• Українською
  • Innovations Development Fund transferred into the management of the Ministry of Digital Transformation: Government's decision
    Ministry of Digital Transformation of Ukraine, posted 27 December 2022 17:53

    The Government has adopted a resolution under which the Innovations Development Fund is transferred into the management of the Ministry of Digital Transformation. This will allow to systematically implement ideas and develop startups under the coordination of the Ministry of Digital Transformation.

    "We see Ukraine as a country of startups. With technological products in the defense sector and public administration. We have everything we need for this - revolutionary ideas and powerful human capital. Military-tech is one of our priorities for the near future. After all, now Ukraine is gaining a unique experience: the opportunity to realize ideas and immediately test developments in real combat conditions. The Innovations Development Fund will systematically help technological startups with grants. Because technology allows us to gain an advantage on the battlefield and bring our victory closer," said Deputy Prime Minister - Minister of Digital Transformation Mykhailo Fedorov.

    The Innovations Development Fund (another name - Ukrainian Startup Fund) was established in 2018 at the initiative of the Prime Minister of Ukraine. Now it is one of the key organizations in Ukraine that helps technology startups to raise funds at the early stages and launch their own projects.

    In general, the Fund's activities are divided into four areas:

    • financial support for startups in the form of grants
    • providing access to mentors and support services;
    • creating conditions for access to acceleration programs;
    • establishing coordination between startup ecosystem participants.

    In particular, the Innovations Development Fund is already helping to actively develop startups in the military-tech sector. In particular, the first Drone Hackathon was held, as a result of which 6 teams are accelerated on the basis of the Fund, as also the first Drone Demo Day in Ukraine, which gathered more than 300 participants.

    "The Innovations Development Fund until February 24, 2022 has become a key organization for development of Ukrainian startups, having supported over 250 startups to the tune of USD 6.5 billion. After the start of the full-scale invasion, we completely restructured the Fund's activities, shifting the focus to supporting those projects that will help restore the state and strengthen its defense capabilities. We were the first in Ukraine to systematically financially support military-tech projects. As of today, we have already received almost 200 applications, of which 25 have been selected. Next year, under the coordination of the Ministry of Digital Transformation of Ukraine, we will further expand this activity and bring it to a new level. We are confident that Ukraine has everything to become a leading military-tech state right now," said Pavlo Kartashov, Director of the Fund.

    Together with the Ministry of Defense, the Fund has implemented a project of accelerated certification of UAVs for military purposes. 12 UAVs have already received certificates, and another 30 are under consideration.

    Previously, the Innovations Development Fund was managed by the Ministry of Finance.