Yerik Aubakirov, serial entrepreneur and CEO of EA Group Holding Ltd.
For years, I’ve traveled between Central Asia, Europe and the U.S. building investment bridges across very different business environments. After launching our European venture capital fund earlier this year, I had an “Aha!” moment: I realized that the business world consistently values achievements in established markets while overlooking similarly great accomplishments in emerging economies.
And this seems to me like a great opportunity. While Western business cultures typically focus more on metrics and exits, I’ve found that success in emerging markets depends on something less tangible but increasingly valuable globally: mutual relationship capital. This is an important capability in environments where networks of trust often determine business outcomes.
The Hidden Strength Of Relationship-First Markets
As the founder of an investment holding company operating across Central Asia, I’ve seen firsthand how business functions differently in emerging economies. In markets where institutions and infrastructure are still developing, relationships often become the primary currency of business.
In Kazakhstan, for example, peer-to-peer trust networks and reputation form the foundation of much commercial activity. This isn’t simply cultural preference—it’s practical adaptation. When formal systems have gaps, your words and relationships fill them. I’ve found that this environment can produce several remarkable strengths in business leaders:
• Relationship Due Diligence: Rather than evaluating partners solely through their financial statements, leaders in these markets can evaluate them by their actions over time and reputation within networks. In simple words: Find mutual peers you trust and talk to them, whether they are within the same business ecosystem or across communities. This kind of human intelligence can uncover insights no spreadsheet can reveal. For instance, we once declined to work with a startup founder after a reputation peer check, despite his business model appeared well-conceived and mature. Later, that startup collapsed due to the founder’s unreliable behavior, confirming the value of our approach.
• Long-Term Relationship Investment: Business relationships in emerging markets typically extend beyond transactional exchanges and actually even beyond just business. Investing in connections may not always yield immediate returns, but it can create resilience during potential market fluctuations.
• Accountability Through Community: In our business circles, your word is your bond because everyone talks. When your poor behavior can ruin both your Saturday dinner and your Monday meetings, you tend to think twice before cutting corners.
Why This Matters Globally
As markets open up worldwide, the ability to win trust isn’t just nice to have—it can be what separates those who break into new markets from those who crash against cultural walls. Having the ability to build genuine connections with people, regardless of cultural difference, becomes increasingly important as your businesses expand globally.
What’s more, I’ve seen how people from markets similar to ours can read the room when spreadsheets fail. Intuitively building human connections can help you get the real story in places where the official data only tells half the truth. And when things get rough—like during Covid times or the financial crisis in 2008—nice contracts often can’t save you. What does? In my experience, it’s the supplier who will take your call at midnight because you’ve always been genuinely interested in his personality, or it’s the partner who extends terms because they know your handshake means something.
Bridging Business Cultures
The most successful global leaders I’ve worked with don’t choose between metrics-focused or relationship-focused approaches—they do both. They understand that different situations call for different types of capital. When evaluating opportunities in emerging markets, Western investors who recognize the value of relationship capital can gain great advantages. Similarly, business leaders from relationship-centered countries who learn how to translate their relationship intelligence into metrics-friendly formats can access global markets more effectively.
The distinction isn’t really about geography—it’s about complementary approaches to building business value. In a world where engineers rule, numbers and charts can seem more important. But my experience tells me that this human- and relationships-first approach added to hard numbers can improve any company’s resilience, adaptability and overall ability to operate across different markets.
In today’s connected world, your reputation may begin in one market, but its value transcends geography. The question isn’t whether achievements in Kazakhstan matter in Europe—it’s whether leaders everywhere can recognize and integrate diverse forms of business intelligence. In truly global business, I’ve found that the most valuable bridges aren’t between countries but rather between complementary approaches to creating lasting value.
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