Business-startups in Ukraine: current state and development prospects

Abstract

Due to the war in Ukraine, all sectors of the economy suffered in one way or another. At the same time, the IT industry remains the most stable sector, which brings a large share of taxes to the budget and thus supports the economy of our country. It is this industry that receives large orders from foreign customers, attracts investors, including large corporations. Any business that is barely born or exists only at the level of an idea and the first organizational steps, provided the necessary expert and financial support, can very soon show dizzying results. Especially if it is an innovative project in the field of IT technologies, marketing, telecommunications, electronic commerce, biotechnology. This is where business incubators come from, which provide support (office, consulting, investment) to startups at all stages from development to commercialization of an idea in exchange for a share in future profits. Perfection has no limits. Innovators take pride in implementing complex solutions, they like to overcome difficulties and use advanced technologies. But, every new project has its price. After all, every strategic decision must be well justified from the business side. Otherwise, it can lead to unplanned costs and release delays. Over the past decade, the Ukrainian startup ecosystem has grown significantly and “grown up”, which has enabled Ukraine to be stable in the technological field in the face of today's challenges. E-commerce, social media, 3D printing, mobile applications – it's no secret that the wealthiest investors willingly invest in these industries. But there are less obvious areas that attract more and more capital every year. Despite the large-scale military actions in Ukraine, European investors are still interested in Ukrainian startups. The secret lies in the mentality of Ukrainians: hard work, dedication and the ability to concentrate under any circumstances. The war changed not only the agenda, but also perspectives. It is the investments that drive Ukraine's recovery and development. Today, the Ministry of Digital Transformation is busy attracting investments for the development of the startup ecosystem, digitalizing Ukraine by introducing innovations on the Diya platform and legalizing the crypto sector. All this is necessary to accelerate the economic recovery of the country already now, without waiting for victory in the war.