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A lot has been mentioned concerning the “resilience” of the Ukrainian tech sector amid the warfare (example), however what do entrepreneurs themselves say concerning the challenges they’ve confronted since February 2022?
Teaming up with the Ukrainian Startup Fund, the Polish-Ukrainian Startup Bridge performed a survey about these “challenges that no entrepreneur can predict and which might undermine the foundations of even essentially the most promising ventures,” reports East West Digital Information.
Solutions from 84 Ukrainian startup founders have been acquired and analysed in a report that has simply been launched.
Along with understanding the impression of the warfare on startups, the examine additionally aimed to point what sort of help Ukrainian innovators really need.
Key findings
· The outbreak of the warfare considerably slowed down startup growth in Ukraine. Solely a handful of respondents based their firm after the warfare began, whereas 68% did so within the three previous years (2019-2021). Nearly all respondents seen a positively destructive impression of warfare on the opportunity of working their enterprise.
· The vast majority of Ukrainian startups function each on the Ukrainian market and globally. For a lot of of them, overseas prospects have been their likelihood to outlive amid Ukraine’s tough scenario.
· 12% of the surveyed corporations stopped their operations after the Russian invasion. This was due primarily to the lower in gross sales of services on the Ukrainian market, the lack to do enterprise journeys outdoors the nation, and the lack of monetary sources.
· Whereas solely 35% of the surveyed corporations laid off some staff, practically half (48%) needed to considerably scale back their degree of remuneration.
· After the outbreak of the warfare, virtually 40% of startups didn’t make any try and get hold of financing for his or her operations and growth. In a single third of the circumstances, corporations did attempt to elevate funds, however with out success.
· Nearly one entrepreneur in three (30%) needed to relocate their enterprise, no less than partially, outdoors the nation. The vast majority of the respondents (61%) didn’t want to vary the situation of the corporate’s headquarters after the outbreak of the warfare.
Rising tendencies
Commenting on the trade’s future, Elena Malitskaya, founder and CEO at ISE Company Accelerator, has recognized rising tendencies which “will ultimately result in the restoration of the Ukrainian startup ecosystem and construct the premise for future success.”
· Veteran founders will drive Ukrainian tech to new heights, assert the authors, referring to the US and Israeli instance: such founders are extremely valued by VCs on this planet and are typically extra profitable, “as a result of many psychological options and self-discipline they develop within the military.” Such founders are “in a position to lead their groups to work in a high-stress context” whereas demonstrating “a really particular perspective towards management as they perceive they’re chargeable for individuals’s lives.”
· As many males are serving within the military, girls are asserting their management. “Feminine founders and high managers are taking up a extra lively position in working companies, together with startups.” They started actively representing the Ukrainian tech ecosystem overseas.
· Particular segments will growth, together with army tech, drones, power storage and manufacturing – in relation to Ukraine’s post-war reconstruction wants in addition to world tendencies.
· Because the warfare has raised Ukraine’s profile on the worldwide scene, worldwide investments are prone to observe, together with within the discipline of expertise, believes Malitskaya.
How one can help Ukrainian startups
The final part of the report is about how Ukrainian startups will be supported.
To begin with, the surveyed startup founders want monetary help – within the type of grants (74%) or introductions to buyers (61%). In addition they must be assisted in buyer acquisition (44%) and establishing a presence in new international locations via authorized help (39%), acceleration (25%) or co-working (19%).
Requested concerning the abilities their groups lacked essentially the most, respondents talked about competencies in gross sales (44%), advertising (33%) and fundraising (33%). Some startups are missing of enterprise relationship constructing and language abilities.
Calling to help Ukrainian startups, Łukasz Wawak, who manages Polish-Ukrainian Startup Bridge, writes: “We encourage you to make use of Ukrainian entrepreneurs’ merchandise, options and mental property world wide. Each euro spent on the Ukrainian merchandise is one small step in the direction of Ukraine’s victory.”
Wawak additionally drew consideration to the chance of “draining Ukraine of its best skills.” Ukrainian IP achievements needs to be revered, “the society’s battle for freedom” needs to be supported via assist in reconstruction whereas making certain that “as a lot capital as attainable flows again to Ukraine.”
This text first appeared in East-West Digital Information (EWDN), a bne IntelliNews companion publication.
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