Construction of a “Unicorn” in Ukraine

by Olha Povaliaieva
Monday, January 24, 2022
Construction of a “Unicorn” in Ukraine

Secrets of creating a $1 billion startup

Companies that reached a market value of $1 billion were called "unicorns". Ukraine also has such successful startups. And almost all of them shared the same principles in making a product.

The first rule is accessible language. Projects are immediately built on the model "business-consumer". In this way, the study of the needs and desires of Ukrainians helps. Thus, query resolution is the product that a startup offers.

The second rule that works in Ukraine is to test a business idea. Every successful startup in Ukraine has passed the test path. It is important not to rush at this stage and adjust the product to consumers' feedback.

Another rule is to offer people new ideas for solving problems. Maybe the solution will be simple. But the most important thing is effective. Ukrainians are building teams with shared values. It’s important to bring in people who will initially work because they like the idea. This rule is important because it is necessary to invest more in business than earn in the first weeks or months of work. That is why another rule has been created. It sounds like "the need for scaling, not earning". For Ukrainians, the main thing is to help as many people as possible with their product.

The sixth rule that guides Ukrainians is the establishment of business relations. Through the partnership, Ukrainians can distribute and improve their products and receive financial support at the right time.

The fact that these rules work is confirmed by 12 Ukrainian startups, which already at the beginning of 2022 were in the rating of the best founders of "unicorns". Research by the Stanford university graduate school of business shows that Ukrainian startups have offered solutions in the space, financial and educational sectors.

The research was based on company indicators from 2019 to 2021. The rating included Ukrainian:

  • Online text service Grammarly;
  • Swap faces app Reface;
  • Security system Ajax and others.

The last "unicorn" company in Ukraine appeared at the end of 2021.

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