Financial flow management at the stages of the life cycle of kazakhstani startups: an empirical study

T. B. Bakhytzhanov, Laura M. Baitenova, Saule Intykbayeva

2025

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DOI 10.52821/2789-4401-2025-4-191-204
Data confidence 70 medium
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Abstract

This article explores the challenges of managing financial flows at various stages of the startup lifecycle in Kazakhstan. Using empirical analysis methods, the study identifies key features and difficulties entrepreneurs face in financial management from the idea stage to scaling. Based on data collected from startups in Almaty, Astana, and other regions, the research offers recommendations aimed at optimizing financial strategies. The paper examines financial flow management characteristics across different startup development stages. A review of domestic and international literature is provided, along with a classification of funding sources based on growth phases and an analysis of real-life cases from Kazakhstani startups. Particular attention is given to the limited financial literacy of founders and restricted access to venture capital. The study concludes that tailored financial strategies are essential at each stage of development, and offers practical suggestions for improving the current ecosystem. Research Objective : To identify the main features of financial flow management across different stages of Kazakhstani startups' lifecycle and provide recommendations for improvement. Tasks : To review theoretical models of startup lifecycles and financing. To systematize funding sources by lifecycle stages. To analyze practical case studies of Kazakhstani startups. To identify financial management challenges and suggest improvements. Methodology . The study is based on a comparative analysis of business lifecycle models, qualitative analysis of startup financial data, and five case studies of Kazakhstani companies. Interviews with startup founders, data from Astana Hub, and materials from accelerators and venture funds were also used. Novelty . The research is the first to provide a comprehensive empirical analysis of financial management across the startup lifecycle in Kazakhstan. It adapts international theoretical models to the local context and categorizes domestic startup experiences by development stage. Findings . The results show that startups suffer from a lack of financial planning at early stages and are heavily dependent on external funding. In the growth phase, the level of strategic financial management and control improves.