The Innovation Development Fund goes into the management of the Ministry of Digital Transformation
On December 27, the Government adopted a resolution under which the Innovation Development Fund (Ukrainian Startup Fund) is transferred into the management of the Ministry of Digital Transformation of Ukraine.
This will allow to systematically implement ideas and develop startups, in particular in the military-tech industry, under the coordination of the Ministry of Digital Transformation.
The Innovations Development Fund was established in 2018 at the initiative of the Prime Minister of Ukraine.
“The Innovations Development Fund until February 24, 2022 has become a key organization for development of Ukrainian startups, having supported over 250 startups to the tune of USD 6.5 billion. After the start of the full-scale invasion, we completely restructured the Fund’s activities, shifting the focus to supporting those projects that will help restore the state and strengthen its defense capabilities. We were the first in Ukraine to systematically financially support military-tech projects. As of today, we have already received almost 200 applications, of which 25 have been selected. Next year, under the coordination of the Ministry of Digital Transformation of Ukraine, we will further expand this activity and bring it to a new level. We are confident that Ukraine has everything to become a leading military-tech state right now,” – said Pavlo Kartashov, Director of the Fund.
Currently, the USF is already helping to actively develop startups in the military-tech sector. In particular, the first Drone Hackathon was held, as a result of which 6 teams are accelerated on the basis of the Fund, as also the first Drone Demo Day in Ukraine, which gathered more than 300 participants.
