Impact Business, business acceleration program, was launched

Impact Business, business acceleration program, was launched

IT, MedTech companies, agrarian, and construction sectors showed the greatest interest in Impact Business, the business acceleration program aimed at the economic recovery of Ukraine

Among the applicants, companies from the IT (16%) and construction sectors (12%) were in the lead, with MedTech companies (9%) coming in second.. Additionally, businesses from the agrarian (8%), gastronomy (8%) and light industry (7%) also submitted applications. Logistics, environmental, educational, cultural and financial businesses also participated in the selection. Currently, 25 finalists from various sectors of the economy are participating in the program to develop their businesses and restore the economy of Ukraine, while also integrating and implementing social impact strategies. y The program will continue until the end of 2023.  

The most motivated and ready businesses were selected from over 100 applicants. Candidates were chosen by both Ukrainian and international committees. In particular, the Ukrainian jury included representatives of Impact Force, SILab Ukraine, and RadarTech. Representatives of the Ukrainian Social Venture Fund, Schwab Foundation, Phineo gAG, Palantir UK, Tech to the Rescue, European Patent Office, and a professor of the University of Cambridge joined the international committee. Candidates were evaluated based on four main criteria: product readiness, business model transparency, correspondence of a company’s needs to the program capabilities, scalability potential, and expected social impact.

The program received an overwhelmingly large number of applications, indicating a growing interest in entrepreneurship in Ukraine and the desire of entrepreneurs to work effectively not only for their businesses but also for the benefit of society as a whole.

“The selected entrepreneurs inspire with their energy and willingness to make changes. Each of them has its own highlight. They are all very different: different experiences, different fields… For example, 40% of our participants come from businesses that provide goods and services. Among the finalists, there are also three organizations from the field of ecology and three from the field of medicine, as well as two IT companies and two businesses from the agrarian sector. In addition, there are representatives of the energy industry, construction industry, and  financial sector. Indeed, all of them are very different, but they have one thing in common – they all are social innovators. Our participants are full of ideas and strive not just to earn money, but to make a long-term and significant contribution to the development of communities and society, solving the most urgent and pressing social issues. They are ready to take on the challenge, no matter how difficult it may be,” Nina Levchuk, Co-founder of Impact Force. 

16 professional mentors from diverse fields of business development, each with extensive experience and a long list of successful business projects, joined the program to guide and support the program participants in developing their businesses and implementing social impact strategies. The program consists of 12 modules:

1.    Introduction to social impact entrepreneurship

2.    Finding Product – Market Fit

3.    Impact Measurement and management

4.    Branding and Positioning

5.    B2B Marketing and Lead Generation

6.    B2B Sales

7.    B2B Customer Success

8.    Creating Holistic Impact

9.    Raising Impact Capital

10. Human Resources & People Operations

11. Business Operations & Scaling

12. Accounting, Finance, and Billing 

The main advantages of the Impact Business program for its participants are free access to global financial and technical resources, as well as lectures, workshops and research focused on the topics of business growth and incorporating social impact factors in the business strategy. In addition, the program includes 30 hours of dedicated time with professional mentors, access to international investors and global technological resources.

Furthermore, based on the program’s results, the two companies with the best performance will have the opportunity to receive up to EUR 20,000 in smart grants for their team. These grants will be provided by the Ukrainian Social Venture Fund as part of the Collaborate for Impact project, which is financed by the European Union and implemented in partnership with the EVPA.

“Today, business no longer operates according to the old rules, today we all have to respond to the challenges created by the full-scale invasion. Our country needs recovery, the main driver of which is business with a strong social impact and innovative solutions.

That is why our acceleration program is designed to not only strengthen Ukrainian businesses but also increase their social impact. We are glad that within the framework of this program we managed to unite strong and innovative enterprises that strive to achieve positive social changes in Ukraine right now!” Olena Kalibaba, СЕО Ukrainian Social Venture Fund.