The research agency GreenDuck Research conducted a study and collected key recommendations from investors that can help Ukrainian startups find sources of financing.
The war forced founders to be more strategic, but at the same time, startups often make critical mistakes in the early stages of development.
The research agency GreenDuck Research conducted a study and collected key recommendations from investors that can help Ukrainian startups find sources of financing.
The war forced founders to be more strategic, but at the same time, startups often make critical mistakes in the early stages of development.
The war, paradoxically, forced founders to be more strategic. Fewer "loud" ideas — more calculated business models. Less
"creativity for creativity's sake" — and more attention to what really works.
According to the study, over 70% of Ukrainian startups are focused on global markets — the US, Europe, MENA. The main motivation for them is not just to “launch a product,” but to create one that will survive and scale. Time, sustainability, and process efficiency become the main arguments for development.
The study showed that startups often lack a clear understanding
investment process and critical errors are made, such as:
According to expert estimates, attracting initial funding for startups in Ukraine at the level of $30,000–50,000 does not pose a significant problem.
The main problem is not money, but a lack of understanding of how to run a business. Many early-stage startups cannot explain why their product is not generating revenue and what exactly it is lacking.
This indicates that they do not know how to approach their idea from a business perspective: they do not have financial management skills, do not understand how to count and plan. This problem is a major obstacle to the development of startups and makes effective fundraising impossible.
If startups have learned to properly manage finances, calculate, plan, and test their ideas, confirming their viability, their product should generate revenue. However, in the current environment, approaching investors without preparation is a naive strategy that does not meet market expectations.
Today, there is a rapid development of artificial intelligence technologies: AI startups are in the spotlight , and more and more companies are embedding AI into their products to remain competitive. This is creating a trend where even classic B2B projects are adding AI functionality — often not as a core value, but as a must-have for the market.
Among the areas that show the greatest potential are DeepTech, MedTech, Biotech, and DevTools — everything that helps developers and enhances the quality of services.
Fintech solutions for optimizing financial processes are also relevant, as well as technologies in the Automotive sector that contribute to
industrial transformation .
Separately, it is worth mentioning Enterprise Solutions - tools for effective business management , and AI solutions for automating sales and internal processes of companies.
In general, any product that improves performance and
automates routine, has good prospects. Startups working in these niches can well count on high interest from investors, the study emphasizes.
The geography of investments is as follows:
The most effective way:
Support from mentors, communities, and partner programs is more important than ever. Ukrainian startups are actively looking for accelerators abroad, participating in international hackathons, and building a network with VC funds directly. Strong support from the diaspora and the international tech community is another powerful driver.
“Of course, pitching skills and building a business model remain critically important. But it was a real revelation for me that more than half of the startups we spoke with face difficulties precisely at the stage of testing their solutions. Many of them lack access to production facilities, opportunities to test the product in real market conditions, science-intensive platforms, and consultations with technical specialists. This is the kind of support that is often lacking, even with the presence of business mentors and investors,” said Kateryna Vershinina, co-founder of the creative agency 4Press and the business analytics company GreendDuck.
Andriy Salamatov, co-founder of 4Press and GreendDuck, added: “The study shows: the problem is not only in finances, but in knowledge, specific skills and readiness to work with the updated reality. We see a demand for more mature approaches that are based on facts, analytics and global context. This is exactly the lens we sought to give to teams that want to attract investment — and build a viable startup.”
