Ukrainian Successful Startups That Grew Through Doubt

by Olha Povaliaieva
Monday, February 14, 2022
Ukrainian Successful Startups That Grew Through Doubt

Common characteristics by a startup that has consumed "Google" and the bank that every Ukrainian knows about

The First Ukrainian international bank is known as PUMB. But 16 years ago, its founders were against the name. Today, marketers who worked with the bank remember their words at the presentation.

"You guys are PUMB. That's what customers call you, employees, accept it," tells the marketers Fedoriv Andrii, who did the logo and the bank name.

The first presentation was attended by 36 persons of the extended bank's government, including the supervisory board chairman, who was a foreigner.

The marketers showed a red circle with a PUMB inscription. But they took a negative response from a foreigner.

"You know, I don't like him, you had another decision, it's more or less, but it also needs to be refined," said the chairman of the supervisory board.

A month later, the board changed its mind, and for 16 years, a large Ukrainian bank is under a logo that was once intended to be trashed.

In the same year, two Kyiv students invented an app that identifies a person without physical contact. The program Viewdle was able to recognize faces and objects without having to touch them in any way. It was the first such system. However, few people in the country were willing to invest in IT startups. At that time in Ukraine, the market of investing-in-ukraine/business-opportunities/startups/" rel="dofollow">startups was poorly developed. And in France, in Britain, in America was another situation. So, Ukrainian developers sent applications to invest in a project there. As a result, the startups attracted as much as $10 million — and the development went well. Their mobile phone app aroused interest among the world's IT giant — Google.

Google believed in the uniqueness of Ukrainian technology. In spring 2012, Viewdle's board of directors approved Google's acquisition. According to analysts, the deal's value ranged from $30 million to $45 million.

As we can see, both stories are completely different. But both companies have gone through a path of disbelief and success and have become leaders in their niches.

You will be interested