European Innovation Council allocates EUR 20 million for Ukrainian tech start-ups

11 May, 03:59 PM
Hundreds of Ukrainian startups will receive financial assistance and the opportunity to grow to an international level (Photo:pexels/Canva Studio)

Hundreds of Ukrainian startups will receive financial assistance and the opportunity to grow to an international level (Photo:pexels/Canva Studio)

The European Innovation Council (EIC) will allocate EUR 20 million (almost $22 million) to support Ukrainian tech start-ups and innovation projects, Digital Transformation Minister Mykhailo Fedorov announced on Telegram on May 10.

The project, known as Seeds of Bravery, will run for two years – the first funds will be provided in 2023. Hundreds of Ukrainian start-ups will receive support and an opportunity to grow to an international level, the minister said, adding that the initiative will allow Ukrainian developers to benefit from European experience and receive mentoring from the world's top companies.

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"The development of innovations is one of our priorities,” Minister Federov stated.

“This is the way to develop the digital economy, GDP growth, and strengthen the army. I believe in the ability of our entrepreneurs to implement revolutionary projects.”

Sviatoslav Sviatenko, co-founder of start-up Cyber/nnov8, said that his company, together with the Ukrainian Startup Fund and Polish tech accelerator FundingBox, will manage EUR 12 million ($13 million) in grant funding.

In addition, at least 200 Ukrainian tech start-ups will receive up to EUR 60,000 ($66,000) each for their innovation and business activities. Companies will also be provided non-financial support in form of consultations, coaching, mentoring and business mediation.

Deputy Minister of Digital Transformation Oleksandr Bornyakov said on Facebook that the following Ukrainian innovation initiatives will be able receive EIC support:

  • aiming at rebuilding Ukraine (EUR 25,000 or $27,300);
  • developing innovative entrepreneurship (EUR 25,000 or $27,300) or providing innovative services (EUR 10,000 or $11,000);
  • commercializing scientific inventions (Deep tech incubation, DeepTech Scale-Up & Acceleration - EUR 25,000 or $27,300 and EUR 50,000 or $54,700).

The project includes 22 participants, with the Ukrainian Startup Fund as one of its key members. FundingBox will coordinate the project. Luxinnovation, Plug and Play, the Erasmus Center for Entrepreneurship, and other well-known European stakeholders have also joined the consortium.

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