Valery Krasovsky Joined Ukrainian Business Delegation to Washington

Ukrainian Business Delegation to Washington was organized by StrategEast, a leading independent institution working to develop the Eurasia’s digital economy, in collaboration with international financial institutions, development agencies, global tech companies, and Eurasian governments.

The visit aimed to strengthen the ties between the USA and Ukraine at the state and business levels, highlight Ukrainian technologies as a beacon for countries undergoing digital transformation, promote Ukraine’s IT service and product companies, and extend educational initiatives.

In the meetings with representatives of USAID, U.S. government, Congress and Senators, the Ukrainian delegation aimed to once again convey the role of the Ukrainian technology industry in the nation’s recovery and growth and promoting the development of Ukrainian IT, which now generates around $7B per year. The Ukrainian IT industry includes about 2,300 companies, of which 72% have IT products including GitLab, Grammarly, Ajax Systems, Petcube, Depositphotos, and many others.

The industry is developing to furnish all components of a full-fledged tech ecosystem, including venture funds, investment organizations, and startup accelerators, such as SID Venture Partners, the most active early-stage VC in the Ukrainian ecosystem, and Sigma Software Labs, an innovative platform and incubator for startups. In 2023, SID Venture Partners was recognized as Ukraine’s best investor by Ukrainian Startup Fund and Startup Awards – in 2 years of operations, SID deployed over $4,7M between 23 startups. While Sigma Software Labs, managing a portfolio of $2.2M invested in 18 companies, was named one of the most active investors in Ukraine during the full-scale war, having announced 6 new deals post-February 24, 2022.

IT has become the country’s second-largest export industry as of 2023, accounting for 42% of total service exports from Ukraine. For over 10 years, the USA has remained the leading export partner.

During the trip, Valery and Olga advocated for significant initiatives, including:

– Establishing funds for investing in Ukrainian VC funds to boost pre-seed and seed-stage investments in IT product companies.

– Enhancing opportunities for Ukraine’s professional IT services, which currently generate around $7 billion annually.

– Participating in the rebuilding of Ukraine, with significant investment already committed.

After the event, several important updates were announced. First, Bank of America will be a consultant of the Ministry of Economy of Ukraine. Second, NASDAQ is waiving listing fees for Ukrainian companies listing on Nasdaq’s U.S. and European markets, which is intended to facilitate establishing a robust stock market presence. And finally, the launch of a new fund supporting Ukrainian science was announced, with initial $20 million at its disposal.

“Talking to representatives of various institutions and businesses, we emphasized that the best support for Ukrainian IT is new connections and new assignments. It helps keep our IT specialists busy and ensures that our country functions,” shares Olga Ksonzenko. “With new acquaintances and insights we got in Washington, we will continue building bridges between the American and Ukrainian tech industries, since we can offer talents, the ability to work even in harsh times, and commitment to our obligations.”

“I would like to express huge gratitude to StrategEast for organizing fruitful meetings with many prominent figures from government, business, academia, and diplomacy. These three days were full of events and significant conversations that, I hope, will bring new cooperation opportunities,” says Valery Krasovsky. “I also thank the American Chamber of Commerce in Ukraine and Ukrainian American House for hosting us.”

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