Dinis Guarda interviews Artem Kopanyev, COO of Genesis, to discuss the key pillars of Ukrainian startup ecosystem and the role of Genesis, one of the largest global app developers and a co-founding company, in fostering an accelerated startup ecosystem in the country, in the latest episode of his YouTube Podcast, powered by openbusinesscouncil.org and citiesabc.com.

According to Startup Ecosystem Rankings 2020 by StartupBlink, Ukraine is amongst the top 30 nations globally with an accelerated startup culture. Leveraged by top talent pool, government initiatives and startup ecosystems, this growth is projected to provide the necessary impetus to the Ukrainian economy, which is grappling with the effects of its ongoing war effort.

Artem Kopanyev, a specialist in product based IT businesses, is the COO of Genesis, a company that provides infrastructure for building businesses. He told Dinis that Genesis, established in 2011, has built partnerships with global corporations on its journey of internet business, including MetaGoogle, AWS, TikTok, Snapchat, and many more. 

Over the years, he says, these partnerships have resulted in creating a collaborative ecosystem that fosters innovation and entrepreneurship, especially in Ukraine. He also told Dinis about the Startup Academy program with its partners to connect startup-minded entrepreneurs from across the world.

Right now, we are the biggest IT product companies in Ukraine with more than 3000 people. We are one of the largest app developers in the world with more than 300 million downloads of our apps. We are the leaders in several niches. We have overall more than 25 businesses in different industries.We also have a venture fund, which is a part of our ecosystem, with more than 80 investments.

We are striving to be a global player building businesses from Ukraine, supported by the biggest tech companies, who are our partners. We are the best people to give the most opportunities for our people in the country”, Artem told Dinis.

The Tech startup ecosystem in Ukraine: The shifting dynamics due to war with Russia

Ukraine is one of the biggest countries in Europe, as well as a resourceful tech hub. In 2021, the volume of investments in startups born in Ukraine reached $700 mln. The Government support and the Ukrainian Startup Fund initiative contributed a lot to the development of the startup ecosystem. The no-equity grants for pre-seed and seed startups in the amounts of $25K and $50K boosted the growth and provided opportunities for young entrepreneurs. 

However, the Russia Ukraine war, that started in February 2022, changed the overall picture. While the nation’s economy is significantly affected by the geopolitics, Artem tells Dinis that the talent management industry is also affected.

It’s getting much harder to outsource staffing companies to get long-term contracts, while their teams are in Ukraine, because they need to mitigate the risk”, he told Dinis.

We, tech companies in collaboration with universities and government institutions, are working a lot in the new generation of highly skilled developers, being able to build global products and helping global companies to gain leadership positions in their industries”, he said.

The concept of Co-Founding: An architecture of a collaborative ecosystem 

The concept of a co-founding business refers to a collaborative venture where two or more individuals come together to establish and run a company. Co-founding typically involves pooling resources, skills, and expertise to bring a business idea to life. This approach is often preferred because it combines the strengths and knowledge of multiple individuals, enhancing the chances of business success. 

The idea of co-founding companies is having the financial resources, expertise, and experience, and dedicating these resources to build a great company with the bright entrepreneurs. This is an alternative to regular company building, but with a much higher rate of success”, says Artem.

He also told Dinis that Genesis has created a community of entrepreneurs and professionals within its ecosystem where there is an easy exchange of experiences and ideas through formal and informal events. Speaking about the role of its partners, Artem explains:

A lot of our success is attributed to the right relationship with our biggest partners. They are not only helping us in providing tools, but also with their expertise and advice to general business processes - hiring the best talents, maintaining the processes, and performance management.”