USAID launches two Eō Business Incubators in Ukraine
U.S. Agency for International Development (USAID) is launching two Eō Business Incubators in Kyiv and Kharkiv. Agency’s website is already accepting applications. Applicants can apply before May 3. Training sessions will commence on May 20.
Initially, 4 teams will be selected. Agency plans to eventually expand this number to 30 teams per incubator, explained Charles Whitehead, co-founder of Еō, to “Novoye vremya”.
Selected startups will participate in expert sessions with entrepreneurs and investors from all over the world, learn how to scale their business, and get an opportunity to attract seed funding from Еō partners. In exchange, incubator gets a 7% stake in the project.
According to AIN.UA’s sources familiar with the matter, incubators do not provide funding to their residents.
The incubators offer a 4-month program designed for startups at pre-seed, seed, and more advanced development stages. The incubators are primarily looking for technological startups working in any domain. The only condition is that a startup must be Ukrainian. Projects may be dedicated to technologies, IT, agriculture, medicine, finance, hardware, and science. The main focus will be given to teams, and then to technologies.
So far, Eō opens only two incubators. However, according to Whitehead’s comment to AIN.UA, the agency does not rule out the possibility of launching similar programs in other Ukrainian cities as well. This will depend on the outcome of the pilot run.
Eō project is part of USAID’s Competitive Economy Program Ukraine that supports Ukrainian startups, small and medium businesses. Project’s goal is to promote the technological economy of Ukraine and help businesses to expand to international markets.