The New York-based global entrepreneur network Endeavor has opened its first office in Ukraine, signaling confidence in the country’s business potential, the organization announced on Oct. 31.
Endeavor is a pool of entrepreneurs, mentors, and investors that connects its members to help develop projects and growth. The organization has over 45 offices globally which have supported 2,800 entrepreneurs, created over 4.1 million jobs, and generated annual revenues of over $67 billion, according to the network.
The group said it plans to focus on high-growth tech companies that are in the scale-up phase and looking to expand globally.
While key industries like metallurgy and agriculture have lost assets and land to Russian attacks and occupation since the start of the full-scale invasion, the tech sector has shown growth and remains the largest industry in terms of exports.
Mykhailo Fedorov, Ukraine’s digital transformation minister, described the project as a “win-win,” saying Endeavor will receive “smart and dedicated Ukrainians,” in exchange for its presence in Ukraine.
No matter the sector, entrepreneurs in wartime Ukraine face relentless Russian drone and missile attacks, economic instability, and acute labor shortages brought on by migration abroad and mobilization efforts that keep workers away from official employment.
Sviatoslav Sviatnenko, Endeavor’s managing director in Ukraine, said that the non-profit will help Ukrainian entrepreneurs overcome challenges including recruiting high-end talent, setting up abroad, assisting the transition from a private to a public company, and preparing for mergers and acquisitions.
“We will connect them with the right people to help them find answers to their questions and grow their businesses faster,” said Sviatnenko.
“It’s no longer about six or so handshakes — it’s just one.”
Endeavor’s presence in Ukraine will boost support for local entrepreneurs, according to the European Bank for Reconstruction and Development (EBRD) and the Ukraine-Moldova American Enterprise Fund (UMAEF), who are both supporting the project.
The EBRD contributed $250,000 for the launch while UMAEF provided $200,000, Forbes Ukraine reported. The annual office operational costs are predicted to reach $500,000.
A board of directors consisting of well-versed Ukrainian entrepreneurs and investors like pharmaceutical company Farmak CEO Volodymyr Kostiuk and tech company Reface Co-founder Dima Shvets will back the project and bolster the entrepreneurial community, said the board’s chair Vital Laptenok, co-founder of Ukrainian tech company Genesis and general partner at Flyer One Ventures. The board members provided an undisclosed amount to the project.
“A strong economy, great leaders, and success stories — this is exactly what we need while the country is at war with Russia,” Laptenok said.
Liliane Bivings
(Updated: )
