Solutions from Ukraine: 40 business innovators graduate from Impact Business Accelerator 2024 to drive social change

Forty innovators have successfully completed the All-Ukrainian national program Impact Business Accelerator 2024, with social impact firmly embedded in their strategies. Additionally, three companies have been awarded financial grants for their development.

Rubryka reports this.

What is the problem?

Russia's war against Ukraine and its consequences pose new challenges for businesses:

• need to restore the economy,
• adaptation to new conditions,
• integration of social impact into the strategy.

At the same time, companies face a lack of resources, knowledge, and support to create a large-scale positive impact on communities.

What is the solution?

Impact Business Accelerator 2024 became a platform for helping businesses integrate social impact into their strategies. Forty enterprises from 15 regions of Ukraine underwent a rich acceleration program that included training modules, mentoring support, and consultations from international experts.

Participants presented their business developments on Demo Day, and the best received grants and opportunities for further development.

How does it work?

The four-month program included lectures, workshops, and consultations with 36 mentors and international experts. Of the 440 applications, 40 of the most active enterprises reached the final. At the Demo Day in Kyiv, which culminated the program, they presented their business developments and ideas for growth, scaling, and expanding social impact to potential investors.

The program jury included Nina Levchuk, co-founder of Impact Force; Anna Hulevska-Chernysh, co-founder of SILab Ukraine; Anastasiia Deieva, executive director of the Tokarev Foundation; Andrii Remizov, Director of the State Enterprise "Office for the Development of Entrepreneurship and Exports"; and Mariia Shmelyova, Impact Investment Lead at The Possible Alliance. These experts selected the three winners.

• Sunny Coffee is an inclusive coffee shop that provides supported employment and social and everyday adaptation services for young people with Down syndrome. The company received a €15,000 grant from USVF to open a new location and create jobs for people with disabilities.
• AG&K is a leader in geothermal energy, creating innovative solutions for efficient heating and cooling. Thanks to a €15,000 grant from USVF, the business has the opportunity to implement even more projects aimed at Ukraine's sustainable development.
• Mentor Movement Studio offers fitness services with a rehabilitation component. The company received a €7,000 grant from the Tokarev Foundation to develop inclusive sports programs.

This is the second edition of the program, which was first presented in Davos in 2023. The program's results confirm that Ukrainian businesses can be innovative and solve social challenges even under martial law.

"I am impressed by the level of projects presented at the Demo Day and, in general, by the progress of all participants in our program. For example, AG&K, which won, previously participated in our other program, "Energy Efficiency Innovators," and they have grown a lot over these six months. All participants are true leaders who are ready to become creators of change. And they are the ones who will determine the future of Ukrainian business, making it increasingly influential," Nina Levchuk, co-founder of Impact Force, said.

Anna Hulevska-Chernysh, co-founder of SILab Ukraine, emphasized:

"Each of the 40 companies is already a success story. After all, all the finalist businesses made extraordinary efforts to develop social impact strategies and prepare financial activity reports, Cash Flow forecasts, and clear development plans. They proved that Ukrainian business can be strategically thought out, transparent, and at the same time socially oriented."

Andrii Remizov, Director of the State Enterprise "Office for the Development of Entrepreneurship and Export" added:

"Supporting such initiatives is an investment in the future of Ukraine. The program's winners are an example of how Ukrainian business can be innovative, social, and competitive simultaneously."

For reference:

It's worth mentioning that Ukraine has had a grant program in place for the past two years that focuses on supporting enterprises in the processing industry. As a result, over 17,000 new jobs have been generated.