On April 20, 2023, the Impact Business acceleration program was launched.
Among the applicants, companies from the IT sector (16%) and the construction sector (12%) were leading, with companies from the MedTech field (9%) in second place. Businesses from the agricultural sector (8%), gastronomy (8%), and light industry (7%) also submitted applications. In addition, businesses from the logistics, environmental, educational, cultural, and financial sectors were also considered in the selection process.
Currently, 25 finalists from various sectors of the economy are ready to develop their businesses for the recovery of Ukraine's economy, integration, and implementation of a social impact strategy - they have started their participation in the program, which will run until the end of 2023.
Out of over 100 applicants, the most motivated and prepared businesses were selected. The selection of candidates for the program was carried out by Ukrainian and international committees. In particular, representatives from Impact Force, SILab Ukraine, and RadarTech were included in the Ukrainian jury. The international committee included representatives from the Ukrainian Social Venture Fund, Schwab Foundation, Phineo gAG, Palantir UK, Tech to the Rescue, and European Patent Office, as well as a professor from the University of Cambridge. Candidates were evaluated based on four main criteria, including product readiness, transparency of the business model, alignment with company needs and program opportunities, scaling potential, and expected social impact.
"Today, businesses no longer operate under old rules. We all must respond to challenges created by a full-scale invasion. Our country needs restoration, with businesses being the main driver through strong social impact and innovative solutions. That is why our acceleration program is aimed not only at strengthening Ukrainian businesses but also increasing their social impact. We are pleased to have united strong and innovative companies within this program that strive to achieve positive social change in Ukraine already!" - Olena Kalibabа, CEO of the Ukrainian Social Venture Fund.
An extremely large number of applications were received for the program, indicating a growing interest in entrepreneurial activity in Ukraine and a desire for entrepreneurs to work effectively not only for their businesses but also for the benefit of society as a whole.
Participants of the Impact Business program will work with 16 experienced mentors to develop their businesses and implement social impact strategies. The program consists of 12 main modules:
Introduction to social entrepreneurship
Product-market fit
Impact measurement and management
Branding and positioning
B2B marketing and lead generation
B2B sales
B2B customer success
Creating holistic impact
Increasing impact capital
Human resources and operations
Business operations and scaling
Accounting, finance, and bookkeeping
The main benefits of the Impact Business program for its participants include free access to global financial and technical resources, as well as lectures, workshops, and research focused on business growth and integrating social impact into business strategy. Additionally, the program includes 30 hours of dedicated time with experienced mentors, access to international investors, and global technological resources.
Furthermore, based on the results of the program, two companies with the best performance will have the opportunity to receive financial support for their team up to 20,000 euros in the form of smart grants provided by the Ukrainian Social Venture Fund under the Collaborate for Impact project, funded by the European Union and implemented in partnership with EVPA.
Impact Business is an in-depth acceleration program created by an international team of experts, entrepreneurs, and investors for active businesses registered in Ukraine that seek to contribute to post-war recovery and create a positive and long-lasting social impact on the country's economy.