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Russia's full-scale invasion did not stop Ukrainian startups — it changed the logic of how they are born. While investors paused and some teams evacuated, accelerators remained the only structured institution keeping early-stage support alive. We decided to take a serious look: who exactly are these programs, how do they work, and what do they actually deliver to founders?We present the first large-scale independent study of 22 acceleration programs shaping Ukraine's technology landscape.

Why This Matters

The global acceleration model — built around Y Combinator and Techstars after 2005 — was designed for a stable operating environment, an active early-stage venture market, mobile founders, and open access to international markets. Ukraine has none of these in full.Male founders cannot freely travel abroad. The early-stage venture capital market in Ukraine was never well developed, and it contracted further after 2022.
The concept of "going to market" carries an entirely different meaning under wartime conditions: for some startups, the market is Poland or the Netherlands; for others, it is the Armed Forces of Ukraine.That is precisely why Ukrainian accelerators are a special case. And that is precisely why they deserve a serious, honest study of their own.

What We Studied

Each of the 22 programs completed a structured questionnaire with more than 100 questions.
We analysed:— Funding model (equity vs non-equity)— Stage and geographic focus— Number of applications and conversion rates— Startup survival at 24 months post-program— Total alumni funding raised— Mentor and partner networks
A quantitative ranking based on normalised scores is published by Forbes Ukraine. This study provides the qualitative analysis and a detailed profile of every participant.

Key Findings

Specialisation is becoming the standardDefense tech, deep tech, cleantech, impact — narrowly focused programs are increasingly outperforming broad horizontal formats in terms of fit between what a startup needs and what a program can actually deliver.
Universities build the foundation — but need tracking systemsAt least 7 of the 22 programs are affiliated with universities. They reach an audience not yet ready for market-rate programs and cultivate entrepreneurial thinking at the earliest stages. The problem: almost none have structured mechanisms for tracking graduates after completion.
Non-equity dominates — and that's not a weaknessThe majority of programs operate without taking equity. This is a rational response to the absence of a developed early-stage venture market — not a sign of backwardness. Non-equity programs can back startups at stages where an equity investor simply won't go yet.
Three challenges that never changeRaising funding, entering international markets, scaling the team — regardless of program type, alumni face the same three walls. The most effective programs don't just educate; they eliminate the access deficit by connecting startups directly to investors, corporate clients, or international partners.
Corporate acceleration as the answer to the first-client problemFozzy Venture Studio and Radar Tech open their real operating environments for startup pilots. The value proposition isn't "we'll teach you how to sell" — it's "we'll give you a real client inside the program." In conditions where landing that first B2B contract is the greatest barrier, this is a fundamentally different offer.

About the Study

This research will be published annually. The full methodology, program profiles, and complete analysis are available in the report. The quantitative ranking is published by Forbes Ukraine and financed by Ukraine-Moldova American Enterprise Fund.
If you run an accelerator with an impact on the Ukrainian startup ecosystem and weren't included in this first edition — we'd be glad to see you in the next one.