Development Challenges of Techno Parks in Small Open Economy States

The existence of techno parks (startups) is very important for the economic development of the country; however, the important challenge of their development is financing issues, which is also one of the main challenges for Georgia. The aim of the paper is to discuss the problems of financing techno parks and to search for ways to solve them. The paper presents the foundations of the formation and development of the Techno Park, supporting programs, development prospects and its legislative regulation. Access to funding sources of Techno Park, pros and cons of supporting programs are also discussed. Significant attention is focused on the foreign experience of techno park supporting programs, their startup environment and funding opportunities. In the final part, it is suggested: taking into account the foreign experience, the ways of development that should be guided by the state, credit and other interested parties for the development of the startup ecosystem.