As Ukraine looks towards a post-war future, there is considerable interest from investors and entrepreneurs across Europe in the country’s startup ecosystem. With a focus on areas such as defensetech and govtech, Ukraine’s startups are well-positioned to cater to an international customer base. The recent establishment of 1991 Ventures, a London-based fund, demonstrates the growing interest in tapping into the potential of Ukraine and the broader CEE region. This shows a potential for growth and innovation in the country’s entrepreneurial landscape.
Amidst the ongoing war, women in Ukraine are increasingly playing a significant role in maintaining the country’s economy. There has been a rise in the number of female entrepreneurs, with around 10,000 startups being created by women in 2023. Women are not only starting new businesses but are also taking over and running existing businesses. Women entrepreneurs are seen as more flexible and possess strong soft skills, which contribute to a different way of doing business in Ukraine.
One example of female entrepreneurship in Ukraine is Spend with Ukraine, a not-for-profit online marketplace created to promote Ukrainian entrepreneurs to an international audience. Led by CEO Daria Voevoda, the platform has seen positive impacts on partnering businesses, with an increase in international sales and web visits. Women entrepreneurs in Ukraine are increasingly venturing into sectors such as arts and crafts, sustainability, green energy, and fashion, showcasing a diverse range of businesses led by women.
The war in Ukraine has also acted as a catalyst for kick-starting entrepreneurial activity among women. Businesses like Oliz, founded by Khrystyna Oliyarnyk, have emerged as a response to the conflict, aiming to celebrate traditional Ukrainian styles through modern clothing designs. The war has changed the entrepreneurial landscape, pushing women to follow their ambitions and contribute to the prosperity of Ukraine. Despite challenges such as air attacks disrupting production and power outages, women entrepreneurs are finding ways to adapt and thrive in the current environment.
International trade has become essential for Ukrainian businesses, with companies like Oliz focusing on the US market. While confidence may be an issue due to uncertainties surrounding the conflict and its outcome, entrepreneurs like Voevoda remain hopeful about the potential of Ukraine’s brands on the global stage. Women’s role in Ukraine’s entrepreneurial ecosystem is expected to continue growing, with a vision for more companies being run by women in the future. The challenges are significant, with Ukraine’s GDP still lower than pre-war levels, but entrepreneurs, especially women, are seen as part of the solution for rebuilding and growing the country’s economy.
