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Automatically translated version. May contain inaccuracies compared to the original.
In Ukraine, a state Startup Fund has been launched.
The Startup Fund will be financed from state funds, but the government will not interfere in its operations; all decisions will be made by the supervisory board. On 11 July, the Ukrainian Startup Fund officially began operating, which, with budget funds, will provide grant financing to companies with an innovative product at an early stage of development.
This was reported by the press service of the Cabinet of Ministers of Ukraine.
It is planned that the Fund will become one of the key instruments for supporting new industrial ideas in the micro and small enterprises segment and individual entrepreneurs.
“The initial budget of the Fund is about 400 million UAH, and at first the money will be provided for specific projects on a grant basis. Project selection will be carried out by a special competitive commission, and the Fund’s work will be coordinated by the Supervisory Board. Although the Fund will operate with public money, the government and, in particular, the Ministry of Finance will not interfere in its work,” the statement said. Seven people joined the Fund’s Supervisory Board, according to a Ministry of Finance order: Olena Kosharna (Horizon Capital), Lesya Sevruk (ECG), Viktoria Tihipko (TA Ventures), Charles Whitehead (Cornel Tech), Deputy Minister of Finance Yury Heletiy, Oleksandr Ryzhenko (State Agency for Electronic Governance e-gov), Dmytro Shymkiv (Darnitsa). “Today we are appointing the board, and effectively today the Fund is ‘weaning off’ from state control, from the Ministry of Finance, from the government, and all decisions in the Fund will be made by the supervisory board,” said Finance Minister Oksana Markarova.
The Fund will also have a seven-member competition committee of expert representatives and an expert council consisting of ten members who are narrow specialists. Markarova noted that in the first stage, the Fund’s activities will involve grant funding of projects, and subsequently, in the second stage, successful startups will be eligible for concessional loans. The grant amount for a single project may reach $75 thousand.
Eligible expenditures by participants that may be funded through the grant program include creating a prototype, validating the concept, developing the business, registering intellectual property rights, testing and piloting developed innovative solutions/technologies, preparing business plans for subsequent attraction of equity and debt capital, costs of product commercialization, and similar activities. The Fund’s programs are scheduled to begin in September.
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