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Ukraine business report

REPORT: How Ukrainian businesses thrive during war

Richard ClaytonRichard Clayton
May 29, 2023

One year on, as Ukraine struggles with the war, its businesses are finding ways to continue operating, and even succeeding in the face of adversity. Despite the ongoing conflict, Ukrainian entrepreneurs are demonstrating a resilience that has become characteristic of the nation as a whole.

From small startups to established enterprises, companies are adapting to the challenging circumstances by diversifying their offerings, exploring new markets, and investing in technology. For some, this has meant pivoting from traditional industries to focus on emerging sectors, such as ecommerce and digital marketing.

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Ukraine business report

Following our 2022 ‘Business in Times of War’ report, we carried out a follow-up study with more than 2,300 Ukrainian small to medium sized businesses (SMBs) across multiple industries including IT, manufacturing, education, agriculture, and others, to understand how they are maintaining, and even growing, their businesses one year on.

Ukrainian SMBs are showing that they have what it takes to succeed in a difficult environment. So much so, that despite the obstacles they face, 30% of Ukrainian businesses are looking to grow and 36% are still planning on hiring more staff this year. Furthermore, although there are government support programs available, 44% of Ukrainian businesses consider themselves independent and resourceful enough to achieve their business goals without any such support. Their determination and resilience are true testimony to the country’s strength in the face of adversity.

Ukraine business report

Get the report to understand how Ukrainian SMBs are continuing to operate and grow despite the conflict, providing insights into how entrepreneurs are navigating one of the most difficult situations imaginable.

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