Report: How Do Ukrainian Startups Survive

Polish-Ukrainian Startup Bridge, Warsaw Stock Exchange (GPW) and the Ukrainian Startup Fund released the report about the impact of the war on Ukrainian startups, their current situation to show the world what kind of support Ukrainian innovators need.

Key findings:

  • The outbreak of war significantly slowed down the development of the start-up market in Ukraine.
  • The most popular form of running a business by start-ups is a limited liability company.
  • Start-ups operate primarily in cities with over 100,000 inhabitants.
  • 12% of the surveyed companies closed their operations after the Russian invasion.
  • The majority of start-ups operate in a global context – both on the Ukrainian market and abroad. Serving foreign customers is a chance to survive a very difficult economic, political and social situation in the country.
  • The majority of the report’s respondents (61%) did not change the location of the company’s headquarters after the outbreak of the war. Almost 1/3 of entrepreneurs had to change their location to a place outside Ukraine.
  • Apart from financial resources, the competences of project teams are also crucial for the development of start-ups. The key competency gaps in the teams are: deficits in sales (44%), marketing and investment financing competencies (33% each).
  • Respondents, employees and owners of Ukrainian start-ups are optimistic about the upcoming changes in the start-up ecosystem in Ukraine. For 75% of the respondents, the future of the Ukrainian market seems positive – they believe in the growth and development of their (and similar) activities.

Read the full report

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