Civitta’s report notes that the Ukrainian startup ecosystem is showing stable and rapid growth despite difficult conditions. From 2013 to 2023, IT’s contribution to GDP increased by 470%. The study mentions Ukrainian startups that have reached unicorn status, such as Grammarly, GitLab, and Creatio. At least 10 startups are approaching this status.
Despite the war’s negative impact, Ukraine’s technological industry has been able to quickly adapt to new conditions and identify development opportunities. Notably, Ukraine has become the world’s leading hub for developing defense tech solutions.
Ukrainian startups provide a better price-quality ratio than those in the US, although the US startups have valuations that are six times higher. Ukrainian startups generate 400% more revenue for every dollar invested than American startups, although American startups receive much higher valuations.
Overall, the Ukrainian IT sector ranks second in the attractiveness rating for IT outsourcing in Central and Eastern Europe and seventh in the world in terms of IT competitiveness.