	other	ADJ
ajird-1608	35	15	new	new	ADJ
ajird-1608	35	16	directions	direction	NOUN
ajird-1608	35	17	are	be	AUX
ajird-1608	35	18	further	far	ADV
ajird-1608	35	19	complicating	complicate	VERB
ajird-1608	35	20	the	the	DET
ajird-1608	35	21	investment	investment	NOUN
ajird-1608	35	22	landscape	landscape	NOUN
ajird-1608	35	23	.	.	PUNCT
ajird-1608	36	1	therefore	therefore	ADV
ajird-1608	36	2	,	,	PUNCT
ajird-1608	36	3	constant	constant	ADJ
ajird-1608	36	4	analysis	analysis	NOUN
ajird-1608	36	5	and	and	CCONJ
ajird-1608	36	6	monitoring	monitoring	NOUN
ajird-1608	36	7	of	of	ADP
ajird-1608	36	8	venture	venture	NOUN
ajird-1608	36	9	capital	capital	NOUN
ajird-1608	36	10	trends	trend	NOUN
ajird-1608	36	11	is	be	AUX
ajird-1608	36	12	a	a	DET
ajird-1608	36	13	necessary	necessary	ADJ
ajird-1608	36	14	condition	condition	NOUN
ajird-1608	36	15	for	for	ADP
ajird-1608	36	16	success	success	NOUN
ajird-1608	36	17	in	in	ADP
ajird-1608	36	18	the	the	DET
ajird-1608	36	19	modern	modern	ADJ
ajird-1608	36	20	business	business	NOUN
ajird-1608	36	21	environment	environment	NOUN
ajird-1608	36	22	.	.	PUNCT
ajird-1608	37	1	literature	literature	NOUN
ajird-1608	37	2	review	review	NOUN
ajird-1608	37	3	in	in	ADP
ajird-1608	37	4	the	the	DET
ajird-1608	37	5	process	process	NOUN
ajird-1608	37	6	of	of	ADP
ajird-1608	37	7	analyzing	analyze	VERB
ajird-1608	37	8	the	the	DET
ajird-1608	37	9	literature	literature	NOUN
ajird-1608	37	10	on	on	ADP
ajird-1608	37	11	the	the	DET
ajird-1608	37	12	topic	topic	NOUN
ajird-1608	37	13	,	,	PUNCT
ajird-1608	37	14	scientific	scientific	ADJ
ajird-1608	37	15	research	research	NOUN
ajird-1608	37	16	on	on	ADP
ajird-1608	37	17	global	global	ADJ
ajird-1608	37	18	venture	venture	NOUN
ajird-1608	37	19	capital	capital	NOUN
ajird-1608	37	20	trends	trend	NOUN
ajird-1608	37	21	in	in	ADP
ajird-1608	37	22	innovative	innovative	ADJ
ajird-1608	37	23	development	development	NOUN
ajird-1608	37	24	was	be	AUX
ajird-1608	37	25	conducted	conduct	VERB
ajird-1608	37	26	by	by	ADP
ajird-1608	37	27	several	several	ADJ
ajird-1608	37	28	leading	lead	VERB
ajird-1608	37	29	economists	economist	NOUN
ajird-1608	37	30	and	and	CCONJ
ajird-1608	37	31	specialists	specialist	NOUN
ajird-1608	37	32	of	of	ADP
ajird-1608	37	33	the	the	DET
ajird-1608	37	34	world	world	NOUN
ajird-1608	37	35	.	.	PUNCT
ajird-1608	38	1	among	among	ADP
ajird-1608	38	2	them	they	PRON
ajird-1608	38	3	,	,	PUNCT
ajird-1608	38	4	kostrov	kostrov	PROPN
ajird-1608	38	5	alexey	alexey	PROPN
ajird-1608	38	6	viktorovich	viktorovich	PROPN
ajird-1608	38	7	conducted	conduct	VERB
ajird-1608	38	8	an	an	DET
ajird-1608	38	9	in	in	ADP
ajird-1608	38	10	-	-	PUNCT
ajird-1608	38	11	depth	depth	NOUN
ajird-1608	38	12	analysis	analysis	NOUN
ajird-1608	38	13	of	of	ADP
ajird-1608	38	14	the	the	DET
ajird-1608	38	15	interaction	interaction	NOUN
ajird-1608	38	16	of	of	ADP
ajird-1608	38	17	state	state	NOUN
ajird-1608	38	18	and	and	CCONJ
ajird-1608	38	19	market	market	NOUN
ajird-1608	38	20	mechanisms	mechanism	NOUN
ajird-1608	38	21	in	in	ADP
ajird-1608	38	22	the	the	DET
ajird-1608	38	23	venture	venture	NOUN
ajird-1608	38	24	capital	capital	NOUN
ajird-1608	38	25	industry	industry	NOUN
ajird-1608	38	26	.	.	PUNCT
ajird-1608	39	1	it	it	PRON
ajird-1608	39	2	studies	study	VERB
ajird-1608	39	3	the	the	DET
ajird-1608	39	4	basic	basic	ADJ
ajird-1608	39	5	principles	principle	NOUN
ajird-1608	39	6	and	and	CCONJ
ajird-1608	39	7	forms	form	NOUN
ajird-1608	39	8	of	of	ADP
ajird-1608	39	9	venture	venture	NOUN
ajird-1608	39	10	financing	financing	NOUN
ajird-1608	39	11	and	and	CCONJ
ajird-1608	39	12	assesses	assess	VERB
ajird-1608	39	13	the	the	DET
ajird-1608	39	14	effectiveness	effectiveness	NOUN
ajird-1608	39	15	of	of	ADP
ajird-1608	39	16	government	government	NOUN
ajird-1608	39	17	incentives5	incentives5	PROPN
ajird-1608	39	18	.	.	PUNCT
ajird-1608	40	1	yerik	yerik	PROPN
ajird-1608	40	2	aubakirov	aubakirov	PROPN
ajird-1608	40	3	sees	see	VERB
ajird-1608	40	4	central	central	ADJ
ajird-1608	40	5	asia	asia	PROPN
ajird-1608	40	6	as	as	ADP
ajird-1608	40	7	a	a	DET
ajird-1608	40	8	new	new	ADJ
ajird-1608	40	9	frontier	frontier	NOUN
ajird-1608	40	10	on	on	ADP
ajird-1608	40	11	the	the	DET
ajird-1608	40	12	global	global	ADJ
ajird-1608	40	13	venture	venture	PROPN
ajird-1608	40	14	capital	capital	NOUN
ajird-1608	40	15	map	map	NOUN
ajird-1608	40	16	.	.	PUNCT
ajird-1608	41	1	it	it	PRON
ajird-1608	41	2	3	3	NUM
ajird-1608	41	3	bip	bip	PROPN
ajird-1608	41	4	ventures	ventures	PROPN
ajird-1608	41	5	.	.	PUNCT
ajird-1608	42	1	(	(	PUNCT
ajird-1608	42	2	2025	2025	NUM
ajird-1608	42	3	)	)	PUNCT
ajird-1608	42	4	.	.	PUNCT
ajird-1608	43	1	2024	2024	NUM
ajird-1608	43	2	venture	venture	NOUN
ajird-1608	43	3	capital	capital	NOUN
ajird-1608	43	4	investment	investment	NOUN
ajird-1608	43	5	trends	trend	NOUN
ajird-1608	43	6	and	and	CCONJ
ajird-1608	43	7	impacts	impact	NOUN
ajird-1608	43	8	report	report	NOUN
ajird-1608	43	9	.	.	PUNCT
ajird-1608	44	1	retrieved	retrieve	VERB
ajird-1608	44	2	from	from	ADP
ajird-1608	44	3	https://www.bipventures.vc/news/2024-venture-capital-investment-trends-and-impacts-report	https://www.bipventures.vc/news/2024-venture-capital-investment-trends-and-impacts-report	PROPN
ajird-1608	44	4	4	4	NUM
ajird-1608	44	5	cb	cb	NOUN
ajird-1608	44	6	insights	insight	NOUN
ajird-1608	44	7	.	.	PUNCT
ajird-1608	45	1	(	(	PUNCT
ajird-1608	45	2	2025	2025	NUM
ajird-1608	45	3	)	)	PUNCT
ajird-1608	45	4	.	.	PUNCT
ajird-1608	46	1	state	state	NOUN
ajird-1608	46	2	of	of	ADP
ajird-1608	46	3	venture	venture	NOUN
ajird-1608	46	4	2024	2024	NUM
ajird-1608	46	5	report	report	NOUN
ajird-1608	46	6	.	.	PUNCT
ajird-1608	47	1	retrieved	retrieve	VERB
ajird-1608	47	2	from	from	ADP
ajird-1608	47	3	https://www.cbinsights.com/research/report/venture-trends2024/	https://www.cbinsights.com/research/report/venture-trends2024/	PROPN
ajird-1608	47	4	5	5	NUM
ajird-1608	47	5	kostrov	kostrov	ADV
ajird-1608	47	6	aleksey	aleksey	PROPN
ajird-1608	47	7	viktorovich	viktorovich	PROPN
ajird-1608	47	8	hse	hse	PROPN
ajird-1608	47	9	university	university	PROPN
ajird-1608	47	10	.	.	PUNCT
ajird-1608	48	1	(	(	PUNCT
ajird-1608	48	2	2025	2025	NUM
ajird-1608	48	3	)	)	PUNCT
ajird-1608	48	4	.	.	PUNCT
ajird-1608	49	1	венчурный	венчурный	NOUN
ajird-1608	49	2	капитал	капитал	NOUN
ajird-1608	49	3	курс	курс	VERB
ajird-1608	49	4	.	.	PUNCT
ajird-1608	50	1	https://www.hse.ru/edu/courses/389881214	https://www.hse.ru/edu/courses/389881214	PROPN
ajird-1608	50	2	https://www.cbinsights.com/research/report/venture-trends-2024/	https://www.cbinsights.com/research/report/venture-trends-2024/	PROPN
ajird-1608	50	3	https://www.cbinsights.com/research/report/venture-trends-2024/	https://www.cbinsights.com/research/report/venture-trends-2024/	PROPN
ajird-1608	50	4	https://www.hse.ru/edu/courses/389881214	https://www.hse.ru/edu/courses/389881214	PROPN
ajird-1608	50	5	american	american	PROPN
ajird-1608	50	6	journal	journal	PROPN
ajird-1608	50	7	of	of	ADP
ajird-1608	50	8	interdisciplinary	interdisciplinary	ADJ
ajird-1608	50	9	research	research	NOUN
ajird-1608	50	10	and	and	CCONJ
ajird-1608	50	11	development	development	NOUN
ajird-1608	50	12	issn	issn	PROPN
ajird-1608	50	13	online	online	NOUN
ajird-1608	50	14	:	:	PUNCT
ajird-1608	50	15	2771	2771	NUM
ajird-1608	50	16	-	-	SYM
ajird-1608	50	17	8948	8948	NUM
ajird-1608	50	18	website	website	NOUN
ajird-1608	50	19	:	:	PUNCT
ajird-1608	50	20	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	50	21	volume	volume	NOUN
ajird-1608	50	22	44	44	NUM
ajird-1608	50	23	,	,	PUNCT
ajird-1608	50	24	september2025	september2025	PROPN
ajird-1608	50	25	14	14	NUM
ajird-1608	51	1	|	|	ADV
ajird-1608	51	2	p	p	ADP
ajird-1608	51	3	a	a	DET
ajird-1608	51	4	g	g	NOUN
ajird-1608	51	5	e	e	NOUN
ajird-1608	51	6	assesses	assess	VERB
ajird-1608	51	7	the	the	DET
ajird-1608	51	8	potential	potential	NOUN
ajird-1608	51	9	of	of	ADP
ajird-1608	51	10	central	central	ADJ
ajird-1608	51	11	asia	asia	PROPN
ajird-1608	51	12	to	to	PART
ajird-1608	51	13	become	become	VERB
ajird-1608	51	14	a	a	DET
ajird-1608	51	15	global	global	ADJ
ajird-1608	51	16	innovation	innovation	NOUN
ajird-1608	51	17	hub	hub	NOUN
ajird-1608	51	18	,	,	PUNCT
ajird-1608	51	19	emphasizing	emphasize	VERB
ajird-1608	51	20	the	the	DET
ajird-1608	51	21	strategic	strategic	ADJ
ajird-1608	51	22	location	location	NOUN
ajird-1608	51	23	of	of	ADP
ajird-1608	51	24	the	the	DET
ajird-1608	51	25	region	region	NOUN
ajird-1608	51	26	,	,	PUNCT
ajird-1608	51	27	large	large	ADJ
ajird-1608	51	28	domestic	domestic	ADJ
ajird-1608	51	29	markets	market	NOUN
ajird-1608	51	30	,	,	PUNCT
ajird-1608	51	31	and	and	CCONJ
ajird-1608	51	32	the	the	DET
ajird-1608	51	33	ability	ability	NOUN
ajird-1608	51	34	to	to	PART
ajird-1608	51	35	quickly	quickly	ADV
ajird-1608	51	36	adopt	adopt	VERB
ajird-1608	51	37	digital	digital	ADJ
ajird-1608	51	38	technologies6	technologies6	NOUN
ajird-1608	51	39	.	.	PUNCT
ajird-1608	52	1	mike	mike	PROPN
ajird-1608	52	2	wright	wright	PROPN
ajird-1608	52	3	was	be	AUX
ajird-1608	52	4	one	one	NUM
ajird-1608	52	5	of	of	ADP
ajird-1608	52	6	the	the	DET
ajird-1608	52	7	most	most	ADV
ajird-1608	52	8	influential	influential	ADJ
ajird-1608	52	9	theorists	theorist	NOUN
ajird-1608	52	10	in	in	ADP
ajird-1608	52	11	the	the	DET
ajird-1608	52	12	field	field	NOUN
ajird-1608	52	13	of	of	ADP
ajird-1608	52	14	venture	venture	NOUN
ajird-1608	52	15	capital	capital	NOUN
ajird-1608	52	16	.	.	PUNCT
ajird-1608	53	1	he	he	PRON
ajird-1608	53	2	conducted	conduct	VERB
ajird-1608	53	3	fundamental	fundamental	ADJ
ajird-1608	53	4	research	research	NOUN
ajird-1608	53	5	on	on	ADP
ajird-1608	53	6	the	the	DET
ajird-1608	53	7	role	role	NOUN
ajird-1608	53	8	of	of	ADP
ajird-1608	53	9	venture	venture	NOUN
ajird-1608	53	10	capital	capital	NOUN
ajird-1608	53	11	in	in	ADP
ajird-1608	53	12	entrepreneurial	entrepreneurial	ADJ
ajird-1608	53	13	finance	finance	NOUN
ajird-1608	53	14	,	,	PUNCT
ajird-1608	53	15	venture	venture	NOUN
ajird-1608	53	16	capital	capital	NOUN
ajird-1608	53	17	governance	governance	NOUN
ajird-1608	53	18	,	,	PUNCT
ajird-1608	53	19	syndication	syndication	NOUN
ajird-1608	53	20	,	,	PUNCT
ajird-1608	53	21	and	and	CCONJ
ajird-1608	53	22	the	the	DET
ajird-1608	53	23	creation	creation	NOUN
ajird-1608	53	24	of	of	ADP
ajird-1608	53	25	state	state	NOUN
ajird-1608	53	26	-	-	PUNCT
ajird-1608	53	27	owned	own	VERB
ajird-1608	53	28	companies7	companies7	NOUN
ajird-1608	53	29	.	.	PUNCT
ajird-1608	54	1	steven	steven	PROPN
ajird-1608	54	2	kaplan	kaplan	PROPN
ajird-1608	54	3	revealed	reveal	VERB
ajird-1608	54	4	the	the	DET
ajird-1608	54	5	internal	internal	ADJ
ajird-1608	54	6	mechanisms	mechanism	NOUN
ajird-1608	54	7	of	of	ADP
ajird-1608	54	8	the	the	DET
ajird-1608	54	9	vc	vc	PROPN
ajird-1608	54	10	industry	industry	NOUN
ajird-1608	54	11	based	base	VERB
ajird-1608	54	12	on	on	ADP
ajird-1608	54	13	a	a	DET
ajird-1608	54	14	comprehensive	comprehensive	ADJ
ajird-1608	54	15	study	study	NOUN
ajird-1608	54	16	involving	involve	VERB
ajird-1608	54	17	885	885	NUM
ajird-1608	54	18	institutional	institutional	ADJ
ajird-1608	54	19	venture	venture	NOUN
ajird-1608	54	20	capitalists	capitalist	NOUN
ajird-1608	54	21	.	.	PUNCT
ajird-1608	55	1	his	his	PRON
ajird-1608	55	2	research	research	NOUN
ajird-1608	55	3	showed	show	VERB
ajird-1608	55	4	that	that	SCONJ
ajird-1608	55	5	venture	venture	NOUN
ajird-1608	55	6	capitalists	capitalist	NOUN
ajird-1608	55	7	consider	consider	VERB
ajird-1608	55	8	the	the	DET
ajird-1608	55	9	management	management	NOUN
ajird-1608	55	10	team	team	NOUN
ajird-1608	55	11	more	more	ADV
ajird-1608	55	12	important	important	ADJ
ajird-1608	55	13	than	than	ADP
ajird-1608	55	14	the	the	DET
ajird-1608	55	15	product	product	NOUN
ajird-1608	55	16	or	or	CCONJ
ajird-1608	55	17	technology	technology	NOUN
ajird-1608	55	18	,	,	PUNCT
ajird-1608	55	19	and	and	CCONJ
ajird-1608	55	20	the	the	DET
ajird-1608	55	21	team	team	NOUN
ajird-1608	55	22	is	be	AUX
ajird-1608	55	23	the	the	DET
ajird-1608	55	24	most	most	ADV
ajird-1608	55	25	important	important	ADJ
ajird-1608	55	26	factor	factor	NOUN
ajird-1608	55	27	in	in	ADP
ajird-1608	55	28	success	success	NOUN
ajird-1608	55	29	or	or	CCONJ
ajird-1608	55	30	failure8	failure8	NOUN
ajird-1608	55	31	.	.	PUNCT
ajird-1608	56	1	josh	josh	PROPN
ajird-1608	56	2	lerner	lerner	PROPN
ajird-1608	56	3	analyzes	analyze	VERB
ajird-1608	56	4	the	the	DET
ajird-1608	56	5	role	role	NOUN
ajird-1608	56	6	of	of	ADP
ajird-1608	56	7	venture	venture	NOUN
ajird-1608	56	8	capital	capital	NOUN
ajird-1608	56	9	in	in	ADP
ajird-1608	56	10	the	the	DET
ajird-1608	56	11	innovation	innovation	NOUN
ajird-1608	56	12	ecosystem	ecosystem	NOUN
ajird-1608	56	13	from	from	ADP
ajird-1608	56	14	an	an	DET
ajird-1608	56	15	economic	economic	ADJ
ajird-1608	56	16	point	point	NOUN
ajird-1608	56	17	of	of	ADP
ajird-1608	56	18	view	view	NOUN
ajird-1608	56	19	.	.	PUNCT
ajird-1608	57	1	he	he	PRON
ajird-1608	57	2	is	be	AUX
ajird-1608	57	3	particularly	particularly	ADV
ajird-1608	57	4	interested	interested	ADJ
ajird-1608	57	5	in	in	ADP
ajird-1608	57	6	the	the	DET
ajird-1608	57	7	impact	impact	NOUN
ajird-1608	57	8	of	of	ADP
ajird-1608	57	9	venture	venture	NOUN
ajird-1608	57	10	capital	capital	NOUN
ajird-1608	57	11	on	on	ADP
ajird-1608	57	12	r&d	r&d	NOUN
ajird-1608	57	13	investments	investment	NOUN
ajird-1608	57	14	,	,	PUNCT
ajird-1608	57	15	patent	patent	NOUN
ajird-1608	57	16	activity	activity	NOUN
ajird-1608	57	17	,	,	PUNCT
ajird-1608	57	18	and	and	CCONJ
ajird-1608	57	19	technological	technological	ADJ
ajird-1608	57	20	spillover	spillover	NOUN
ajird-1608	57	21	effects9	effects9	PROPN
ajird-1608	57	22	.	.	PUNCT
ajird-1608	58	1	stanford	stanford	PROPN
ajird-1608	58	2	scientists	scientist	NOUN
ajird-1608	58	3	will	will	AUX
ajird-1608	58	4	gornall	gornall	VERB
ajird-1608	58	5	and	and	CCONJ
ajird-1608	58	6	ilya	ilya	PROPN
ajird-1608	58	7	a.	a.	PROPN
ajird-1608	58	8	strebulaev	strebulaev	PROPN
ajird-1608	58	9	conducted	conduct	VERB
ajird-1608	58	10	a	a	DET
ajird-1608	58	11	quantitative	quantitative	ADJ
ajird-1608	58	12	analysis	analysis	NOUN
ajird-1608	58	13	of	of	ADP
ajird-1608	58	14	the	the	DET
ajird-1608	58	15	impact	impact	NOUN
ajird-1608	58	16	of	of	ADP
ajird-1608	58	17	venture	venture	NOUN
ajird-1608	58	18	capital	capital	NOUN
ajird-1608	58	19	on	on	ADP
ajird-1608	58	20	the	the	DET
ajird-1608	58	21	us	us	PROPN
ajird-1608	58	22	economy	economy	NOUN
ajird-1608	58	23	.	.	PUNCT
ajird-1608	59	1	their	their	PRON
ajird-1608	59	2	research	research	NOUN
ajird-1608	59	3	showed	show	VERB
ajird-1608	59	4	that	that	SCONJ
ajird-1608	59	5	venturebacked	venturebacke	VERB
ajird-1608	59	6	companies	company	NOUN
ajird-1608	59	7	account	account	VERB
ajird-1608	59	8	for	for	ADP
ajird-1608	59	9	41	41	NUM
ajird-1608	59	10	%	%	NOUN
ajird-1608	59	11	of	of	ADP
ajird-1608	59	12	u.s	u.s	PROPN
ajird-1608	59	13	.	.	PROPN
ajird-1608	59	14	market	market	NOUN
ajird-1608	59	15	capitalization	capitalization	NOUN
ajird-1608	59	16	and	and	CCONJ
ajird-1608	59	17	62	62	NUM
ajird-1608	59	18	%	%	NOUN
ajird-1608	59	19	of	of	ADP
ajird-1608	59	20	r&d	r&d	NOUN
ajird-1608	59	21	spending	spending	NOUN
ajird-1608	59	22	by	by	ADP
ajird-1608	59	23	state	state	NOUN
ajird-1608	59	24	-	-	PUNCT
ajird-1608	59	25	owned	own	VERB
ajird-1608	59	26	companies10	companies10	NOUN
ajird-1608	59	27	.	.	PUNCT
ajird-1608	60	1	ahmed	ahmed	PROPN
ajird-1608	60	2	i.	i.	PROPN
ajird-1608	60	3	kato	kato	PROPN
ajird-1608	60	4	empirically	empirically	ADV
ajird-1608	60	5	analyzed	analyze	VERB
ajird-1608	60	6	the	the	DET
ajird-1608	60	7	effectiveness	effectiveness	NOUN
ajird-1608	60	8	of	of	ADP
ajird-1608	60	9	venture	venture	NOUN
ajird-1608	60	10	capital	capital	NOUN
ajird-1608	60	11	in	in	ADP
ajird-1608	60	12	the	the	DET
ajird-1608	60	13	context	context	NOUN
ajird-1608	60	14	of	of	ADP
ajird-1608	60	15	africa	africa	PROPN
ajird-1608	60	16	.	.	PUNCT
ajird-1608	61	1	her	her	PRON
ajird-1608	61	2	research	research	NOUN
ajird-1608	61	3	confirmed	confirm	VERB
ajird-1608	61	4	higher	high	ADJ
ajird-1608	61	5	rates	rate	NOUN
ajird-1608	61	6	of	of	ADP
ajird-1608	61	7	venture	venture	NOUN
ajird-1608	61	8	-	-	PUNCT
ajird-1608	61	9	financed	finance	VERB
ajird-1608	61	10	enterprises	enterprise	NOUN
ajird-1608	61	11	in	in	ADP
ajird-1608	61	12	the	the	DET
ajird-1608	61	13	uganda	uganda	PROPN
ajird-1608	61	14	market	market	NOUN
ajird-1608	61	15	compared	compare	VERB
ajird-1608	61	16	to	to	ADP
ajird-1608	61	17	non	non	ADJ
ajird-1608	61	18	-	-	ADJ
ajird-1608	61	19	financed	finance	VERB
ajird-1608	61	20	enterprises11	enterprises11	NOUN
ajird-1608	61	21	.	.	PUNCT
ajird-1608	62	1	research	research	NOUN
ajird-1608	62	2	methodology	methodology	NOUN
ajird-1608	62	3	in	in	ADP
ajird-1608	62	4	innovative	innovative	ADJ
ajird-1608	62	5	development	development	NOUN
ajird-1608	62	6	,	,	PUNCT
ajird-1608	62	7	such	such	ADJ
ajird-1608	62	8	methods	method	NOUN
ajird-1608	62	9	of	of	ADP
ajird-1608	62	10	economic	economic	ADJ
ajird-1608	62	11	research	research	NOUN
ajird-1608	62	12	as	as	ADP
ajird-1608	62	13	analysis	analysis	NOUN
ajird-1608	62	14	of	of	ADP
ajird-1608	62	15	research	research	NOUN
ajird-1608	62	16	conducted	conduct	VERB
ajird-1608	62	17	by	by	ADP
ajird-1608	62	18	world	world	NOUN
ajird-1608	62	19	scientists	scientist	NOUN
ajird-1608	62	20	on	on	ADP
ajird-1608	62	21	global	global	ADJ
ajird-1608	62	22	venture	venture	NOUN
ajird-1608	62	23	capital	capital	NOUN
ajird-1608	62	24	trends	trend	NOUN
ajird-1608	62	25	,	,	PUNCT
ajird-1608	62	26	collection	collection	NOUN
ajird-1608	62	27	of	of	ADP
ajird-1608	62	28	all	all	DET
ajird-1608	62	29	data	datum	NOUN
ajird-1608	62	30	on	on	ADP
ajird-1608	62	31	the	the	DET
ajird-1608	62	32	topic	topic	NOUN
ajird-1608	62	33	,	,	PUNCT
ajird-1608	62	34	comparison	comparison	NOUN
ajird-1608	62	35	,	,	PUNCT
ajird-1608	62	36	and	and	CCONJ
ajird-1608	62	37	logical	logical	ADJ
ajird-1608	62	38	thinking	thinking	NOUN
ajird-1608	62	39	were	be	AUX
ajird-1608	62	40	used	use	VERB
ajird-1608	62	41	.	.	PUNCT
ajird-1608	63	1	analysis	analysis	NOUN
ajird-1608	63	2	and	and	CCONJ
ajird-1608	63	3	discussion	discussion	NOUN
ajird-1608	63	4	of	of	ADP
ajird-1608	63	5	the	the	DET
ajird-1608	63	6	results	result	NOUN
ajird-1608	63	7	analysis	analysis	NOUN
ajird-1608	63	8	of	of	ADP
ajird-1608	63	9	the	the	DET
ajird-1608	63	10	current	current	ADJ
ajird-1608	63	11	state	state	NOUN
ajird-1608	63	12	and	and	CCONJ
ajird-1608	63	13	trends	trend	NOUN
ajird-1608	63	14	of	of	ADP
ajird-1608	63	15	the	the	DET
ajird-1608	63	16	global	global	ADJ
ajird-1608	63	17	venture	venture	PROPN
ajird-1608	63	18	capital	capital	NOUN
ajird-1608	63	19	market	market	NOUN
ajird-1608	63	20	shows	show	VERB
ajird-1608	63	21	that	that	SCONJ
ajird-1608	63	22	the	the	DET
ajird-1608	63	23	industry	industry	NOUN
ajird-1608	63	24	has	have	AUX
ajird-1608	63	25	undergone	undergo	VERB
ajird-1608	63	26	a	a	DET
ajird-1608	63	27	significant	significant	ADJ
ajird-1608	63	28	transformation	transformation	NOUN
ajird-1608	63	29	in	in	ADP
ajird-1608	63	30	recent	recent	ADJ
ajird-1608	63	31	years	year	NOUN
ajird-1608	63	32	.	.	PUNCT
ajird-1608	64	1	although	although	SCONJ
ajird-1608	64	2	global	global	ADJ
ajird-1608	64	3	venture	venture	NOUN
ajird-1608	64	4	capital	capital	NOUN
ajird-1608	64	5	investments	investment	NOUN
ajird-1608	64	6	grew	grow	VERB
ajird-1608	64	7	from	from	ADP
ajird-1608	64	8	$	$	SYM
ajird-1608	64	9	349.4	349.4	NUM
ajird-1608	64	10	billion	billion	NUM
ajird-1608	64	11	to	to	PART
ajird-1608	64	12	$	$	SYM
ajird-1608	64	13	368.3	368.3	NUM
ajird-1608	64	14	billion	billion	NUM
ajird-1608	64	15	in	in	ADP
ajird-1608	64	16	2024	2024	NUM
ajird-1608	64	17	,	,	PUNCT
ajird-1608	64	18	transaction	transaction	NOUN
ajird-1608	64	19	activity	activity	NOUN
ajird-1608	64	20	decreased	decrease	VERB
ajird-1608	64	21	by	by	ADP
ajird-1608	64	22	19	19	NUM
ajird-1608	64	23	%	%	NOUN
ajird-1608	64	24	annually	annually	ADV
ajird-1608	64	25	,	,	PUNCT
ajird-1608	64	26	falling	fall	VERB
ajird-1608	64	27	to	to	ADP
ajird-1608	64	28	27,000	27,000	NUM
ajird-1608	64	29	transactions	transaction	NOUN
ajird-1608	64	30	.	.	PUNCT
ajird-1608	65	1	these	these	DET
ajird-1608	65	2	statistical	statistical	ADJ
ajird-1608	65	3	data	datum	NOUN
ajird-1608	65	4	indicate	indicate	VERB
ajird-1608	65	5	,	,	PUNCT
ajird-1608	65	6	on	on	ADP
ajird-1608	65	7	the	the	DET
ajird-1608	65	8	one	one	NUM
ajird-1608	65	9	hand	hand	NOUN
ajird-1608	65	10	,	,	PUNCT
ajird-1608	65	11	an	an	DET
ajird-1608	65	12	increase	increase	NOUN
ajird-1608	65	13	in	in	ADP
ajird-1608	65	14	the	the	DET
ajird-1608	65	15	volume	volume	NOUN
ajird-1608	65	16	of	of	ADP
ajird-1608	65	17	investments	investment	NOUN
ajird-1608	65	18	,	,	PUNCT
ajird-1608	65	19	and	and	CCONJ
ajird-1608	65	20	on	on	ADP
ajird-1608	65	21	the	the	DET
ajird-1608	65	22	other	other	ADJ
ajird-1608	65	23	hand	hand	NOUN
ajird-1608	65	24	,	,	PUNCT
ajird-1608	65	25	6	6	NUM
ajird-1608	65	26	yerik	yerik	PROPN
ajird-1608	65	27	aubakirov	aubakirov	PROPN
ajird-1608	65	28	astana	astana	PROPN
ajird-1608	65	29	hub	hub	PROPN
ajird-1608	65	30	.	.	PUNCT
ajird-1608	66	1	(	(	PUNCT
ajird-1608	66	2	2025	2025	NUM
ajird-1608	66	3	)	)	PUNCT
ajird-1608	66	4	.	.	PUNCT
ajird-1608	67	1	venture	venture	NOUN
ajird-1608	67	2	capital	capital	NOUN
ajird-1608	67	3	markets	market	NOUN
ajird-1608	67	4	in	in	ADP
ajird-1608	67	5	caucasus	caucasus	PROPN
ajird-1608	67	6	and	and	CCONJ
ajird-1608	67	7	central	central	ADJ
ajird-1608	67	8	asia	asia	PROPN
ajird-1608	67	9	.	.	PUNCT
ajird-1608	68	1	https://astanahub.com/en/article/kazakhstan-stal-liderom-po-chislu-venchurnykh-sdelok-v-tsentralnoi-azii-i-kavkaze-za-2023-god	https://astanahub.com/en/article/kazakhstan-stal-liderom-po-chislu-venchurnykh-sdelok-v-tsentralnoi-azii-i-kavkaze-za-2023-god	PROPN
ajird-1608	68	2	7	7	NUM
ajird-1608	68	3	mike	mike	PROPN
ajird-1608	68	4	wright	wright	PROPN
ajird-1608	68	5	small	small	PROPN
ajird-1608	68	6	business	business	NOUN
ajird-1608	68	7	economics	economic	NOUN
ajird-1608	68	8	.	.	PUNCT
ajird-1608	69	1	(	(	PUNCT
ajird-1608	69	2	2022	2022	NUM
ajird-1608	69	3	)	)	PUNCT
ajird-1608	69	4	.	.	PUNCT
ajird-1608	70	1	mapping	map	VERB
ajird-1608	70	2	the	the	DET
ajird-1608	70	3	venture	venture	NOUN
ajird-1608	70	4	capital	capital	NOUN
ajird-1608	70	5	and	and	CCONJ
ajird-1608	70	6	private	private	ADJ
ajird-1608	70	7	equity	equity	NOUN
ajird-1608	70	8	research	research	NOUN
ajird-1608	70	9	.	.	PUNCT
ajird-1608	71	1	https://link.springer.com/article/10.1007/s11187-022-00684-9	https://link.springer.com/article/10.1007/s11187-022-00684-9	PROPN
ajird-1608	71	2	8	8	NUM
ajird-1608	71	3	steven	steven	PROPN
ajird-1608	71	4	kaplan	kaplan	PROPN
ajird-1608	71	5	open	open	PROPN
ajird-1608	71	6	vc	vc	PROPN
ajird-1608	71	7	.	.	PUNCT
ajird-1608	71	8	(	(	PUNCT
ajird-1608	71	9	2025	2025	NUM
ajird-1608	71	10	)	)	PUNCT
ajird-1608	71	11	.	.	PUNCT
ajird-1608	72	1	16	16	NUM
ajird-1608	72	2	research	research	NOUN
ajird-1608	72	3	papers	paper	NOUN
ajird-1608	72	4	every	every	DET
ajird-1608	72	5	vc	vc	NOUN
ajird-1608	72	6	should	should	AUX
ajird-1608	72	7	know	know	VERB
ajird-1608	72	8	.	.	PUNCT
ajird-1608	73	1	https://www.openvc.app/blog/venture-capital-research	https://www.openvc.app/blog/venture-capital-research	PROPN
ajird-1608	73	2	9	9	NUM
ajird-1608	73	3	josh	josh	PROPN
ajird-1608	73	4	lerner	lerner	PROPN
ajird-1608	73	5	open	open	PROPN
ajird-1608	73	6	vc	vc	PROPN
ajird-1608	73	7	.	.	PUNCT
ajird-1608	74	1	(	(	PUNCT
ajird-1608	74	2	2025	2025	NUM
ajird-1608	74	3	)	)	PUNCT
ajird-1608	74	4	.	.	PUNCT
ajird-1608	75	1	16	16	NUM
ajird-1608	75	2	research	research	NOUN
ajird-1608	75	3	papers	paper	NOUN
ajird-1608	75	4	every	every	DET
ajird-1608	75	5	vc	vc	NOUN
ajird-1608	75	6	should	should	AUX
ajird-1608	75	7	know	know	VERB
ajird-1608	75	8	.	.	PUNCT
ajird-1608	76	1	https://www.openvc.app/blog/venture-capital-research	https://www.openvc.app/blog/venture-capital-research	PROPN
ajird-1608	76	2	10	10	NUM
ajird-1608	76	3	will	will	AUX
ajird-1608	76	4	gornall	gornall	PROPN
ajird-1608	76	5	va	va	PROPN
ajird-1608	76	6	ilya	ilya	PROPN
ajird-1608	76	7	a.	a.	PROPN
ajird-1608	76	8	strebulaev	strebulaev	PROPN
ajird-1608	76	9	stanford	stanford	PROPN
ajird-1608	76	10	gsb	gsb	PROPN
ajird-1608	76	11	.	.	PUNCT
ajird-1608	77	1	(	(	PUNCT
ajird-1608	77	2	2025	2025	NUM
ajird-1608	77	3	)	)	PUNCT
ajird-1608	77	4	.	.	PUNCT
ajird-1608	78	1	venture	venture	NOUN
ajird-1608	78	2	capital	capital	NOUN
ajird-1608	78	3	initiative	initiative	NOUN
ajird-1608	78	4	.	.	PUNCT
ajird-1608	79	1	https://www.gsb.stanford.edu/facultyresearch/labs-initiatives/vci	https://www.gsb.stanford.edu/facultyresearch/labs-initiatives/vci	PROPN
ajird-1608	79	2	11	11	NUM
ajird-1608	79	3	ahmed	ahmed	PROPN
ajird-1608	79	4	i.	i.	PROPN
ajird-1608	79	5	kato	kato	PROPN
ajird-1608	79	6	journal	journal	PROPN
ajird-1608	79	7	of	of	ADP
ajird-1608	79	8	innovation	innovation	NOUN
ajird-1608	79	9	and	and	CCONJ
ajird-1608	79	10	entrepreneurship	entrepreneurship	NOUN
ajird-1608	79	11	.	.	PUNCT
ajird-1608	80	1	(	(	PUNCT
ajird-1608	80	2	2022	2022	NUM
ajird-1608	80	3	)	)	PUNCT
ajird-1608	80	4	.	.	PUNCT
ajird-1608	81	1	empirical	empirical	ADJ
ajird-1608	81	2	examination	examination	NOUN
ajird-1608	81	3	of	of	ADP
ajird-1608	81	4	relationship	relationship	NOUN
ajird-1608	81	5	between	between	ADP
ajird-1608	81	6	venture	venture	NOUN
ajird-1608	81	7	capital	capital	NOUN
ajird-1608	81	8	financing	financing	NOUN
ajird-1608	81	9	.	.	PUNCT
ajird-1608	82	1	https://innovation-entrepreneurship.springeropen.com/articles/10.1186/s13731-022-00216-5	https://innovation-entrepreneurship.springeropen.com/articles/10.1186/s13731-022-00216-5	VERB
ajird-1608	82	2	https://astanahub.com/en/article/kazakhstan-stal-liderom-po-chislu-venchurnykh-sdelok-v-tsentralnoi-azii-i-kavkaze-za-2023-god	https://astanahub.com/en/article/kazakhstan-stal-liderom-po-chislu-venchurnykh-sdelok-v-tsentralnoi-azii-i-kavkaze-za-2023-god	PROPN
ajird-1608	82	3	https://link.springer.com/article/10.1007/s11187-022-00684-9	https://link.springer.com/article/10.1007/s11187-022-00684-9	PROPN
ajird-1608	82	4	https://www.openvc.app/blog/venture-capital-research	https://www.openvc.app/blog/venture-capital-research	PROPN
ajird-1608	82	5	https://www.openvc.app/blog/venture-capital-research	https://www.openvc.app/blog/venture-capital-research	PROPN
ajird-1608	82	6	american	american	PROPN
ajird-1608	82	7	journal	journal	PROPN
ajird-1608	82	8	of	of	ADP
ajird-1608	82	9	interdisciplinary	interdisciplinary	ADJ
ajird-1608	82	10	research	research	NOUN
ajird-1608	82	11	and	and	CCONJ
ajird-1608	82	12	development	development	NOUN
ajird-1608	82	13	issn	issn	PROPN
ajird-1608	82	14	online	online	NOUN
ajird-1608	82	15	:	:	PUNCT
ajird-1608	82	16	2771	2771	NUM
ajird-1608	82	17	-	-	SYM
ajird-1608	82	18	8948	8948	NUM
ajird-1608	82	19	website	website	NOUN
ajird-1608	82	20	:	:	PUNCT
ajird-1608	82	21	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	82	22	volume	volume	NOUN
ajird-1608	82	23	44	44	NUM
ajird-1608	82	24	,	,	PUNCT
ajird-1608	82	25	september2025	september2025	PROPN
ajird-1608	82	26	15	15	NUM
ajird-1608	82	27	|	|	ADV
ajird-1608	82	28	p	p	NOUN
ajird-1608	82	29	a	a	DET
ajird-1608	82	30	g	g	NOUN
ajird-1608	82	31	e	e	NOUN
ajird-1608	82	32	a	a	DET
ajird-1608	82	33	decrease	decrease	NOUN
ajird-1608	82	34	in	in	ADP
ajird-1608	82	35	the	the	DET
ajird-1608	82	36	number	number	NOUN
ajird-1608	82	37	of	of	ADP
ajird-1608	82	38	transactions	transaction	NOUN
ajird-1608	82	39	.	.	PUNCT
ajird-1608	83	1	such	such	DET
ajird-1608	83	2	a	a	DET
ajird-1608	83	3	contradictory	contradictory	ADJ
ajird-1608	83	4	situation	situation	NOUN
ajird-1608	83	5	reflects	reflect	VERB
ajird-1608	83	6	the	the	DET
ajird-1608	83	7	dominance	dominance	NOUN
ajird-1608	83	8	of	of	ADP
ajird-1608	83	9	large	large	ADJ
ajird-1608	83	10	-	-	PUNCT
ajird-1608	83	11	scale	scale	NOUN
ajird-1608	83	12	transactions	transaction	NOUN
ajird-1608	83	13	in	in	ADP
ajird-1608	83	14	the	the	DET
ajird-1608	83	15	venture	venture	NOUN
ajird-1608	83	16	capital	capital	NOUN
ajird-1608	83	17	market	market	NOUN
ajird-1608	83	18	and	and	CCONJ
ajird-1608	83	19	a	a	DET
ajird-1608	83	20	more	more	ADV
ajird-1608	83	21	selective	selective	ADJ
ajird-1608	83	22	approach	approach	NOUN
ajird-1608	83	23	of	of	ADP
ajird-1608	83	24	investors	investor	NOUN
ajird-1608	83	25	.	.	PUNCT
ajird-1608	84	1	especially	especially	ADV
ajird-1608	84	2	mega	mega	NOUN
ajird-1608	84	3	-	-	NOUN
ajird-1608	84	4	rounds	round	NOUN
ajird-1608	84	5	in	in	ADP
ajird-1608	84	6	the	the	DET
ajird-1608	84	7	fields	field	NOUN
ajird-1608	84	8	of	of	ADP
ajird-1608	84	9	ai	ai	NOUN
ajird-1608	84	10	and	and	CCONJ
ajird-1608	84	11	biotechnology	biotechnology	NOUN
ajird-1608	84	12	are	be	AUX
ajird-1608	84	13	significantly	significantly	ADV
ajird-1608	84	14	changing	change	VERB
ajird-1608	84	15	the	the	DET
ajird-1608	84	16	overall	overall	ADJ
ajird-1608	84	17	statistics	statistic	NOUN
ajird-1608	84	18	.	.	PUNCT
ajird-1608	85	1	the	the	DET
ajird-1608	85	2	dominance	dominance	NOUN
ajird-1608	85	3	of	of	ADP
ajird-1608	85	4	artificial	artificial	ADJ
ajird-1608	85	5	intelligence	intelligence	NOUN
ajird-1608	85	6	and	and	CCONJ
ajird-1608	85	7	sector	sector	NOUN
ajird-1608	85	8	diversification	diversification	NOUN
ajird-1608	85	9	are	be	AUX
ajird-1608	85	10	among	among	ADP
ajird-1608	85	11	the	the	DET
ajird-1608	85	12	most	most	ADV
ajird-1608	85	13	important	important	ADJ
ajird-1608	85	14	features	feature	NOUN
ajird-1608	85	15	of	of	ADP
ajird-1608	85	16	the	the	DET
ajird-1608	85	17	modern	modern	ADJ
ajird-1608	85	18	venture	venture	NOUN
ajird-1608	85	19	capital	capital	NOUN
ajird-1608	85	20	landscape	landscape	NOUN
ajird-1608	85	21	.	.	PUNCT
ajird-1608	86	1	in	in	ADP
ajird-1608	86	2	2024	2024	NUM
ajird-1608	86	3	,	,	PUNCT
ajird-1608	86	4	global	global	ADJ
ajird-1608	86	5	venture	venture	NOUN
ajird-1608	86	6	capital	capital	NOUN
ajird-1608	86	7	financing	financing	NOUN
ajird-1608	86	8	for	for	ADP
ajird-1608	86	9	ai	ai	NOUN
ajird-1608	86	10	startups	startup	NOUN
ajird-1608	86	11	reached	reach	VERB
ajird-1608	86	12	$	$	SYM
ajird-1608	86	13	131.5	131.5	NUM
ajird-1608	86	14	billion	billion	NUM
ajird-1608	86	15	,	,	PUNCT
ajird-1608	86	16	which	which	PRON
ajird-1608	86	17	is	be	AUX
ajird-1608	86	18	one	one	NUM
ajird-1608	86	19	-	-	PUNCT
ajird-1608	86	20	third	third	NOUN
ajird-1608	86	21	of	of	ADP
ajird-1608	86	22	all	all	DET
ajird-1608	86	23	venture	venture	NOUN
ajird-1608	86	24	capital	capital	NOUN
ajird-1608	86	25	investments	investment	NOUN
ajird-1608	86	26	.	.	PUNCT
ajird-1608	87	1	in	in	ADP
ajird-1608	87	2	the	the	DET
ajird-1608	87	3	us	us	PROPN
ajird-1608	87	4	,	,	PUNCT
ajird-1608	87	5	ai	ai	ADJ
ajird-1608	87	6	-	-	PUNCT
ajird-1608	87	7	related	relate	VERB
ajird-1608	87	8	enterprises	enterprise	NOUN
ajird-1608	87	9	accounted	account	VERB
ajird-1608	87	10	for	for	ADP
ajird-1608	87	11	46.4	46.4	NUM
ajird-1608	87	12	%	%	NOUN
ajird-1608	87	13	of	of	ADP
ajird-1608	87	14	total	total	ADJ
ajird-1608	87	15	venture	venture	NOUN
ajird-1608	87	16	capital	capital	NOUN
ajird-1608	87	17	transactions	transaction	NOUN
ajird-1608	87	18	and	and	CCONJ
ajird-1608	87	19	28.9	28.9	NUM
ajird-1608	87	20	%	%	NOUN
ajird-1608	87	21	of	of	ADP
ajird-1608	87	22	the	the	DET
ajird-1608	87	23	total	total	ADJ
ajird-1608	87	24	number	number	NOUN
ajird-1608	87	25	of	of	ADP
ajird-1608	87	26	transactions	transaction	NOUN
ajird-1608	87	27	.	.	PUNCT
ajird-1608	88	1	this	this	DET
ajird-1608	88	2	data	datum	NOUN
ajird-1608	88	3	clearly	clearly	ADV
ajird-1608	88	4	shows	show	VERB
ajird-1608	88	5	how	how	SCONJ
ajird-1608	88	6	ai	ai	VERB
ajird-1608	88	7	technologies	technology	NOUN
ajird-1608	88	8	are	be	AUX
ajird-1608	88	9	redirecting	redirect	VERB
ajird-1608	88	10	venture	venture	NOUN
ajird-1608	88	11	capital	capital	NOUN
ajird-1608	88	12	flows	flow	NOUN
ajird-1608	88	13	.	.	PUNCT
ajird-1608	89	1	however	however	ADV
ajird-1608	89	2	,	,	PUNCT
ajird-1608	89	3	in	in	ADP
ajird-1608	89	4	this	this	DET
ajird-1608	89	5	case	case	NOUN
ajird-1608	89	6	,	,	PUNCT
ajird-1608	89	7	problems	problem	NOUN
ajird-1608	89	8	arise	arise	VERB
ajird-1608	89	9	for	for	ADP
ajird-1608	89	10	companies	company	NOUN
ajird-1608	89	11	in	in	ADP
ajird-1608	89	12	other	other	ADJ
ajird-1608	89	13	sectors	sector	NOUN
ajird-1608	89	14	,	,	PUNCT
ajird-1608	89	15	such	such	ADJ
ajird-1608	89	16	as	as	ADP
ajird-1608	89	17	limited	limited	ADJ
ajird-1608	89	18	financial	financial	ADJ
ajird-1608	89	19	resources	resource	NOUN
ajird-1608	89	20	and	and	CCONJ
ajird-1608	89	21	increased	increase	VERB
ajird-1608	89	22	competition	competition	NOUN
ajird-1608	89	23	.	.	PUNCT
ajird-1608	90	1	the	the	DET
ajird-1608	90	2	dominance	dominance	NOUN
ajird-1608	90	3	of	of	ADP
ajird-1608	90	4	ai	ai	VERB
ajird-1608	90	5	creates	create	VERB
ajird-1608	90	6	a	a	DET
ajird-1608	90	7	two	two	NUM
ajird-1608	90	8	-	-	PUNCT
ajird-1608	90	9	tiered	tiere	VERB
ajird-1608	90	10	system	system	NOUN
ajird-1608	90	11	in	in	ADP
ajird-1608	90	12	the	the	DET
ajird-1608	90	13	market	market	NOUN
ajird-1608	90	14	,	,	PUNCT
ajird-1608	90	15	creating	create	VERB
ajird-1608	90	16	a	a	DET
ajird-1608	90	17	huge	huge	ADJ
ajird-1608	90	18	gap	gap	NOUN
ajird-1608	90	19	between	between	ADP
ajird-1608	90	20	ai	ai	PROPN
ajird-1608	90	21	and	and	CCONJ
ajird-1608	90	22	non	non	ADJ
ajird-1608	90	23	-	-	ADJ
ajird-1608	90	24	ai	ai	ADJ
ajird-1608	90	25	companies	company	NOUN
ajird-1608	90	26	.	.	PUNCT
ajird-1608	91	1	geographical	geographical	ADJ
ajird-1608	91	2	distribution	distribution	NOUN
ajird-1608	91	3	and	and	CCONJ
ajird-1608	91	4	regional	regional	ADJ
ajird-1608	91	5	shifts	shift	NOUN
ajird-1608	91	6	reflect	reflect	VERB
ajird-1608	91	7	significant	significant	ADJ
ajird-1608	91	8	structural	structural	ADJ
ajird-1608	91	9	changes	change	NOUN
ajird-1608	91	10	in	in	ADP
ajird-1608	91	11	the	the	DET
ajird-1608	91	12	global	global	ADJ
ajird-1608	91	13	venture	venture	NOUN
ajird-1608	91	14	capital	capital	NOUN
ajird-1608	91	15	market	market	NOUN
ajird-1608	91	16	.	.	PUNCT
ajird-1608	92	1	in	in	ADP
ajird-1608	92	2	the	the	DET
ajird-1608	92	3	first	first	ADJ
ajird-1608	92	4	half	half	NOUN
ajird-1608	92	5	of	of	ADP
ajird-1608	92	6	2024	2024	NUM
ajird-1608	92	7	,	,	PUNCT
ajird-1608	92	8	north	north	PROPN
ajird-1608	92	9	america	america	PROPN
ajird-1608	92	10	led	lead	VERB
ajird-1608	92	11	with	with	ADP
ajird-1608	92	12	37	37	NUM
ajird-1608	92	13	%	%	NOUN
ajird-1608	92	14	,	,	PUNCT
ajird-1608	92	15	the	the	DET
ajird-1608	92	16	asia	asia	PROPN
ajird-1608	92	17	-	-	PUNCT
ajird-1608	92	18	pacific	pacific	PROPN
ajird-1608	92	19	region	region	NOUN
ajird-1608	92	20	35	35	NUM
ajird-1608	92	21	%	%	NOUN
ajird-1608	92	22	,	,	PUNCT
ajird-1608	92	23	and	and	CCONJ
ajird-1608	92	24	europe	europe	PROPN
ajird-1608	92	25	25	25	NUM
ajird-1608	92	26	%	%	NOUN
ajird-1608	92	27	.	.	PUNCT
ajird-1608	93	1	however	however	ADV
ajird-1608	93	2	,	,	PUNCT
ajird-1608	93	3	in	in	ADP
ajird-1608	93	4	central	central	PROPN
ajird-1608	93	5	asia	asia	PROPN
ajird-1608	93	6	and	and	CCONJ
ajird-1608	93	7	the	the	DET
ajird-1608	93	8	south	south	PROPN
ajird-1608	93	9	caucasus	caucasus	PROPN
ajird-1608	93	10	,	,	PUNCT
ajird-1608	93	11	the	the	DET
ajird-1608	93	12	volume	volume	NOUN
ajird-1608	93	13	of	of	ADP
ajird-1608	93	14	venture	venture	NOUN
ajird-1608	93	15	financing	financing	NOUN
ajird-1608	93	16	has	have	AUX
ajird-1608	93	17	increased	increase	VERB
ajird-1608	93	18	5.5	5.5	NUM
ajird-1608	93	19	times	time	NOUN
ajird-1608	93	20	over	over	ADP
ajird-1608	93	21	the	the	DET
ajird-1608	93	22	past	past	ADJ
ajird-1608	93	23	five	five	NUM
ajird-1608	93	24	years	year	NOUN
ajird-1608	93	25	,	,	PUNCT
ajird-1608	93	26	which	which	PRON
ajird-1608	93	27	indicates	indicate	VERB
ajird-1608	93	28	the	the	DET
ajird-1608	93	29	emergence	emergence	NOUN
ajird-1608	93	30	of	of	ADP
ajird-1608	93	31	new	new	ADJ
ajird-1608	93	32	innovation	innovation	NOUN
ajird-1608	93	33	centers	center	NOUN
ajird-1608	93	34	.	.	PUNCT
ajird-1608	94	1	in	in	ADP
ajird-1608	94	2	2024	2024	NUM
ajird-1608	94	3	,	,	PUNCT
ajird-1608	94	4	uzbekistan	uzbekistan	PROPN
ajird-1608	94	5	attracted	attract	VERB
ajird-1608	94	6	$	$	SYM
ajird-1608	94	7	17.5	17.5	NUM
ajird-1608	94	8	million	million	NUM
ajird-1608	94	9	in	in	ADP
ajird-1608	94	10	venture	venture	NOUN
ajird-1608	94	11	financing	financing	NOUN
ajird-1608	94	12	,	,	PUNCT
ajird-1608	94	13	which	which	PRON
ajird-1608	94	14	is	be	AUX
ajird-1608	94	15	a	a	DET
ajird-1608	94	16	significant	significant	ADJ
ajird-1608	94	17	increase	increase	NOUN
ajird-1608	94	18	compared	compare	VERB
ajird-1608	94	19	to	to	ADP
ajird-1608	94	20	$	$	SYM
ajird-1608	94	21	6.3	6.3	NUM
ajird-1608	94	22	million	million	NUM
ajird-1608	94	23	in	in	ADP
ajird-1608	94	24	2023	2023	NUM
ajird-1608	94	25	.	.	PUNCT
ajird-1608	95	1	this	this	DET
ajird-1608	95	2	geographic	geographic	ADJ
ajird-1608	95	3	diversification	diversification	NOUN
ajird-1608	95	4	makes	make	VERB
ajird-1608	95	5	the	the	DET
ajird-1608	95	6	global	global	ADJ
ajird-1608	95	7	venture	venture	NOUN
ajird-1608	95	8	capital	capital	NOUN
ajird-1608	95	9	system	system	NOUN
ajird-1608	95	10	more	more	ADV
ajird-1608	95	11	complex	complex	ADJ
ajird-1608	95	12	and	and	CCONJ
ajird-1608	95	13	multipolar	multipolar	NOUN
ajird-1608	95	14	.	.	PUNCT
ajird-1608	96	1	changes	change	NOUN
ajird-1608	96	2	observed	observe	VERB
ajird-1608	96	3	in	in	ADP
ajird-1608	96	4	the	the	DET
ajird-1608	96	5	stages	stage	NOUN
ajird-1608	96	6	of	of	ADP
ajird-1608	96	7	investment	investment	NOUN
ajird-1608	96	8	and	and	CCONJ
ajird-1608	96	9	the	the	DET
ajird-1608	96	10	company	company	NOUN
ajird-1608	96	11	's	's	PART
ajird-1608	96	12	development	development	NOUN
ajird-1608	96	13	cycle	cycle	NOUN
ajird-1608	96	14	reflect	reflect	VERB
ajird-1608	96	15	the	the	DET
ajird-1608	96	16	new	new	ADJ
ajird-1608	96	17	dynamics	dynamic	NOUN
ajird-1608	96	18	of	of	ADP
ajird-1608	96	19	the	the	DET
ajird-1608	96	20	venture	venture	NOUN
ajird-1608	96	21	capital	capital	PROPN
ajird-1608	96	22	ecosystem	ecosystem	NOUN
ajird-1608	96	23	.	.	PUNCT
ajird-1608	97	1	at	at	ADP
ajird-1608	97	2	the	the	DET
ajird-1608	97	3	beginning	beginning	NOUN
ajird-1608	97	4	of	of	ADP
ajird-1608	97	5	2025	2025	NUM
ajird-1608	97	6	,	,	PUNCT
ajird-1608	97	7	average	average	ADJ
ajird-1608	97	8	transaction	transaction	NOUN
ajird-1608	97	9	volumes	volume	NOUN
ajird-1608	97	10	at	at	ADP
ajird-1608	97	11	all	all	DET
ajird-1608	97	12	financing	financing	NOUN
ajird-1608	97	13	stages	stage	NOUN
ajird-1608	97	14	increased	increase	VERB
ajird-1608	97	15	sharply	sharply	ADV
ajird-1608	97	16	,	,	PUNCT
ajird-1608	97	17	which	which	PRON
ajird-1608	97	18	is	be	AUX
ajird-1608	97	19	associated	associate	VERB
ajird-1608	97	20	with	with	ADP
ajird-1608	97	21	a	a	DET
ajird-1608	97	22	strong	strong	ADJ
ajird-1608	97	23	increase	increase	NOUN
ajird-1608	97	24	in	in	ADP
ajird-1608	97	25	investments	investment	NOUN
ajird-1608	97	26	in	in	ADP
ajird-1608	97	27	generative	generative	ADJ
ajird-1608	97	28	ai	ai	NOUN
ajird-1608	97	29	and	and	CCONJ
ajird-1608	97	30	biotechnology	biotechnology	NOUN
ajird-1608	97	31	.	.	PUNCT
ajird-1608	98	1	in	in	ADP
ajird-1608	98	2	2024	2024	NUM
ajird-1608	98	3	,	,	PUNCT
ajird-1608	98	4	companies	company	NOUN
ajird-1608	98	5	supported	support	VERB
ajird-1608	98	6	by	by	ADP
ajird-1608	98	7	venture	venture	NOUN
ajird-1608	98	8	capital	capital	NOUN
ajird-1608	98	9	from	from	ADP
ajird-1608	98	10	the	the	DET
ajird-1608	98	11	first	first	ADJ
ajird-1608	98	12	financing	financing	NOUN
ajird-1608	98	13	to	to	ADP
ajird-1608	98	14	the	the	DET
ajird-1608	98	15	ipo	ipo	NOUN
ajird-1608	98	16	expected	expect	VERB
ajird-1608	98	17	an	an	DET
ajird-1608	98	18	average	average	NOUN
ajird-1608	98	19	of	of	ADP
ajird-1608	98	20	7.5	7.5	NUM
ajird-1608	98	21	years	year	NOUN
ajird-1608	98	22	,	,	PUNCT
ajird-1608	98	23	which	which	PRON
ajird-1608	98	24	is	be	AUX
ajird-1608	98	25	2	2	NUM
ajird-1608	98	26	years	year	NOUN
ajird-1608	98	27	more	more	ADJ
ajird-1608	98	28	than	than	ADP
ajird-1608	98	29	in	in	ADP
ajird-1608	98	30	2022	2022	NUM
ajird-1608	98	31	.	.	PUNCT
ajird-1608	99	1	this	this	DET
ajird-1608	99	2	trend	trend	NOUN
ajird-1608	99	3	indicates	indicate	VERB
ajird-1608	99	4	the	the	DET
ajird-1608	99	5	desire	desire	NOUN
ajird-1608	99	6	of	of	ADP
ajird-1608	99	7	startups	startup	NOUN
ajird-1608	99	8	to	to	PART
ajird-1608	99	9	remain	remain	VERB
ajird-1608	99	10	private	private	ADJ
ajird-1608	99	11	in	in	ADP
ajird-1608	99	12	the	the	DET
ajird-1608	99	13	long	long	ADJ
ajird-1608	99	14	term	term	NOUN
ajird-1608	99	15	and	and	CCONJ
ajird-1608	99	16	the	the	DET
ajird-1608	99	17	inconvenience	inconvenience	NOUN
ajird-1608	99	18	of	of	ADP
ajird-1608	99	19	ipo	ipo	NOUN
ajird-1608	99	20	markets	market	NOUN
ajird-1608	99	21	.	.	PUNCT
ajird-1608	100	1	as	as	ADP
ajird-1608	100	2	a	a	DET
ajird-1608	100	3	result	result	NOUN
ajird-1608	100	4	,	,	PUNCT
ajird-1608	100	5	venture	venture	NOUN
ajird-1608	100	6	capital	capital	NOUN
ajird-1608	100	7	funds	fund	NOUN
ajird-1608	100	8	are	be	AUX
ajird-1608	100	9	forced	force	VERB
ajird-1608	100	10	to	to	PART
ajird-1608	100	11	develop	develop	VERB
ajird-1608	100	12	longer	long	ADJ
ajird-1608	100	13	-	-	PUNCT
ajird-1608	100	14	term	term	NOUN
ajird-1608	100	15	investment	investment	NOUN
ajird-1608	100	16	strategies	strategy	NOUN
ajird-1608	100	17	.	.	PUNCT
ajird-1608	101	1	exit	exit	NOUN
ajird-1608	101	2	strategies	strategy	NOUN
ajird-1608	101	3	and	and	CCONJ
ajird-1608	101	4	liquidity	liquidity	NOUN
ajird-1608	101	5	issues	issue	NOUN
ajird-1608	101	6	are	be	AUX
ajird-1608	101	7	among	among	ADP
ajird-1608	101	8	the	the	DET
ajird-1608	101	9	biggest	big	ADJ
ajird-1608	101	10	challenges	challenge	NOUN
ajird-1608	101	11	in	in	ADP
ajird-1608	101	12	the	the	DET
ajird-1608	101	13	current	current	ADJ
ajird-1608	101	14	venture	venture	NOUN
ajird-1608	101	15	capital	capital	NOUN
ajird-1608	101	16	environment	environment	NOUN
ajird-1608	101	17	.	.	PUNCT
ajird-1608	102	1	in	in	ADP
ajird-1608	102	2	q1	q1	PROPN
ajird-1608	102	3	2025	2025	NUM
ajird-1608	102	4	,	,	PUNCT
ajird-1608	102	5	new	new	ADJ
ajird-1608	102	6	commitments	commitment	NOUN
ajird-1608	102	7	could	could	AUX
ajird-1608	102	8	reach	reach	VERB
ajird-1608	102	9	only	only	ADV
ajird-1608	102	10	$	$	SYM
ajird-1608	102	11	10	10	NUM
ajird-1608	102	12	billion	billion	NUM
ajird-1608	102	13	,	,	PUNCT
ajird-1608	102	14	bringing	bring	VERB
ajird-1608	102	15	this	this	DET
ajird-1608	102	16	year	year	NOUN
ajird-1608	102	17	to	to	ADP
ajird-1608	102	18	the	the	DET
ajird-1608	102	19	lowest	low	ADJ
ajird-1608	102	20	annual	annual	ADJ
ajird-1608	102	21	financing	financing	NOUN
ajird-1608	102	22	figure	figure	NOUN
ajird-1608	102	23	in	in	ADP
ajird-1608	102	24	a	a	DET
ajird-1608	102	25	decade	decade	NOUN
ajird-1608	102	26	.	.	PUNCT
ajird-1608	103	1	this	this	DET
ajird-1608	103	2	situation	situation	NOUN
ajird-1608	103	3	creates	create	VERB
ajird-1608	103	4	difficulties	difficulty	NOUN
ajird-1608	103	5	for	for	ADP
ajird-1608	103	6	venture	venture	NOUN
ajird-1608	103	7	capital	capital	NOUN
ajird-1608	103	8	funds	fund	NOUN
ajird-1608	103	9	in	in	ADP
ajird-1608	103	10	attracting	attract	VERB
ajird-1608	103	11	new	new	ADJ
ajird-1608	103	12	capital	capital	NOUN
ajird-1608	103	13	.	.	PUNCT
ajird-1608	104	1	although	although	SCONJ
ajird-1608	104	2	23	23	NUM
ajird-1608	104	3	rounds	round	NOUN
ajird-1608	104	4	worth	worth	ADJ
ajird-1608	104	5	over	over	ADP
ajird-1608	104	6	$	$	SYM
ajird-1608	104	7	1	1	NUM
ajird-1608	104	8	billion	billion	NUM
ajird-1608	104	9	were	be	AUX
ajird-1608	104	10	completed	complete	VERB
ajird-1608	104	11	in	in	ADP
ajird-1608	104	12	2024	2024	NUM
ajird-1608	104	13	,	,	PUNCT
ajird-1608	104	14	the	the	DET
ajird-1608	104	15	slowness	slowness	NOUN
ajird-1608	104	16	of	of	ADP
ajird-1608	104	17	the	the	DET
ajird-1608	104	18	ipo	ipo	NOUN
ajird-1608	104	19	market	market	NOUN
ajird-1608	104	20	and	and	CCONJ
ajird-1608	104	21	limited	limited	ADJ
ajird-1608	104	22	m&a	m&a	PROPN
ajird-1608	104	23	activity	activity	NOUN
ajird-1608	104	24	are	be	AUX
ajird-1608	104	25	complicating	complicate	VERB
ajird-1608	104	26	the	the	DET
ajird-1608	104	27	exit	exit	NOUN
ajird-1608	104	28	paths	path	NOUN
ajird-1608	104	29	for	for	ADP
ajird-1608	104	30	investors	investor	NOUN
ajird-1608	104	31	.	.	PUNCT
ajird-1608	105	1	this	this	DET
ajird-1608	105	2	situation	situation	NOUN
ajird-1608	105	3	,	,	PUNCT
ajird-1608	105	4	in	in	ADP
ajird-1608	105	5	particular	particular	ADJ
ajird-1608	105	6	,	,	PUNCT
ajird-1608	105	7	leads	lead	VERB
ajird-1608	105	8	to	to	ADP
ajird-1608	105	9	a	a	DET
ajird-1608	105	10	change	change	NOUN
ajird-1608	105	11	in	in	ADP
ajird-1608	105	12	the	the	DET
ajird-1608	105	13	attitude	attitude	NOUN
ajird-1608	105	14	of	of	ADP
ajird-1608	105	15	state	state	NOUN
ajird-1608	105	16	pension	pension	NOUN
ajird-1608	105	17	funds	fund	NOUN
ajird-1608	105	18	and	and	CCONJ
ajird-1608	105	19	other	other	ADJ
ajird-1608	105	20	institutional	institutional	ADJ
ajird-1608	105	21	investors	investor	NOUN
ajird-1608	105	22	to	to	PART
ajird-1608	105	23	venture	venture	VERB
ajird-1608	105	24	capital	capital	NOUN
ajird-1608	105	25	.	.	PUNCT
ajird-1608	106	1	analysis	analysis	NOUN
ajird-1608	106	2	of	of	ADP
ajird-1608	106	3	the	the	DET
ajird-1608	106	4	directions	direction	NOUN
ajird-1608	106	5	of	of	ADP
ajird-1608	106	6	technological	technological	ADJ
ajird-1608	106	7	innovation	innovation	NOUN
ajird-1608	106	8	and	and	CCONJ
ajird-1608	106	9	development	development	NOUN
ajird-1608	106	10	shows	show	VERB
ajird-1608	106	11	that	that	SCONJ
ajird-1608	106	12	venture	venture	NOUN
ajird-1608	106	13	capital	capital	NOUN
ajird-1608	106	14	acts	act	VERB
ajird-1608	106	15	not	not	PART
ajird-1608	106	16	only	only	ADV
ajird-1608	106	17	as	as	ADP
ajird-1608	106	18	a	a	DET
ajird-1608	106	19	financial	financial	ADJ
ajird-1608	106	20	instrument	instrument	NOUN
ajird-1608	106	21	,	,	PUNCT
ajird-1608	106	22	but	but	CCONJ
ajird-1608	106	23	also	also	ADV
ajird-1608	106	24	as	as	ADP
ajird-1608	106	25	a	a	DET
ajird-1608	106	26	catalyst	catalyst	NOUN
ajird-1608	106	27	for	for	ADP
ajird-1608	106	28	technological	technological	ADJ
ajird-1608	106	29	progress	progress	NOUN
ajird-1608	106	30	.	.	PUNCT
ajird-1608	107	1	in	in	ADP
ajird-1608	107	2	2025	2025	NUM
ajird-1608	107	3	,	,	PUNCT
ajird-1608	107	4	the	the	DET
ajird-1608	107	5	total	total	NOUN
ajird-1608	107	6	attracted	attract	VERB
ajird-1608	107	7	capital	capital	NOUN
ajird-1608	107	8	in	in	ADP
ajird-1608	107	9	the	the	DET
ajird-1608	107	10	global	global	ADJ
ajird-1608	107	11	venture	venture	NOUN
ajird-1608	107	12	capital	capital	NOUN
ajird-1608	107	13	market	market	NOUN
ajird-1608	107	14	is	be	AUX
ajird-1608	107	15	projected	project	VERB
ajird-1608	107	16	to	to	PART
ajird-1608	107	17	reach	reach	VERB
ajird-1608	107	18	$	$	SYM
ajird-1608	107	19	286.30	286.30	NUM
ajird-1608	107	20	billion	billion	NUM
ajird-1608	107	21	.	.	PUNCT
ajird-1608	108	1	areas	area	NOUN
ajird-1608	108	2	such	such	ADJ
ajird-1608	108	3	as	as	ADP
ajird-1608	108	4	ai	ai	NOUN
ajird-1608	108	5	,	,	PUNCT
ajird-1608	108	6	quantum	quantum	ADJ
ajird-1608	108	7	computing	computing	NOUN
ajird-1608	108	8	,	,	PUNCT
ajird-1608	108	9	biotechnology	biotechnology	NOUN
ajird-1608	108	10	,	,	PUNCT
ajird-1608	108	11	american	american	ADJ
ajird-1608	108	12	journal	journal	PROPN
ajird-1608	108	13	of	of	ADP
ajird-1608	108	14	interdisciplinary	interdisciplinary	ADJ
ajird-1608	108	15	research	research	NOUN
ajird-1608	108	16	and	and	CCONJ
ajird-1608	108	17	development	development	NOUN
ajird-1608	108	18	issn	issn	PROPN
ajird-1608	108	19	online	online	NOUN
ajird-1608	108	20	:	:	PUNCT
ajird-1608	108	21	2771	2771	NUM
ajird-1608	108	22	-	-	SYM
ajird-1608	108	23	8948	8948	NUM
ajird-1608	108	24	website	website	NOUN
ajird-1608	108	25	:	:	PUNCT
ajird-1608	108	26	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	108	27	volume	volume	NOUN
ajird-1608	108	28	44	44	NUM
ajird-1608	108	29	,	,	PUNCT
ajird-1608	108	30	september2025	september2025	PROPN
ajird-1608	108	31	16	16	NUM
ajird-1608	109	1	|	|	ADV
ajird-1608	109	2	p	p	X
ajird-1608	109	3	a	a	DET
ajird-1608	109	4	g	g	NOUN
ajird-1608	109	5	e	e	NOUN
ajird-1608	109	6	climate	climate	NOUN
ajird-1608	109	7	technology	technology	NOUN
ajird-1608	109	8	,	,	PUNCT
ajird-1608	109	9	and	and	CCONJ
ajird-1608	109	10	web3	web3	NOUN
ajird-1608	109	11	are	be	AUX
ajird-1608	109	12	generating	generate	VERB
ajird-1608	109	13	new	new	ADJ
ajird-1608	109	14	innovative	innovative	ADJ
ajird-1608	109	15	waves	wave	NOUN
ajird-1608	109	16	.	.	PUNCT
ajird-1608	110	1	however	however	ADV
ajird-1608	110	2	,	,	PUNCT
ajird-1608	110	3	these	these	DET
ajird-1608	110	4	technologies	technology	NOUN
ajird-1608	110	5	are	be	AUX
ajird-1608	110	6	still	still	ADV
ajird-1608	110	7	in	in	ADP
ajird-1608	110	8	the	the	DET
ajird-1608	110	9	development	development	NOUN
ajird-1608	110	10	stage	stage	NOUN
ajird-1608	110	11	,	,	PUNCT
ajird-1608	110	12	and	and	CCONJ
ajird-1608	110	13	there	there	PRON
ajird-1608	110	14	is	be	VERB
ajird-1608	110	15	no	no	DET
ajird-1608	110	16	clarity	clarity	NOUN
ajird-1608	110	17	about	about	ADP
ajird-1608	110	18	their	their	PRON
ajird-1608	110	19	long	long	ADJ
ajird-1608	110	20	-	-	PUNCT
ajird-1608	110	21	term	term	NOUN
ajird-1608	110	22	effectiveness	effectiveness	NOUN
ajird-1608	110	23	and	and	CCONJ
ajird-1608	110	24	market	market	NOUN
ajird-1608	110	25	potential	potential	NOUN
ajird-1608	110	26	.	.	PUNCT
ajird-1608	111	1	moreover	moreover	ADV
ajird-1608	111	2	,	,	PUNCT
ajird-1608	111	3	these	these	DET
ajird-1608	111	4	sectors	sector	NOUN
ajird-1608	111	5	are	be	AUX
ajird-1608	111	6	highly	highly	ADV
ajird-1608	111	7	risky	risky	ADJ
ajird-1608	111	8	and	and	CCONJ
ajird-1608	111	9	require	require	VERB
ajird-1608	111	10	great	great	ADJ
ajird-1608	111	11	patience	patience	NOUN
ajird-1608	111	12	and	and	CCONJ
ajird-1608	111	13	deep	deep	ADJ
ajird-1608	111	14	technical	technical	ADJ
ajird-1608	111	15	understanding	understanding	NOUN
ajird-1608	111	16	from	from	ADP
ajird-1608	111	17	investors	investor	NOUN
ajird-1608	111	18	.	.	PUNCT
ajird-1608	112	1	analysis	analysis	NOUN
ajird-1608	112	2	of	of	ADP
ajird-1608	112	3	institutional	institutional	ADJ
ajird-1608	112	4	investors	investor	NOUN
ajird-1608	112	5	and	and	CCONJ
ajird-1608	112	6	market	market	NOUN
ajird-1608	112	7	dynamics	dynamic	NOUN
ajird-1608	112	8	shows	show	VERB
ajird-1608	112	9	that	that	SCONJ
ajird-1608	112	10	institutional	institutional	ADJ
ajird-1608	112	11	changes	change	NOUN
ajird-1608	112	12	are	be	AUX
ajird-1608	112	13	taking	take	VERB
ajird-1608	112	14	place	place	NOUN
ajird-1608	112	15	in	in	ADP
ajird-1608	112	16	the	the	DET
ajird-1608	112	17	venture	venture	NOUN
ajird-1608	112	18	capital	capital	NOUN
ajird-1608	112	19	market	market	NOUN
ajird-1608	112	20	.	.	PUNCT
ajird-1608	113	1	global	global	ADJ
ajird-1608	113	2	venture	venture	NOUN
ajird-1608	113	3	capital	capital	NOUN
ajird-1608	113	4	investments	investment	NOUN
ajird-1608	113	5	grew	grow	VERB
ajird-1608	113	6	from	from	ADP
ajird-1608	113	7	$	$	SYM
ajird-1608	113	8	118	118	NUM
ajird-1608	113	9	billion	billion	NUM
ajird-1608	113	10	in	in	ADP
ajird-1608	113	11	the	the	DET
ajird-1608	113	12	first	first	ADJ
ajird-1608	113	13	quarter	quarter	NOUN
ajird-1608	113	14	of	of	ADP
ajird-1608	113	15	2024	2024	NUM
ajird-1608	113	16	to	to	ADP
ajird-1608	113	17	$	$	SYM
ajird-1608	113	18	126	126	NUM
ajird-1608	113	19	billion	billion	NUM
ajird-1608	113	20	in	in	ADP
ajird-1608	113	21	the	the	DET
ajird-1608	113	22	first	first	ADJ
ajird-1608	113	23	quarter	quarter	NOUN
ajird-1608	113	24	of	of	ADP
ajird-1608	113	25	2025	2025	NUM
ajird-1608	113	26	.	.	PUNCT
ajird-1608	114	1	while	while	SCONJ
ajird-1608	114	2	the	the	DET
ajird-1608	114	3	active	active	ADJ
ajird-1608	114	4	entry	entry	NOUN
ajird-1608	114	5	of	of	ADP
ajird-1608	114	6	pension	pension	NOUN
ajird-1608	114	7	funds	fund	NOUN
ajird-1608	114	8	,	,	PUNCT
ajird-1608	114	9	insurance	insurance	NOUN
ajird-1608	114	10	companies	company	NOUN
ajird-1608	114	11	,	,	PUNCT
ajird-1608	114	12	and	and	CCONJ
ajird-1608	114	13	sovereign	sovereign	ADJ
ajird-1608	114	14	wealth	wealth	NOUN
ajird-1608	114	15	funds	fund	NOUN
ajird-1608	114	16	brings	bring	VERB
ajird-1608	114	17	greater	great	ADJ
ajird-1608	114	18	liquidity	liquidity	NOUN
ajird-1608	114	19	to	to	ADP
ajird-1608	114	20	the	the	DET
ajird-1608	114	21	market	market	NOUN
ajird-1608	114	22	,	,	PUNCT
ajird-1608	114	23	it	it	PRON
ajird-1608	114	24	simultaneously	simultaneously	ADV
ajird-1608	114	25	intensifies	intensify	VERB
ajird-1608	114	26	competition	competition	NOUN
ajird-1608	114	27	and	and	CCONJ
ajird-1608	114	28	increases	increase	VERB
ajird-1608	114	29	valuations	valuation	NOUN
ajird-1608	114	30	.	.	PUNCT
ajird-1608	115	1	while	while	SCONJ
ajird-1608	115	2	this	this	DET
ajird-1608	115	3	situation	situation	NOUN
ajird-1608	115	4	expands	expand	VERB
ajird-1608	115	5	financial	financial	ADJ
ajird-1608	115	6	opportunities	opportunity	NOUN
ajird-1608	115	7	for	for	ADP
ajird-1608	115	8	startups	startup	NOUN
ajird-1608	115	9	,	,	PUNCT
ajird-1608	115	10	it	it	PRON
ajird-1608	115	11	increases	increase	VERB
ajird-1608	115	12	the	the	DET
ajird-1608	115	13	need	need	NOUN
ajird-1608	115	14	for	for	ADP
ajird-1608	115	15	differentiation	differentiation	NOUN
ajird-1608	115	16	and	and	CCONJ
ajird-1608	115	17	specialization	specialization	NOUN
ajird-1608	115	18	among	among	ADP
ajird-1608	115	19	venture	venture	NOUN
ajird-1608	115	20	capital	capital	NOUN
ajird-1608	115	21	funds	fund	NOUN
ajird-1608	115	22	.	.	PUNCT
ajird-1608	116	1	as	as	ADP
ajird-1608	116	2	a	a	DET
ajird-1608	116	3	result	result	NOUN
ajird-1608	116	4	,	,	PUNCT
ajird-1608	116	5	funds	fund	NOUN
ajird-1608	116	6	are	be	AUX
ajird-1608	116	7	forced	force	VERB
ajird-1608	116	8	to	to	PART
ajird-1608	116	9	create	create	VERB
ajird-1608	116	10	their	their	PRON
ajird-1608	116	11	own	own	ADJ
ajird-1608	116	12	unique	unique	ADJ
ajird-1608	116	13	value	value	NOUN
ajird-1608	116	14	proposition	proposition	NOUN
ajird-1608	116	15	.	.	PUNCT
ajird-1608	117	1	future	future	ADJ
ajird-1608	117	2	forecasts	forecast	NOUN
ajird-1608	117	3	and	and	CCONJ
ajird-1608	117	4	strategic	strategic	ADJ
ajird-1608	117	5	conclusions	conclusion	NOUN
ajird-1608	117	6	determine	determine	VERB
ajird-1608	117	7	the	the	DET
ajird-1608	117	8	future	future	ADJ
ajird-1608	117	9	development	development	NOUN
ajird-1608	117	10	trends	trend	NOUN
ajird-1608	117	11	of	of	ADP
ajird-1608	117	12	the	the	DET
ajird-1608	117	13	global	global	ADJ
ajird-1608	117	14	venture	venture	PROPN
ajird-1608	117	15	capital	capital	NOUN
ajird-1608	117	16	industry	industry	NOUN
ajird-1608	117	17	.	.	PUNCT
ajird-1608	118	1	while	while	SCONJ
ajird-1608	118	2	ai	ai	NOUN
ajird-1608	118	3	estimates	estimate	NOUN
ajird-1608	118	4	continue	continue	VERB
ajird-1608	118	5	to	to	PART
ajird-1608	118	6	resist	resist	VERB
ajird-1608	118	7	gravity	gravity	NOUN
ajird-1608	118	8	,	,	PUNCT
ajird-1608	118	9	other	other	ADJ
ajird-1608	118	10	sectors	sector	NOUN
ajird-1608	118	11	have	have	AUX
ajird-1608	118	12	undergone	undergo	VERB
ajird-1608	118	13	the	the	DET
ajird-1608	118	14	necessary	necessary	ADJ
ajird-1608	118	15	adjustments	adjustment	NOUN
ajird-1608	118	16	.	.	PUNCT
ajird-1608	119	1	this	this	DET
ajird-1608	119	2	situation	situation	NOUN
ajird-1608	119	3	creates	create	VERB
ajird-1608	119	4	a	a	DET
ajird-1608	119	5	division	division	NOUN
ajird-1608	119	6	in	in	ADP
ajird-1608	119	7	the	the	DET
ajird-1608	119	8	venture	venture	NOUN
ajird-1608	119	9	capital	capital	NOUN
ajird-1608	119	10	market	market	NOUN
ajird-1608	119	11	between	between	ADP
ajird-1608	119	12	"	"	PUNCT
ajird-1608	119	13	owners	owner	NOUN
ajird-1608	119	14	and	and	CCONJ
ajird-1608	119	15	non	non	NOUN
ajird-1608	119	16	-	-	NOUN
ajird-1608	119	17	owners	owner	NOUN
ajird-1608	119	18	.	.	PUNCT
ajird-1608	119	19	"	"	PUNCT
ajird-1608	120	1	successful	successful	ADJ
ajird-1608	120	2	venture	venture	NOUN
ajird-1608	120	3	capital	capital	NOUN
ajird-1608	120	4	strategies	strategy	NOUN
ajird-1608	120	5	are	be	AUX
ajird-1608	120	6	expected	expect	VERB
ajird-1608	120	7	to	to	PART
ajird-1608	120	8	become	become	VERB
ajird-1608	120	9	more	more	ADV
ajird-1608	120	10	selective	selective	ADJ
ajird-1608	120	11	and	and	CCONJ
ajird-1608	120	12	specialized	specialized	ADJ
ajird-1608	120	13	in	in	ADP
ajird-1608	120	14	the	the	DET
ajird-1608	120	15	future	future	NOUN
ajird-1608	120	16	.	.	PUNCT
ajird-1608	121	1	the	the	DET
ajird-1608	121	2	regulatory	regulatory	ADJ
ajird-1608	121	3	environment	environment	NOUN
ajird-1608	121	4	,	,	PUNCT
ajird-1608	121	5	macroeconomic	macroeconomic	ADJ
ajird-1608	121	6	factors	factor	NOUN
ajird-1608	121	7	,	,	PUNCT
ajird-1608	121	8	and	and	CCONJ
ajird-1608	121	9	the	the	DET
ajird-1608	121	10	pace	pace	NOUN
ajird-1608	121	11	of	of	ADP
ajird-1608	121	12	the	the	DET
ajird-1608	121	13	technological	technological	ADJ
ajird-1608	121	14	revolution	revolution	NOUN
ajird-1608	121	15	are	be	AUX
ajird-1608	121	16	crucial	crucial	ADJ
ajird-1608	121	17	in	in	ADP
ajird-1608	121	18	determining	determine	VERB
ajird-1608	121	19	the	the	DET
ajird-1608	121	20	direction	direction	NOUN
ajird-1608	121	21	of	of	ADP
ajird-1608	121	22	venture	venture	NOUN
ajird-1608	121	23	capital	capital	NOUN
ajird-1608	121	24	flows	flow	VERB
ajird-1608	121	25	.	.	PUNCT
ajird-1608	122	1	also	also	ADV
ajird-1608	122	2	,	,	PUNCT
ajird-1608	122	3	the	the	DET
ajird-1608	122	4	increasing	increase	VERB
ajird-1608	122	5	importance	importance	NOUN
ajird-1608	122	6	of	of	ADP
ajird-1608	122	7	sustainability	sustainability	NOUN
ajird-1608	122	8	and	and	CCONJ
ajird-1608	122	9	esg	esg	PROPN
ajird-1608	122	10	criteria	criterion	NOUN
ajird-1608	122	11	leads	lead	VERB
ajird-1608	122	12	to	to	ADP
ajird-1608	122	13	an	an	DET
ajird-1608	122	14	increase	increase	NOUN
ajird-1608	122	15	in	in	ADP
ajird-1608	122	16	the	the	DET
ajird-1608	122	17	influence	influence	NOUN
ajird-1608	122	18	of	of	ADP
ajird-1608	122	19	social	social	ADJ
ajird-1608	122	20	and	and	CCONJ
ajird-1608	122	21	environmental	environmental	ADJ
ajird-1608	122	22	factors	factor	NOUN
ajird-1608	122	23	on	on	ADP
ajird-1608	122	24	venture	venture	NOUN
ajird-1608	122	25	capital	capital	NOUN
ajird-1608	122	26	decisions	decision	NOUN
ajird-1608	122	27	.	.	PUNCT
ajird-1608	123	1	global	global	ADJ
ajird-1608	123	2	venture	venture	NOUN
ajird-1608	123	3	capital	capital	NOUN
ajird-1608	123	4	(	(	PUNCT
ajird-1608	123	5	vc	vc	NOUN
ajird-1608	123	6	)	)	PUNCT
ajird-1608	123	7	funding	funding	NOUN
ajird-1608	123	8	came	come	VERB
ajird-1608	123	9	in	in	ADP
ajird-1608	123	10	at	at	ADP
ajird-1608	123	11	$	$	SYM
ajird-1608	123	12	109	109	NUM
ajird-1608	123	13	billion	billion	NUM
ajird-1608	123	14	in	in	ADP
ajird-1608	123	15	the	the	DET
ajird-1608	123	16	second	second	ADJ
ajird-1608	123	17	quarter	quarter	NOUN
ajird-1608	123	18	of	of	ADP
ajird-1608	123	19	2025	2025	NUM
ajird-1608	123	20	,	,	PUNCT
ajird-1608	123	21	dropping	drop	VERB
ajird-1608	123	22	17	17	NUM
ajird-1608	123	23	%	%	NOUN
ajird-1608	123	24	quarter	quarter	NOUN
ajird-1608	123	25	over	over	ADP
ajird-1608	123	26	quarter	quarter	NOUN
ajird-1608	123	27	.	.	PUNCT
ajird-1608	124	1	but	but	CCONJ
ajird-1608	124	2	take	take	VERB
ajird-1608	124	3	out	out	ADP
ajird-1608	124	4	openai	openai	PROPN
ajird-1608	124	5	’s	’s	PART
ajird-1608	124	6	massive	massive	ADJ
ajird-1608	124	7	deal	deal	NOUN
ajird-1608	124	8	in	in	ADP
ajird-1608	124	9	the	the	DET
ajird-1608	124	10	first	first	ADJ
ajird-1608	124	11	quarter	quarter	NOUN
ajird-1608	124	12	,	,	PUNCT
ajird-1608	124	13	and	and	CCONJ
ajird-1608	124	14	funding	funding	NOUN
ajird-1608	124	15	held	hold	VERB
ajird-1608	124	16	firm	firm	NOUN
ajird-1608	124	17	.	.	PUNCT
ajird-1608	125	1	the	the	DET
ajird-1608	125	2	us	us	PROPN
ajird-1608	125	3	captured	capture	VERB
ajird-1608	125	4	64	64	NUM
ajird-1608	125	5	%	%	NOUN
ajird-1608	125	6	of	of	ADP
ajird-1608	125	7	global	global	ADJ
ajird-1608	125	8	funding	funding	NOUN
ajird-1608	125	9	,	,	PUNCT
ajird-1608	125	10	as	as	SCONJ
ajird-1608	125	11	its	its	PRON
ajird-1608	125	12	strong	strong	ADJ
ajird-1608	125	13	vc	vc	PROPN
ajird-1608	125	14	ecosystem	ecosystem	NOUN
ajird-1608	125	15	withstood	withstand	VERB
ajird-1608	125	16	broader	broad	ADJ
ajird-1608	125	17	volatility	volatility	NOUN
ajird-1608	125	18	.	.	PUNCT
ajird-1608	126	1	applied	apply	VERB
ajird-1608	126	2	ai	ai	VERB
ajird-1608	126	3	was	be	AUX
ajird-1608	126	4	the	the	DET
ajird-1608	126	5	standout	standout	NOUN
ajird-1608	126	6	with	with	ADP
ajird-1608	126	7	several	several	ADJ
ajird-1608	126	8	major	major	ADJ
ajird-1608	126	9	bets	bet	NOUN
ajird-1608	126	10	.	.	PUNCT
ajird-1608	127	1	figure	figure	NOUN
ajird-1608	127	2	1	1	NUM
ajird-1608	127	3	.	.	PUNCT
ajird-1608	128	1	global	global	ADJ
ajird-1608	128	2	venture	venture	PROPN
ajird-1608	128	3	capital	capital	NOUN
ajird-1608	128	4	funding	funding	NOUN
ajird-1608	128	5	dropped	drop	VERB
ajird-1608	128	6	in	in	ADP
ajird-1608	128	7	the	the	DET
ajird-1608	128	8	second	second	ADJ
ajird-1608	128	9	quarter12	quarter12	NOUN
ajird-1608	128	10	12	12	NUM
ajird-1608	128	11	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	PROPN
ajird-1608	128	12	american	american	PROPN
ajird-1608	128	13	journal	journal	PROPN
ajird-1608	128	14	of	of	ADP
ajird-1608	128	15	interdisciplinary	interdisciplinary	ADJ
ajird-1608	128	16	research	research	NOUN
ajird-1608	128	17	and	and	CCONJ
ajird-1608	128	18	development	development	NOUN
ajird-1608	128	19	issn	issn	PROPN
ajird-1608	128	20	online	online	NOUN
ajird-1608	128	21	:	:	PUNCT
ajird-1608	128	22	2771	2771	NUM
ajird-1608	128	23	-	-	SYM
ajird-1608	128	24	8948	8948	NUM
ajird-1608	128	25	website	website	NOUN
ajird-1608	128	26	:	:	PUNCT
ajird-1608	128	27	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	128	28	volume	volume	NOUN
ajird-1608	128	29	44	44	NUM
ajird-1608	128	30	,	,	PUNCT
ajird-1608	128	31	september2025	september2025	PROPN
ajird-1608	128	32	17	17	NUM
ajird-1608	128	33	|	|	ADV
ajird-1608	128	34	p	p	ADP
ajird-1608	128	35	a	a	DET
ajird-1608	128	36	g	g	NOUN
ajird-1608	128	37	e	e	NOUN
ajird-1608	128	38	in	in	ADP
ajird-1608	128	39	contrast	contrast	NOUN
ajird-1608	128	40	,	,	PUNCT
ajird-1608	128	41	europe	europe	PROPN
ajird-1608	128	42	’s	’s	PART
ajird-1608	128	43	vc	vc	PROPN
ajird-1608	128	44	activity	activity	NOUN
ajird-1608	128	45	cooled	cool	VERB
ajird-1608	128	46	.	.	PUNCT
ajird-1608	129	1	ongoing	ongoing	ADJ
ajird-1608	129	2	macroeconomic	macroeconomic	ADJ
ajird-1608	129	3	uncertainty	uncertainty	NOUN
ajird-1608	129	4	,	,	PUNCT
ajird-1608	129	5	high	high	ADJ
ajird-1608	129	6	interest	interest	NOUN
ajird-1608	129	7	rates	rate	NOUN
ajird-1608	129	8	,	,	PUNCT
ajird-1608	129	9	and	and	CCONJ
ajird-1608	129	10	sluggish	sluggish	ADJ
ajird-1608	129	11	ipo	ipo	NOUN
ajird-1608	129	12	markets	market	NOUN
ajird-1608	129	13	weighed	weigh	VERB
ajird-1608	129	14	on	on	ADP
ajird-1608	129	15	sentiment	sentiment	NOUN
ajird-1608	129	16	.	.	PUNCT
ajird-1608	130	1	china	china	PROPN
ajird-1608	130	2	’s	’s	PART
ajird-1608	130	3	funding	funding	NOUN
ajird-1608	130	4	was	be	AUX
ajird-1608	130	5	also	also	ADV
ajird-1608	130	6	subdued	subdue	VERB
ajird-1608	130	7	due	due	ADP
ajird-1608	130	8	to	to	ADP
ajird-1608	130	9	capital	capital	NOUN
ajird-1608	130	10	pressures	pressure	NOUN
ajird-1608	130	11	.	.	PUNCT
ajird-1608	131	1	india	india	PROPN
ajird-1608	131	2	,	,	PUNCT
ajird-1608	131	3	however	however	ADV
ajird-1608	131	4	,	,	PUNCT
ajird-1608	131	5	emerged	emerge	VERB
ajird-1608	131	6	as	as	ADP
ajird-1608	131	7	a	a	DET
ajird-1608	131	8	bright	bright	ADJ
ajird-1608	131	9	spot	spot	NOUN
ajird-1608	131	10	.	.	PUNCT
ajird-1608	132	1	investors	investor	NOUN
ajird-1608	132	2	showed	show	VERB
ajird-1608	132	3	strong	strong	ADJ
ajird-1608	132	4	interest	interest	NOUN
ajird-1608	132	5	in	in	ADP
ajird-1608	132	6	fintech	fintech	NOUN
ajird-1608	132	7	and	and	CCONJ
ajird-1608	132	8	mobility	mobility	NOUN
ajird-1608	132	9	,	,	PUNCT
ajird-1608	132	10	reflecting	reflect	VERB
ajird-1608	132	11	renewed	renew	VERB
ajird-1608	132	12	confidence	confidence	NOUN
ajird-1608	132	13	in	in	ADP
ajird-1608	132	14	scalable	scalable	ADJ
ajird-1608	132	15	tech	tech	NOUN
ajird-1608	132	16	.	.	PUNCT
ajird-1608	133	1	average	average	ADJ
ajird-1608	133	2	seed	seed	NOUN
ajird-1608	133	3	-	-	PUNCT
ajird-1608	133	4	stage	stage	NOUN
ajird-1608	133	5	deal	deal	NOUN
ajird-1608	133	6	sizes	size	NOUN
ajird-1608	133	7	increased	increase	VERB
ajird-1608	133	8	,	,	PUNCT
ajird-1608	133	9	powered	power	VERB
ajird-1608	133	10	by	by	ADP
ajird-1608	133	11	outliers	outlier	NOUN
ajird-1608	133	12	such	such	ADJ
ajird-1608	133	13	as	as	ADP
ajird-1608	133	14	thinking	think	VERB
ajird-1608	133	15	machines	machine	NOUN
ajird-1608	133	16	lab	lab	PROPN
ajird-1608	133	17	’s	’s	PART
ajird-1608	133	18	$	$	SYM
ajird-1608	133	19	2	2	NUM
ajird-1608	133	20	billion	billion	NUM
ajird-1608	133	21	funding	funding	NOUN
ajird-1608	133	22	round	round	NOUN
ajird-1608	133	23	.	.	PUNCT
ajird-1608	134	1	while	while	SCONJ
ajird-1608	134	2	late	late	ADJ
ajird-1608	134	3	-	-	PUNCT
ajird-1608	134	4	stage	stage	NOUN
ajird-1608	134	5	deal	deal	NOUN
ajird-1608	134	6	sizes	size	NOUN
ajird-1608	134	7	dipped	dip	VERB
ajird-1608	134	8	on	on	ADP
ajird-1608	134	9	the	the	DET
ajird-1608	134	10	surface	surface	NOUN
ajird-1608	134	11	,	,	PUNCT
ajird-1608	134	12	this	this	PRON
ajird-1608	134	13	largely	largely	ADV
ajird-1608	134	14	reflects	reflect	VERB
ajird-1608	134	15	a	a	DET
ajird-1608	134	16	normalization	normalization	NOUN
ajird-1608	134	17	following	follow	VERB
ajird-1608	134	18	openai	openai	PROPN
ajird-1608	134	19	’s	’s	PART
ajird-1608	134	20	outlier	outlier	NOUN
ajird-1608	134	21	$	$	SYM
ajird-1608	134	22	40	40	NUM
ajird-1608	134	23	billion	billion	NUM
ajird-1608	134	24	funding	funding	NOUN
ajird-1608	134	25	round	round	ADV
ajird-1608	134	26	last	last	ADJ
ajird-1608	134	27	quarter	quarter	NOUN
ajird-1608	134	28	.	.	PUNCT
ajird-1608	135	1	figure	figure	NOUN
ajird-1608	135	2	2	2	NUM
ajird-1608	135	3	.	.	PUNCT
ajird-1608	135	4	corporateand	corporateand	NOUN
ajird-1608	135	5	corporate	corporate	ADJ
ajird-1608	135	6	venture	venture	NOUN
ajird-1608	135	7	capital	capital	NOUN
ajird-1608	135	8	(	(	PUNCT
ajird-1608	135	9	cvc)-backed	cvc)-backe	VERB
ajird-1608	135	10	deal	deal	NOUN
ajird-1608	135	11	activity	activity	NOUN
ajird-1608	135	12	was	be	AUX
ajird-1608	135	13	flat13	flat13	NOUN
ajird-1608	135	14	corporateand	corporateand	NOUN
ajird-1608	135	15	corporate	corporate	ADJ
ajird-1608	135	16	venture	venture	NOUN
ajird-1608	135	17	capital	capital	NOUN
ajird-1608	135	18	(	(	PUNCT
ajird-1608	135	19	cvc)-backed	cvc)-backe	VERB
ajird-1608	135	20	activity	activity	NOUN
ajird-1608	135	21	was	be	AUX
ajird-1608	135	22	largely	largely	ADV
ajird-1608	135	23	flat	flat	ADJ
ajird-1608	135	24	.	.	PUNCT
ajird-1608	136	1	consistent	consistent	ADJ
ajird-1608	136	2	with	with	ADP
ajird-1608	136	3	recent	recent	ADJ
ajird-1608	136	4	years	year	NOUN
ajird-1608	136	5	,	,	PUNCT
ajird-1608	136	6	corporates	corporate	NOUN
ajird-1608	136	7	and	and	CCONJ
ajird-1608	136	8	cvcs	cvcs	PROPN
ajird-1608	136	9	participated	participate	VERB
ajird-1608	136	10	in	in	ADP
ajird-1608	136	11	around	around	ADP
ajird-1608	136	12	36	36	NUM
ajird-1608	136	13	%	%	NOUN
ajird-1608	136	14	of	of	ADP
ajird-1608	136	15	total	total	ADJ
ajird-1608	136	16	vc	vc	PROPN
ajird-1608	136	17	deal	deal	NOUN
ajird-1608	136	18	value	value	NOUN
ajird-1608	136	19	,	,	PUNCT
ajird-1608	136	20	reflecting	reflect	VERB
ajird-1608	136	21	a	a	DET
ajird-1608	136	22	steady	steady	ADJ
ajird-1608	136	23	appetite	appetite	NOUN
ajird-1608	136	24	for	for	ADP
ajird-1608	136	25	generative	generative	ADJ
ajird-1608	136	26	ai	ai	NOUN
ajird-1608	136	27	,	,	PUNCT
ajird-1608	136	28	hard	hard	ADJ
ajird-1608	136	29	tech	tech	NOUN
ajird-1608	136	30	,	,	PUNCT
ajird-1608	136	31	and	and	CCONJ
ajird-1608	136	32	,	,	PUNCT
ajird-1608	136	33	increasingly	increasingly	ADV
ajird-1608	136	34	,	,	PUNCT
ajird-1608	136	35	capital	capital	NOUN
ajird-1608	136	36	-	-	PUNCT
ajird-1608	136	37	intensive	intensive	ADJ
ajird-1608	136	38	plays	play	NOUN
ajird-1608	136	39	.	.	PUNCT
ajird-1608	137	1	13	13	NUM
ajird-1608	137	2	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	PROPN
ajird-1608	137	3	american	american	PROPN
ajird-1608	137	4	journal	journal	PROPN
ajird-1608	137	5	of	of	ADP
ajird-1608	137	6	interdisciplinary	interdisciplinary	ADJ
ajird-1608	137	7	research	research	NOUN
ajird-1608	137	8	and	and	CCONJ
ajird-1608	137	9	development	development	NOUN
ajird-1608	137	10	issn	issn	PROPN
ajird-1608	137	11	online	online	NOUN
ajird-1608	137	12	:	:	PUNCT
ajird-1608	137	13	2771	2771	NUM
ajird-1608	137	14	-	-	SYM
ajird-1608	137	15	8948	8948	NUM
ajird-1608	137	16	website	website	NOUN
ajird-1608	137	17	:	:	PUNCT
ajird-1608	137	18	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	137	19	volume	volume	NOUN
ajird-1608	137	20	44	44	NUM
ajird-1608	137	21	,	,	PUNCT
ajird-1608	137	22	september2025	september2025	PROPN
ajird-1608	137	23	18	18	NUM
ajird-1608	137	24	|	|	ADV
ajird-1608	137	25	p	p	NOUN
ajird-1608	137	26	a	a	DET
ajird-1608	137	27	g	g	NOUN
ajird-1608	137	28	e	e	NOUN
ajird-1608	137	29	figure	figure	NOUN
ajird-1608	137	30	3	3	NUM
ajird-1608	137	31	.	.	PUNCT
ajird-1608	137	32	generative	generative	PROPN
ajird-1608	137	33	ai	ai	AUX
ajird-1608	137	34	funding	fund	VERB
ajird-1608	137	35	momentum	momentum	NOUN
ajird-1608	137	36	is	be	AUX
ajird-1608	137	37	shifting	shift	VERB
ajird-1608	137	38	toward	toward	ADP
ajird-1608	137	39	development	development	NOUN
ajird-1608	137	40	tools14	tools14	NOUN
ajird-1608	137	41	.	.	PUNCT
ajird-1608	138	1	generative	generative	NOUN
ajird-1608	138	2	ai	ai	PROPN
ajird-1608	138	3	funding	funding	NOUN
ajird-1608	138	4	continues	continue	VERB
ajird-1608	138	5	to	to	PART
ajird-1608	138	6	grow	grow	VERB
ajird-1608	138	7	rapidly	rapidly	ADV
ajird-1608	138	8	,	,	PUNCT
ajird-1608	138	9	with	with	ADP
ajird-1608	138	10	funding	funding	NOUN
ajird-1608	138	11	in	in	ADP
ajird-1608	138	12	the	the	DET
ajird-1608	138	13	first	first	ADJ
ajird-1608	138	14	half	half	NOUN
ajird-1608	138	15	of	of	ADP
ajird-1608	138	16	2025	2025	NUM
ajird-1608	138	17	already	already	ADV
ajird-1608	138	18	surpassing	surpass	VERB
ajird-1608	138	19	the	the	DET
ajird-1608	138	20	2024	2024	NUM
ajird-1608	138	21	total	total	NOUN
ajird-1608	138	22	.	.	PUNCT
ajird-1608	139	1	software	software	NOUN
ajird-1608	139	2	and	and	CCONJ
ajird-1608	139	3	ai	ai	VERB
ajird-1608	139	4	companies	company	NOUN
ajird-1608	139	5	now	now	ADV
ajird-1608	139	6	account	account	VERB
ajird-1608	139	7	for	for	ADP
ajird-1608	139	8	around	around	ADV
ajird-1608	139	9	45	45	NUM
ajird-1608	139	10	%	%	NOUN
ajird-1608	139	11	of	of	ADP
ajird-1608	139	12	vc	vc	PROPN
ajird-1608	139	13	funding	funding	NOUN
ajird-1608	139	14	.	.	PUNCT
ajird-1608	140	1	while	while	SCONJ
ajird-1608	140	2	foundation	foundation	NOUN
ajird-1608	140	3	and	and	CCONJ
ajird-1608	140	4	large	large	ADJ
ajird-1608	140	5	language	language	NOUN
ajird-1608	140	6	models	model	NOUN
ajird-1608	140	7	still	still	ADV
ajird-1608	140	8	draw	draw	VERB
ajird-1608	140	9	the	the	DET
ajird-1608	140	10	bulk	bulk	NOUN
ajird-1608	140	11	of	of	ADP
ajird-1608	140	12	funding	funding	NOUN
ajird-1608	140	13	,	,	PUNCT
ajird-1608	140	14	development	development	NOUN
ajird-1608	140	15	tools	tool	NOUN
ajird-1608	140	16	saw	see	VERB
ajird-1608	140	17	the	the	DET
ajird-1608	140	18	highest	high	ADJ
ajird-1608	140	19	quarterly	quarterly	ADJ
ajird-1608	140	20	funding	funding	NOUN
ajird-1608	140	21	growth	growth	NOUN
ajird-1608	140	22	,	,	PUNCT
ajird-1608	140	23	signaling	signal	VERB
ajird-1608	140	24	a	a	DET
ajird-1608	140	25	gradual	gradual	ADJ
ajird-1608	140	26	shift	shift	NOUN
ajird-1608	140	27	.	.	PUNCT
ajird-1608	141	1	summary	summary	NOUN
ajird-1608	141	2	and	and	CCONJ
ajird-1608	141	3	suggestions	suggestion	VERB
ajird-1608	141	4	developing	develop	VERB
ajird-1608	141	5	economies	economy	NOUN
ajird-1608	141	6	,	,	PUNCT
ajird-1608	141	7	such	such	ADJ
ajird-1608	141	8	as	as	ADP
ajird-1608	141	9	uzbekistan	uzbekistan	PROPN
ajird-1608	141	10	,	,	PUNCT
ajird-1608	141	11	need	need	VERB
ajird-1608	141	12	to	to	PART
ajird-1608	141	13	strengthen	strengthen	VERB
ajird-1608	141	14	their	their	PRON
ajird-1608	141	15	innovation	innovation	NOUN
ajird-1608	141	16	infrastructure	infrastructure	NOUN
ajird-1608	141	17	to	to	PART
ajird-1608	141	18	effectively	effectively	ADV
ajird-1608	141	19	utilize	utilize	VERB
ajird-1608	141	20	global	global	ADJ
ajird-1608	141	21	vc	vc	PROPN
ajird-1608	141	22	flows	flow	NOUN
ajird-1608	141	23	.	.	PUNCT
ajird-1608	142	1	first	first	ADV
ajird-1608	142	2	of	of	ADP
ajird-1608	142	3	all	all	PRON
ajird-1608	142	4	,	,	PUNCT
ajird-1608	142	5	it	it	PRON
ajird-1608	142	6	is	be	AUX
ajird-1608	142	7	necessary	necessary	ADJ
ajird-1608	142	8	to	to	PART
ajird-1608	142	9	increase	increase	VERB
ajird-1608	142	10	the	the	DET
ajird-1608	142	11	number	number	NOUN
ajird-1608	142	12	of	of	ADP
ajird-1608	142	13	tax	tax	NOUN
ajird-1608	142	14	benefits	benefit	NOUN
ajird-1608	142	15	,	,	PUNCT
ajird-1608	142	16	grant	grant	NOUN
ajird-1608	142	17	programs	program	NOUN
ajird-1608	142	18	,	,	PUNCT
ajird-1608	142	19	technology	technology	NOUN
ajird-1608	142	20	parks	park	NOUN
ajird-1608	142	21	,	,	PUNCT
ajird-1608	142	22	and	and	CCONJ
ajird-1608	142	23	incubators	incubator	NOUN
ajird-1608	142	24	for	for	ADP
ajird-1608	142	25	startups	startup	NOUN
ajird-1608	142	26	.	.	PUNCT
ajird-1608	143	1	it	it	PRON
ajird-1608	143	2	is	be	AUX
ajird-1608	143	3	also	also	ADV
ajird-1608	143	4	possible	possible	ADJ
ajird-1608	143	5	to	to	PART
ajird-1608	143	6	expand	expand	VERB
ajird-1608	143	7	the	the	DET
ajird-1608	143	8	opportunities	opportunity	NOUN
ajird-1608	143	9	for	for	SCONJ
ajird-1608	143	10	local	local	ADJ
ajird-1608	143	11	innovators	innovator	NOUN
ajird-1608	143	12	to	to	PART
ajird-1608	143	13	enter	enter	VERB
ajird-1608	143	14	global	global	ADJ
ajird-1608	143	15	networks	network	NOUN
ajird-1608	143	16	by	by	ADP
ajird-1608	143	17	establishing	establish	VERB
ajird-1608	143	18	strategic	strategic	ADJ
ajird-1608	143	19	partnerships	partnership	NOUN
ajird-1608	143	20	with	with	ADP
ajird-1608	143	21	foreign	foreign	ADJ
ajird-1608	143	22	vc	vc	PROPN
ajird-1608	143	23	funds	fund	NOUN
ajird-1608	143	24	.	.	PUNCT
ajird-1608	144	1	establishing	establish	VERB
ajird-1608	144	2	special	special	ADJ
ajird-1608	144	3	venture	venture	NOUN
ajird-1608	144	4	funds	fund	NOUN
ajird-1608	144	5	specializing	specialize	VERB
ajird-1608	144	6	in	in	ADP
ajird-1608	144	7	ai	ai	ADJ
ajird-1608	144	8	and	and	CCONJ
ajird-1608	144	9	technological	technological	ADJ
ajird-1608	144	10	innovations	innovation	NOUN
ajird-1608	144	11	will	will	AUX
ajird-1608	144	12	play	play	VERB
ajird-1608	144	13	an	an	DET
ajird-1608	144	14	important	important	ADJ
ajird-1608	144	15	role	role	NOUN
ajird-1608	144	16	in	in	ADP
ajird-1608	144	17	attracting	attract	VERB
ajird-1608	144	18	regional	regional	ADJ
ajird-1608	144	19	investments	investment	NOUN
ajird-1608	144	20	.	.	PUNCT
ajird-1608	145	1	coordinated	coordinate	VERB
ajird-1608	145	2	political	political	ADJ
ajird-1608	145	3	stability	stability	NOUN
ajird-1608	145	4	by	by	ADP
ajird-1608	145	5	governments	government	NOUN
ajird-1608	145	6	,	,	PUNCT
ajird-1608	145	7	a	a	DET
ajird-1608	145	8	transparent	transparent	ADJ
ajird-1608	145	9	legal	legal	ADJ
ajird-1608	145	10	environment	environment	NOUN
ajird-1608	145	11	for	for	ADP
ajird-1608	145	12	investors	investor	NOUN
ajird-1608	145	13	,	,	PUNCT
ajird-1608	145	14	and	and	CCONJ
ajird-1608	145	15	a	a	DET
ajird-1608	145	16	system	system	NOUN
ajird-1608	145	17	for	for	ADP
ajird-1608	145	18	protecting	protect	VERB
ajird-1608	145	19	intellectual	intellectual	ADJ
ajird-1608	145	20	property	property	NOUN
ajird-1608	145	21	all	all	DET
ajird-1608	145	22	these	these	PRON
ajird-1608	145	23	are	be	AUX
ajird-1608	145	24	decisive	decisive	ADJ
ajird-1608	145	25	factors	factor	NOUN
ajird-1608	145	26	in	in	ADP
ajird-1608	145	27	the	the	DET
ajird-1608	145	28	formation	formation	NOUN
ajird-1608	145	29	of	of	ADP
ajird-1608	145	30	a	a	DET
ajird-1608	145	31	sustainable	sustainable	ADJ
ajird-1608	145	32	vc	vc	PROPN
ajird-1608	145	33	ecosystem	ecosystem	NOUN
ajird-1608	145	34	that	that	PRON
ajird-1608	145	35	serves	serve	VERB
ajird-1608	145	36	innovative	innovative	ADJ
ajird-1608	145	37	development	development	NOUN
ajird-1608	145	38	.	.	PUNCT
ajird-1608	146	1	references	reference	NOUN
ajird-1608	146	2	1	1	NUM
ajird-1608	146	3	.	.	PUNCT
ajird-1608	146	4	bain	bain	PROPN
ajird-1608	146	5	&	&	CCONJ
ajird-1608	146	6	company	company	PROPN
ajird-1608	146	7	.	.	PUNCT
ajird-1608	147	1	(	(	PUNCT
ajird-1608	147	2	2025	2025	NUM
ajird-1608	147	3	)	)	PUNCT
ajird-1608	147	4	.	.	PUNCT
ajird-1608	148	1	global	global	ADJ
ajird-1608	148	2	venture	venture	NOUN
ajird-1608	148	3	capital	capital	NOUN
ajird-1608	148	4	trends	trend	NOUN
ajird-1608	148	5	:	:	PUNCT
ajird-1608	148	6	the	the	DET
ajird-1608	148	7	latest	late	ADJ
ajird-1608	148	8	industry	industry	NOUN
ajird-1608	148	9	report	report	NOUN
ajird-1608	148	10	.	.	PUNCT
ajird-1608	149	1	retrieved	retrieve	VERB
ajird-1608	149	2	from	from	ADP
ajird-1608	149	3	https://www.bain.com/insights/global-venture-capital-outlooklatest-trends-snap-chart/	https://www.bain.com/insights/global-venture-capital-outlooklatest-trends-snap-chart/	PROPN
ajird-1608	149	4	2	2	NUM
ajird-1608	149	5	.	.	PUNCT
ajird-1608	149	6	wipo	wipo	PROPN
ajird-1608	149	7	.	.	PUNCT
ajird-1608	150	1	(	(	PUNCT
ajird-1608	150	2	2024	2024	NUM
ajird-1608	150	3	)	)	PUNCT
ajird-1608	150	4	.	.	PUNCT
ajird-1608	151	1	2024	2024	NUM
ajird-1608	151	2	venture	venture	NOUN
ajird-1608	151	3	capital	capital	NOUN
ajird-1608	151	4	outlook	outlook	NOUN
ajird-1608	151	5	:	:	PUNCT
ajird-1608	151	6	from	from	ADP
ajird-1608	151	7	freefall	freefall	NOUN
ajird-1608	151	8	to	to	ADP
ajird-1608	151	9	the	the	DET
ajird-1608	151	10	first	first	ADJ
ajird-1608	151	11	signs	sign	NOUN
ajird-1608	151	12	of	of	ADP
ajird-1608	151	13	14	14	NUM
ajird-1608	151	14	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snap-chart/	PROPN
ajird-1608	151	15	american	american	PROPN
ajird-1608	151	16	journal	journal	PROPN
ajird-1608	151	17	of	of	ADP
ajird-1608	151	18	interdisciplinary	interdisciplinary	ADJ
ajird-1608	151	19	research	research	NOUN
ajird-1608	151	20	and	and	CCONJ
ajird-1608	151	21	development	development	NOUN
ajird-1608	151	22	issn	issn	PROPN
ajird-1608	151	23	online	online	NOUN
ajird-1608	151	24	:	:	PUNCT
ajird-1608	151	25	2771	2771	NUM
ajird-1608	151	26	-	-	SYM
ajird-1608	151	27	8948	8948	NUM
ajird-1608	151	28	website	website	NOUN
ajird-1608	151	29	:	:	PUNCT
ajird-1608	151	30	www.ajird.journalspark.org	www.ajird.journalspark.org	ADJ
ajird-1608	151	31	volume	volume	NOUN
ajird-1608	151	32	44	44	NUM
ajird-1608	151	33	,	,	PUNCT
ajird-1608	151	34	september2025	september2025	PROPN
ajird-1608	151	35	19	19	NUM
ajird-1608	151	36	|	|	ADV
ajird-1608	151	37	p	p	NOUN
ajird-1608	151	38	a	a	DET
ajird-1608	151	39	g	g	NOUN
ajird-1608	151	40	e	e	NOUN
ajird-1608	151	41	stabilization	stabilization	NOUN
ajird-1608	151	42	?	?	PUNCT
ajird-1608	152	1	retrieved	retrieve	VERB
ajird-1608	152	2	from	from	ADP
ajird-1608	152	3	https://www.wipo.int/en/web/global-innovationindex/w/blogs/2024/2024-venture-capital	https://www.wipo.int/en/web/global-innovationindex/w/blogs/2024/2024-venture-capital	ADJ
ajird-1608	152	4	3	3	NUM
ajird-1608	152	5	.	.	PUNCT
ajird-1608	152	6	bip	bip	PROPN
ajird-1608	152	7	ventures	ventures	PROPN
ajird-1608	152	8	.	.	PUNCT
ajird-1608	153	1	(	(	PUNCT
ajird-1608	153	2	2025	2025	NUM
ajird-1608	153	3	)	)	PUNCT
ajird-1608	153	4	.	.	PUNCT
ajird-1608	154	1	2024	2024	NUM
ajird-1608	154	2	venture	venture	NOUN
ajird-1608	154	3	capital	capital	NOUN
ajird-1608	154	4	investment	investment	NOUN
ajird-1608	154	5	trends	trend	NOUN
ajird-1608	154	6	and	and	CCONJ
ajird-1608	154	7	impacts	impact	NOUN
ajird-1608	154	8	report	report	NOUN
ajird-1608	154	9	.	.	PUNCT
ajird-1608	155	1	retrieved	retrieve	VERB
ajird-1608	155	2	from	from	ADP
ajird-1608	155	3	https://www.bipventures.vc/news/2024-venture-capital-investmenttrends-and-impacts-report	https://www.bipventures.vc/news/2024-venture-capital-investmenttrends-and-impacts-report	PROPN
ajird-1608	155	4	4	4	NUM
ajird-1608	155	5	.	.	PUNCT
ajird-1608	156	1	cb	cb	PROPN
ajird-1608	156	2	insights	insight	NOUN
ajird-1608	156	3	.	.	PUNCT
ajird-1608	157	1	(	(	PUNCT
ajird-1608	157	2	2025	2025	NUM
ajird-1608	157	3	)	)	PUNCT
ajird-1608	157	4	.	.	PUNCT
ajird-1608	158	1	state	state	NOUN
ajird-1608	158	2	of	of	ADP
ajird-1608	158	3	venture	venture	NOUN
ajird-1608	158	4	2024	2024	NUM
ajird-1608	158	5	report	report	NOUN
ajird-1608	158	6	.	.	PUNCT
ajird-1608	159	1	retrieved	retrieve	VERB
ajird-1608	159	2	from	from	ADP
ajird-1608	159	3	https://www.cbinsights.com/research/report/venture-trends-2024/	https://www.cbinsights.com/research/report/venture-trends-2024/	PROPN
ajird-1608	159	4	5	5	NUM
ajird-1608	159	5	.	.	PUNCT
ajird-1608	160	1	kostrov	kostrov	PROPN
ajird-1608	160	2	aleksey	aleksey	PROPN
ajird-1608	160	3	viktorovich	viktorovich	PROPN
ajird-1608	160	4	hse	hse	PROPN
ajird-1608	160	5	university	university	PROPN
ajird-1608	160	6	.	.	PUNCT
ajird-1608	161	1	(	(	PUNCT
ajird-1608	161	2	2025	2025	NUM
ajird-1608	161	3	)	)	PUNCT
ajird-1608	161	4	.	.	PUNCT
ajird-1608	162	1	венчурный	венчурный	NOUN
ajird-1608	162	2	капитал	капитал	NOUN
ajird-1608	162	3	курс	курс	VERB
ajird-1608	162	4	.	.	PUNCT
ajird-1608	163	1	https://www.hse.ru/edu/courses/389881214	https://www.hse.ru/edu/courses/389881214	PROPN
ajird-1608	163	2	6	6	NUM
ajird-1608	163	3	.	.	PUNCT
ajird-1608	163	4	yerik	yerik	PROPN
ajird-1608	163	5	aubakirov	aubakirov	PROPN
ajird-1608	163	6	astana	astana	PROPN
ajird-1608	163	7	hub	hub	PROPN
ajird-1608	163	8	.	.	PUNCT
ajird-1608	164	1	(	(	PUNCT
ajird-1608	164	2	2025	2025	NUM
ajird-1608	164	3	)	)	PUNCT
ajird-1608	164	4	.	.	PUNCT
ajird-1608	165	1	venture	venture	NOUN
ajird-1608	165	2	capital	capital	NOUN
ajird-1608	165	3	markets	market	NOUN
ajird-1608	165	4	in	in	ADP
ajird-1608	165	5	caucasus	caucasus	PROPN
ajird-1608	165	6	and	and	CCONJ
ajird-1608	165	7	central	central	ADJ
ajird-1608	165	8	asia	asia	PROPN
ajird-1608	165	9	.	.	PUNCT
ajird-1608	166	1	https://astanahub.com/en/article/kazakhstan-stal-liderom-po-chisluvenchurnykh-sdelok-v-tsentralnoi-azii-i-kavkaze-za-2023-god	https://astanahub.com/en/article/kazakhstan-stal-liderom-po-chisluvenchurnykh-sdelok-v-tsentralnoi-azii-i-kavkaze-za-2023-god	PROPN
ajird-1608	166	2	7	7	NUM
ajird-1608	166	3	.	.	PUNCT
ajird-1608	167	1	mike	mike	PROPN
ajird-1608	167	2	wright	wright	PROPN
ajird-1608	167	3	small	small	PROPN
ajird-1608	167	4	business	business	NOUN
ajird-1608	167	5	economics	economic	NOUN
ajird-1608	167	6	.	.	PUNCT
ajird-1608	168	1	(	(	PUNCT
ajird-1608	168	2	2022	2022	NUM
ajird-1608	168	3	)	)	PUNCT
ajird-1608	168	4	.	.	PUNCT
ajird-1608	169	1	mapping	map	VERB
ajird-1608	169	2	the	the	DET
ajird-1608	169	3	venture	venture	NOUN
ajird-1608	169	4	capital	capital	NOUN
ajird-1608	169	5	and	and	CCONJ
ajird-1608	169	6	private	private	ADJ
ajird-1608	169	7	equity	equity	NOUN
ajird-1608	169	8	research	research	NOUN
ajird-1608	169	9	.	.	PUNCT
ajird-1608	170	1	https://link.springer.com/article/10.1007/s11187-02200684-9	https://link.springer.com/article/10.1007/s11187-02200684-9	ADJ
ajird-1608	170	2	8	8	NUM
ajird-1608	170	3	.	.	PUNCT
ajird-1608	171	1	steven	steven	PROPN
ajird-1608	171	2	kaplan	kaplan	PROPN
ajird-1608	171	3	open	open	PROPN
ajird-1608	171	4	vc	vc	PROPN
ajird-1608	171	5	.	.	PUNCT
ajird-1608	172	1	(	(	PUNCT
ajird-1608	172	2	2025	2025	NUM
ajird-1608	172	3	)	)	PUNCT
ajird-1608	172	4	.	.	PUNCT
ajird-1608	173	1	16	16	NUM
ajird-1608	173	2	research	research	NOUN
ajird-1608	173	3	papers	paper	NOUN
ajird-1608	173	4	every	every	DET
ajird-1608	173	5	vc	vc	NOUN
ajird-1608	173	6	should	should	AUX
ajird-1608	173	7	know	know	VERB
ajird-1608	173	8	.	.	PUNCT
ajird-1608	174	1	https://www.openvc.app/blog/venture-capital-research	https://www.openvc.app/blog/venture-capital-research	PROPN
ajird-1608	174	2	9	9	NUM
ajird-1608	174	3	.	.	PUNCT
ajird-1608	174	4	josh	josh	PROPN
ajird-1608	174	5	lerner	lerner	PROPN
ajird-1608	174	6	open	open	PROPN
ajird-1608	174	7	vc	vc	PROPN
ajird-1608	174	8	.	.	PUNCT
ajird-1608	175	1	(	(	PUNCT
ajird-1608	175	2	2025	2025	NUM
ajird-1608	175	3	)	)	PUNCT
ajird-1608	175	4	.	.	PUNCT
ajird-1608	176	1	16	16	NUM
ajird-1608	176	2	research	research	NOUN
ajird-1608	176	3	papers	paper	NOUN
ajird-1608	176	4	every	every	DET
ajird-1608	176	5	vc	vc	NOUN
ajird-1608	176	6	should	should	AUX
ajird-1608	176	7	know	know	VERB
ajird-1608	176	8	.	.	PUNCT
ajird-1608	177	1	https://www.openvc.app/blog/venture-capital-research	https://www.openvc.app/blog/venture-capital-research	PROPN
ajird-1608	177	2	10	10	NUM
ajird-1608	177	3	.	.	PUNCT
ajird-1608	178	1	will	will	AUX
ajird-1608	178	2	gornall	gornall	PROPN
ajird-1608	178	3	va	va	PROPN
ajird-1608	178	4	ilya	ilya	PROPN
ajird-1608	178	5	a.	a.	PROPN
ajird-1608	178	6	strebulaev	strebulaev	PROPN
ajird-1608	178	7	stanford	stanford	PROPN
ajird-1608	178	8	gsb	gsb	PROPN
ajird-1608	178	9	.	.	PUNCT
ajird-1608	179	1	(	(	PUNCT
ajird-1608	179	2	2025	2025	NUM
ajird-1608	179	3	)	)	PUNCT
ajird-1608	179	4	.	.	PUNCT
ajird-1608	180	1	venture	venture	NOUN
ajird-1608	180	2	capital	capital	NOUN
ajird-1608	180	3	initiative	initiative	NOUN
ajird-1608	180	4	.	.	PUNCT
ajird-1608	181	1	https://www.gsb.stanford.edu/faculty-research/labs-initiatives/vci	https://www.gsb.stanford.edu/faculty-research/labs-initiatives/vci	NOUN
ajird-1608	181	2	11	11	NUM
ajird-1608	181	3	.	.	PUNCT
ajird-1608	182	1	ahmed	ahmed	PROPN
ajird-1608	182	2	i.	i.	PROPN
ajird-1608	182	3	kato	kato	PROPN
ajird-1608	182	4	journal	journal	PROPN
ajird-1608	182	5	of	of	ADP
ajird-1608	182	6	innovation	innovation	NOUN
ajird-1608	182	7	and	and	CCONJ
ajird-1608	182	8	entrepreneurship	entrepreneurship	NOUN
ajird-1608	182	9	.	.	PUNCT
ajird-1608	183	1	(	(	PUNCT
ajird-1608	183	2	2022	2022	NUM
ajird-1608	183	3	)	)	PUNCT
ajird-1608	183	4	.	.	PUNCT
ajird-1608	184	1	empirical	empirical	ADJ
ajird-1608	184	2	examination	examination	NOUN
ajird-1608	184	3	of	of	ADP
ajird-1608	184	4	relationship	relationship	NOUN
ajird-1608	184	5	between	between	ADP
ajird-1608	184	6	venture	venture	NOUN
ajird-1608	184	7	capital	capital	NOUN
ajird-1608	184	8	financing	financing	NOUN
ajird-1608	184	9	.	.	PUNCT
ajird-1608	185	1	https://innovationentrepreneurship.springeropen.com/articles/10.1186/s13731-022-00216-5	https://innovationentrepreneurship.springeropen.com/articles/10.1186/s13731-022-00216-5	PROPN
ajird-1608	185	2	12	12	NUM
ajird-1608	185	3	.	.	PUNCT
ajird-1608	186	1	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snapchart/	https://www.bain.com/insights/global-venture-capital-outlook-latest-trends-snapchart/	PROPN