The national Ukrainian program Impact Business Accelerator 2024 successfully concluded, with 40 innovators integrating social impact into their strategies, and three companies receiving financial grants for development.
In early December, Kyiv hosted a large-scale Demo Day for the Impact Business Accelerator 2024 program. Designed for proactive Ukrainian entrepreneurs, the initiative aims to help businesses scale while fostering long-term social change as part of Ukraine’s recovery efforts.
This marks the second cohort of the program, first unveiled in Davos during the 2023 World Economic Forum week. Expanded this year through collaboration between public organizations, the state, and international partners, the program received applications from 440 companies and startups. After a rigorous selection process, 40 of the most active and promising businesses from 15 regions of Ukraine reached the finals, presenting their developments, scaling ideas, and strategies for creating and expanding social impact to potential investors.
Key Highlights:
- Grants for Leading Innovators:
- Sunny Coffee, an inclusive café, and AG&K, an energy efficiency company, received grants of €15,000 each.
- Mentor Movement Studio was awarded €7,000. These grants, provided by the Ukrainian Social Venture Fund and Tokarev Foundation, will support further development and enhance social impact.
- Mentorship Support: Several companies gained access to additional mentoring hours from Deloitte and Tokarev Foundation, offering invaluable support to refine their business strategies.
Jury and Recognition:
The jury included prominent figures such as:
- Nina Levchuk, Co-founder of Impact Force
- Anna Gulevska-Chernysh, Co-founder of SILab Ukraine
- Anastasia Deyeva, Executive Director of Tokarev Foundation
- Andriy Remizov, Director of the Entrepreneurship and Export Development Office
- Maria Shmelova, Impact Investment Lead at The Possible Alliance.
“Among the 440 applicants, reaching the final was already a victory for the 40 businesses that demonstrated not only strategic thinking but also transparency and a commitment to social orientation,” noted Anna Gulevska-Chernysh.
Projects with Purpose:
The presented projects spanned diverse fields, including food services, sports centers, educational innovations, engineering and construction technologies, lighting equipment, and green energy. Each presentation outlined the social issues addressed by the companies and their plans to create lasting impact.
Support for the Future: “The support of such initiatives is an investment in Ukraine’s future. The winners of this program showcase how Ukrainian businesses can be innovative, socially impactful, and competitive,” emphasized Andriy Remizov.
Program Outcomes:
The program offered four months of intensive training, exclusive lectures, workshops, and individual consultations. Participants benefited from 280 mentoring sessions provided by 36 experts, helping them integrate social impact into their strategies, improve financial performance, and elevate their businesses.
One success story is Sunny Coffee, whose founder, Lyudmyla Naumets, shared:
“This program has given us a significant boost. Thanks to the grant, we can purchase new equipment, open another location, and create more opportunities for people with special needs. Our goal is to make Sunny Coffee a national network that proves businesses can be both profitable and socially oriented.”
Impact and Vision:
The program aligns with European trends in impact investment, a market valued at €190 billion in the EU. As noted by Anastasia Deyeva, Executive Director of Tokarev Foundation:
“Ukrainian businesses are not only keeping pace with European trends but are also creating innovations that can become best practices for the EU and the world.”
Impact Business Accelerator 2024 was initiated and implemented by Impact Force in partnership with SILab Ukraine, supported by Ukraine’s Ministry of Digital Transformation, the Entrepreneurship and Export Development Office, the Diia.Business national project, Latvia’s Ministry of Foreign Affairs, and the New Door social innovation platform.
