Key Achievements of Ukraine’s Innovative Industry over 31 years of Independence: Expert opinion of the USF’s director Pavlo Kartashov (Comment for Fintech Insider)
Key achievements of the innovation industry of Ukraine for 31 years of Independence: Director of the Ukrainian Startup Fund Pavlo Kartashov told Fintech Insider about the main achievements of the Tech industry.
For 31 years of independence, the innovation industry of Ukraine has reached a new level – both inside and outside the country.
In particular, the active development of an innovation-oriented economy has begun. The issue of supporting the development of innovations has reached the national level.
If earlier we were somewhere on the periphery of innovations, now the Ukrainian Startup Voice can be heard by the whole world.
Ukrainian “startup unicorns” are no longer mythical – they became a reality.
ReFace, Ring, Genesis, GitLab, DMarket, People.ai, Grammarly, MacPaw, DepositPhotos, Monobank, Preply, Petcube, Allset, Ajax – these are just a small number of Ukrainian projects that have influenced the everyday life of people over the years of independent Ukraine. Thanks to them, our life has become more modern, faster and much more comfortable. Many of them are signature for our country among foreign investors.
Every year the startup movement in Ukraine is gaining momentum. Startups create a stream of breakthrough, radical innovations and change the economic landscape of the country.
Over the years of independence, the Ukrainian IT industry has become one of the budget-forming sectors of our country’s economy, and turned into a powerful economic giant.
This was not hindered by the Covid19 pandemic or even a full-scale war. The market continued to grow even in the quarantine year 2020 and reached 20%, exporting IT services for the all-time record amount of more than $5 billion. Or another example from the wartime period: in the first quarter of 2022, the IT industry of Ukraine provided a record $ 2 billion in export earnings. And this is despite martial law, mobilization, forced relocation of business and teams.
These facts back up the idea that most startups were able to adapt to the new realities.
Despite the war, the Ukrainian technology sector has demonstrated extraordinary resilience. It was a kind of a test of the ecosystem’s strength. And startups had enough strength to withstand it.
In almost six months of full-scale war, none of the USF grantee startups has closed. Partners do not refuse to cooperate – they are still interested in the Ukrainian market and our technology companies. They are ready to continue investing in the expansion of the startup ecosystem.
We really have something to be proud of. The Ukrainian case of ensuring the sustainability of the innovation ecosystem during the war is kind of unique for the world.
Yes, it was a difficult challenge – startups had to become adaptive, they were forced to work in conditions of almost absolute uncertainty and crisis. But at the same time, the war hardened them and made them build up their resilience.
The sustainability of the Ukrainian technology sector is the capital that the global industry has already appreciated. This is a signal for investors. And this can become a great competitive advantage of the Ukrainian startup industry in the global market. The experience gained by Ukrainian startups during the war will create a springboard for an innovative leap.
We are absolutely confident in the prospects of the Ukrainian startup market. We have all the components of success: a stable ecosystem that has been tested by the war, expertise accumulated over the years of independence, and most importantly – talents, which are the main capital of Ukrainian startups. The synergy of all these components lays a solid foundation for further development of the industry.
Moreover, I am convinced that innovative opportunities will help accelerate our victory in the war. And in the post-war recovery they will give a chance for a new future for Ukraine.
