Luxinnovation to Help Ukrainian Startups Integrate into European Ecosystem

On Tuesday 25 July 2023, Luxinnovation announced that it will lead a work package focusing on integrating Ukrainian startups in the European ecosystem, as part of a European consortium.

This will be one of seven work packages, titled "Pan-European Integration and EU Portal," which will focus on integrating Ukrainian startups, especially those in deep tech, as well as innovators, entrepreneurs and tech workers within the European space.

After a selection and evaluation process that began in the summer of 2022, the European Commission through its European Innovation Council (EIC) has chosen from a pool of twelve candidates the "Seeds of Bravery" consortium, coordinated by FundingBox Accelerator (Warsaw, Poland), to implement a support plan worth €20 million aimed at assisting the Ukrainian innovation community, whether they are young companies established or relocated to Ukraine or whether they are abroad.

Invited by the Ukrainian startup fund to join the consortium, which consists of 20 startup organisations and associations (including six Ukrainian partners and eleven from other European countries), Luxinnovation has announced that it will play a role in this initiative.

"We are thrilled to be part of this consortium, which recognises Luxinnovation as a trusted partner," said Sasha Baillie, CEO of Luxinnovation. "This also provides us with an excellent opportunity to support the Ukrainian startup ecosystem in Europe. This collaboration promises a win-win outcome, benefiting Ukraine and also enriching the European start-up landscape through increased interconnectivity and shared prosperity."

According to Luxinnovation, it will also be directly involved as co-lead in two other work packages: "Facilitating Access to Financing" and "Market Discovery and Accelerated Procedure."

"We are convinced that the EIC initiative plays an essential role in empowering Ukrainian technology innovators, and we are delighted to support Ukraine's growth and seamless integration into the European innovation ecosystem," added Inna Perepelytsya, Senior Advisor for Startup Acceleration at Luxinnovation, who will be in charge of this project within the agency

The project will officially kick off in September 2023 in Poland with a launch meeting of the 20 consortium members and this initiative will continue until September 2025.

"Seeds of Bravery" aims to provide direct financial support to at least 200 Ukrainian deep tech start-ups, granting each up to €60,000. Additionally, the EIC aims to offer non-financial support, such as networking opportunities and business advisory services. This action aims to reinforce the capacity of Ukrainian innovators to interact with the European innovation ecosystem, contact new markets and benefit from European funding instruments.

"I congratulate Luxinnovation on this achievement and thank the agency for their efforts," concluded the Luxembourg Minister of the Economy, Franz Fayot. "In line with its strategic orientations, Luxinnovation encourages and supports companies on the path of innovation to enable them to seize the opportunities offered by new technologies and a constantly evolving environment. We are proud to note that the agency's know-how and skills are recognised on an international scale."