Ukrainian PM announces new funding programme for start-ups

Ukrainian prime minister Oleksiy Honcharuk has announced a new funding scheme of 18.5 million US dollars for Ukrainian startups as part of the government’s strategy to improve the country’s startup ecosystem.

Mr Honcharuk called on all interested Ukrainian businesses to apply for funding which will be available at the Ukrainian Startup Fund (USF), a state-owned initiative tasked with supporting innovation projects. 1.7 million US dollars of the development financing will be distributed this year and 10 million US dollars will be allocated in 2020.

“By supporting startups and encouraging Ukrainians to become entrepreneurs, we will strengthen the development of the Ukrainian economy and create additional jobs,” Mr Honcharuk told reporters, adding that his government views developing the economy’s creative sector with special importance since “knowledge, talents and skills are the new capital of the modern world.”

According to him, prioritised areas of financing include artificial intelligence, Big Data, blockchain, cybersecurity, defense, medicine, healthcare, travel, fintech, educational technology, robotics, IoT, software services and e-commerce.

He also stressed that the Ukrainian government would not interfere with businesses and would encourage Ukrainians to engage in entrepreneurship instead, enhancing the country’s economy and creating more jobs.

“These aspects are the factors for the overall well-being of our people,” he explained.