First published in A Reasonable Rant: Private Edition (members-only subscription) on 14 July 2026.

Central Asia sits between some of the world’s largest markets, capital flows and trade routes. Infrastructure is expanding, governments are investing, local venture activity is growing and a new generation of technology companies is reaching customers far beyond the region. But activity passing through a region is not the same as capability accumulating inside it.

In Episode 23, Neo uses the S² Bureau’s Ecosystem Momentum Framework to examine Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan and Turkmenistan, asking whether Central Asia is developing the capital, institutions and entrepreneurial experience needed to repeatedly carry companies from formation into scale. The evidence reveals two emerging centres of gravity, a growing early-stage investment base, credible companies finding both domestic and international demand, and a stubborn missing middle once those companies require larger rounds.

The Corridor Before the Ecosystem explores a region moving beyond simply attracting attention. Capital is beginning to stay. Founders are beginning to build again. Governments are trying to turn public support into lasting investment institutions, and early cross-border networks are forming. The question now is whether those individual successes can compound into a system that makes the next company easier to build than the last.