A big amount of communications already started about the present and future possibilities of investment in Ukraine. The country will need significant investments to do the quick recovery after all the destructions caused by the war. And even more than that – now is a unique situation, when attention to the country, admiration on the level of bravery and resilience of its people, support to Ukraine can also draw attention to its benefits and opportunities: vast territory, abundant resources, good geographical location, clever creative people, open for international collaboration and openness to embrace new approaches, technologies and various experiments of tech companies, disrupting the whole industries and building a totally new world, the world of freedom, also from routines and hard work, to unlock the full potential of human spirit. Ukraine already now provides space for such experiments to happen.
Ukrainian Tech sector is also very much worthy to give a closer look at. The recent article in TechCrunch Why invest in Ukrainian startups today? also develops this topic.
According to it, “the EU will invest €13.5 billion in research and innovation for 2023-2024 as part of the Horizon Europe program. For the first time in the program’s history, it will include targeted support for Ukraine.
Over the last six years, export volume grew by 26.8% annually. In 2021, exports reached $6.9 billion, exceeding the forecast by $100 million, according to the National Bank of Ukraine. While it’s undeniable that the war shook up the country’s economy, the IT sector has weathered it better than most.
According to the statistics on the first 10 months of 2022, Ukraine’s export of IT services grew by 9.9% from a year earlier and brought in more than $6 billion in revenue, more than $542 million the revenue generated in 2021. Exports of IT services remains one of the few areas that continue to thrive despite war, per Lviv IT Cluster research.”
Think about it. Tech sector is growing despite the war. Companies managed to relocate their employees, remote work is the standard of the sector, new offices are opened in other countries. What’s more, 2 new unicorns with Ukrainian roots were born in the last year, now Ukraine has at least 6 startups with more then 1 billion valuation:
- GitLab
- Grammarly
- Genesis
- Bitfury
- People.ai
- Firefly Aerospace
More insights are in the original article here.