Ukrainian charity fund and university join forces to support tech startups
Zhytomyr Polytechnic University hosted a presentation on the acceleration program for hardware startups, BGV HARDWARE ACCELERATOR. These startups focus on developing specific technical solutions and physical products.
The program is sponsored and partnered by the investment group BGV Group Management. The initiative is also supported by the Ukrainian Startup Fund and the open association of players in the technological ecosystem, Techosystem.
The accelerator aims to discover and engage talented engineers while creating innovative products in Ukraine to develop technological businesses. The key areas include automated manufacturing, robotics, the Internet of Things (IoT), the automotive industry, medical technologies, drones, eco-technologies, energy, and more. The acceleration program will be hosted at Zhytomyr Polytechnic, offering both a strong educational component and practical aspects for participants.
"First and foremost, we aim to ensure that talented businesses remain in Ukraine. It is essential for us that ideas and startups, supported by BGV and other industry players, ultimately transform into industrial production with equipment, proprietary technologies, warehouses, logistics, and, most importantly, customers," said Maksym Habriichuk, the Project Manager at BGV Group Management.
To achieve this, Hennadii Butkevych's BGV Group helps Zhytomyr Polytechnic first procure state-of-the-art equipment that allows laboratories to translate complex technical ideas into functional mechanisms and second, provide financial assistance to teams in the accelerator because they come with ideas but require investments for materials to create their own mechanisms.
"We're talking about amounts up to €3,000 per team," Habriichuk added. "Thirdly, the BGV team, as one of the leading investment companies in Ukraine, is ready to share its knowledge and experience, fostering the development of startups into fully-fledged businesses."
Throughout the four-month program, the ten selected participating teams will undergo training and have access to modern university laboratories supported by a technical team. They will attend lectures and workshops from leading practitioners in the field of modern technologies and receive support from specialized experts and program mentors. Thanks to BGV, each participating team will receive a grant of around ₴120,000 for purchasing necessary materials and components.
Upon completing the acceleration program, participants will showcase their progress to an expert jury, and winners will receive financial and legal support for developing their startup into a market-ready business project. The best projects will be able to attract investments from BGV Group Management.
"At the university's innovation hub, we focus on scientific research and will do everything possible and necessary to ensure that these research developments and studies evolve into entrepreneurial initiatives. Our aim is to create a business ecosystem around the university. This is one of the priority directions that will allow the university to thrive," Viktor Yevdokymov, the Rector of Zhytomyr Polytechnic, highlighted.
As part of the collaboration with Zhytomyr Polytechnic, BGV Group financed the upgrade of the university's innovation hub laboratory, purchasing modern equipment for training and developing technological projects, such as a vertical machining center, 3D scanner, bending segment machine, compressor, and metal band saw.
The selection process for participants in the acceleration program will start in February 2024. More details and updates about the initiative can be found on the official accelerator website: inhub.ztu.edu.ua/accelerator
In October 2023, the Zhytomyr Polytechnic and the investment company BGV Group Management signed a bilateral cooperation agreement, focusing on collaboration in educational, scientific, and research work, along with the exchange of experience to enhance the quality of professional training and their practical application in production.
