EIT Community RIS Hub in Ukraine and Sigma Software Labs, with the support of the Ministry of Digital Transformation of Ukraine, have announced the start of the Ukrainian stage of the Startup World Cup competition. The winner of the regional stage will be able to participate in the global Grand Finale in San Francisco in October 2024, where they will compete for the prize of $1,000,000 in investments.
STARTUP WORLD CUP 2024: UKRAINE is divided into two tracks. The Fast Track for Established Startups allows direct applications to the final of the Ukrainian stage. The Rising Stars track is based on the UNICORN acceleration program. Participants will have the opportunity to take part in mentorship sessions from UNICORN and conduct a crash test of their idea with technical specialists and startup development experts.
The UNICORN acceleration program has been running for 8 years, with 980 projects and 2,200 startup founders having gone through it. This year, the UNICORN program is being conducted by EIT Community RIS Hub in Ukraine and Sigma Software Labs, with the support of ecosystem partners SID Venture Partners and Sigma Software University. The media partner of the Ukrainian stage of the competition is AIN.UA.
Details on participating in STARTUP WORLD CUP 2024: UKRAINE
The Ukrainian stage of the competition is open to startups with more than 50% of their shares owned by Ukrainians and having a representative office in Ukraine (office, development center or distributed team).
Established Startups that have already made a name for themselves can use the fast track. They must meet at least two of these criteria:
- at least 15 full-time employees;
- $5+ million raised in equity investments;
- $1+ million ARR.
Established Startups can apply directly to the Ukrainian final of the competition, which will take place on September 4, 2024. Applications for the fast track are accepted until August 15.
The second track is for Rising Stars startups, which will benefit from working with mentors and trial pitches at crash tests under the UNICORN program. The mentors and crash test jury will include leaders of the Ukrainian tech ecosystem, venture capital companies, and successful startups. Applications from Rising Stars are accepted until July 28.
The jury will review all applications and determine 10 teams that will be able to participate in the finals of the fast track and 10 teams admitted to the UNICORN program.
On August 28, the UNICORN program participants will compete at the UNICORN Demo Day for the right to participate in the Ukrainian final, as well as for cash prizes. The finalists from both tracks will meet on September 4, 2024, at the Ukrainian final, which will be held offline in two cities simultaneously – Kyiv and Warsaw.
The winner of the regional stage will represent Ukraine on the stage of the Startup World Cup on October 2 and 4 in San Francisco, where they will compete for $1,000,000 in investments. SID Venture Partners, the ecosystem partner of the competition, will cover the winners’ expenses for tickets and accommodation for the trip to the Startup World Cup. In addition to the grand prize, participants in the grand final will have the opportunity to win other valuable prizes from the event’s partners.
How to apply
The organizers of the Startup World Cup invite Ukrainian startups to submit their projects and compete for prizes:
About EIT Community RIS Hub Ukraine
The EIT Community RIS Hub in Ukraine was established in December 2023 in Kyiv as a one-stop shop for Ukrainian entrepreneurs, academics, and innovators to get closer to EIT opportunities.
EIT Community RIS Hub is part of the EU program, which aims to connect Ukrainian entrepreneurs and partners with Europe’s largest innovative ecosystem for business development. In 2023, EIT launched more than 50 educational, entrepreneurial and business programs for Ukraine. EIT directed more than 4 million euros to strengthen the Ukrainian economy. EIT provides various financial instruments — grants from 10 to 250 thousand euros and venture financing for entrepreneurs.
About Sigma Software Labs
Sigma Software Labs is a separate investment wing of Sigma Software Group – TOP 100 Global IT Outsourcing by IAOP. Labs is using the synergy of Customers and Partners network to scale portfolio startups, also helping clients to solve their business needs more efficiently. Investment strategy is focused on becoming an active partner rather than just an investor for startups, facilitating their growth in terms of not just B2B contacts, fundraising opportunities, but also access to infrastructure and resources of Sigma Software Group. Managing a portfolio of $2.3 million invested in 20 companies, and recognized as one of the most active investors in Ukraine during the full-scale war.
About Startup World Cup
Startup World Cup is a series of global startup conferences and competitions, powered by Pegasus Tech Ventures. It consists of 75+ regional startup competitions in more than 20 different countries around the world, leading up to the Grand Finale in Silicon Valley. The top startups from each regional event will fly out to the USA to compete for a $1,000,000 prize in investment. It will either be in exchange for a portion of equity related to the most recent round of funding or a convertible note, depending on the size of the company and how much funding they have raised.
