Here are some common questions founders ask us:
What is Polish - Ukrainian Startup Bridge?
Polish – Ukrainian Startup Bridge is a project commissioned by the Ministry of Development Funds and Regional Policy as a part of the larger program “Polish Aid” initiated by the Polish Ministry of Foreign Affairs. The Cooperation Fund Foundation is a Project Operator, meaning it is responsible for coordinating the operational activities for the Ukrainian audience.
Who are Polish - Ukrainian Startup Bridge for?
Our project is a part of “Strategic Support for micro-, small and medium entrepreneurs in Ukraine, including those in the start-up phase”.
As such, our activities are mainly directed towards people who want to open their technology-fuelled business and use the opportunities provided by the Polish and European markets. If you are a student, scientist working on the project, or already an entrepreneur, looking for new growth opportunities – we are here for you.
What can we offer You?
Among our core activities for our target audience are:
- Regional meetups in the selected cities of Ukraine, which aim to show the support they offer for their entrepreneurs,
- Startup Support Centre, which can help you with formalising your idea and gaining knowledge about opportunities available in Poland,
- Mentorship sessions with professionals from different countries, who will help you to prepare for funding,
- Startup Competition where the top 20 projects from Ukraine will have an opportunity to pitch their ideas to the international VC community during the Kyiv Tech Hub conference and win 50 000 PLN cash prize.
What are the Regional Meetups?
Regional meetups are the meetings we organize alongside our regional partners to help them in promoting entrepreneurship in their city/region and to show the best projects they have. On those meetings, the mini pitching sessions are held, with the winners being invited instantly to participate in the Kyiv Tech Hub conference.
What is Startup Support Centre?
To consult entrepreneurs and other interested parties on the opportunities the Polish startup ecosystem provides, we have created the Startup Support Centre. During the calls and online consultations, our experts will provide you with an insight about how to find the best opportunities for your project in Poland. Moreover, they will consult you on the quality of the basic startup paper package (pitch deck, presentation, financial plan, etc.).
What are Mentorship Sessions?
For all the entrepreneurs and projects, who are interested in participating in the startup competition we are offering an opportunity to work with our mentors. This will allow you to beef up your knowledge and face real-time business cases. Moreover, our Mentors will help you with preparing a bulletproof presentation, sales strategy, fundraising, and financial plan.
To bring more visibility to Ukraine and the projects being developed by Ukrainian founders we are organizing a Startup Competition. When you submit an online application form, you will automatically be consulted by our Startup Support Center, will be entitled for up to 4 hours of face-to-face workshops with our mentors, and will have an opportunity to pitch your startup on the Kyiv Tech Hub stage and receive a 50 000 PLN cash prize.
How do I apply for the Startup Competition?
To become a part of Polish – Ukrainian Startup Bridge project and have an access to our support package you need to fill in the application form. Be patient and attentive: the form reflects your desire to participate as well as the ability to answer the questions correctly and fully. The answers are allowed in Ukrainian and English, but all the documents submitted must be in English only.
What is a one-liner?
A one-liner is a short description of your company or the project. It should contain the main problem you solve or describe the usage of your product. As an example, a one-liner from AirBnB:
„AirBnB is a community marketplace that helps people list, discover and book unique spaces all over the world online, or from a mobile phone.”
What is and AngelList?
AngelList is one of the many platforms where startups create their profiles to be visible to venture investors, as well as to look for interested job seekers. Don’t have a profile yet? No problem, you can also give link to other similar service (a.e. PitchBook, Crunchbase, LeadIQ).
What is a business model canvas?
Business Model Canvas is an integral part to understand your business model. While constructing it, you will be able to answer questions:
- What problem does my product/company solve?
- What resources/partners do I need to start a company?
- Who will buy my product/service and how do I reach them?
- How many potential customers are willing to pay for my product/service?
- How much it will cost to operate such a company?
How do I know what stage of development my company/project is?
An answer to this question is not that obvious, but there are general guidelines to follow.
- If you have an idea and first business model canvas ready – you are at a concept stage. The same applies to the company with the product/service almost ready to sell (a maximum 6 month of development left).
- If your product/service is at least 80% ready and you have figured out your sales channels and need up to $50k of cash – you are a pre-seed startup.
- To be a seed startup/project you need to have an entity ready for investment (TOV, other types of LLC/Corp.) and generate at least $7 000 of sales per month (UAH 2 mln per year).
How much money do I need (funding required)?
The hardest question to ask. Really. Do I need 100 000 UAH? Do I need 2 000 000 UAH? Truth is, there are no right answers. What is our recommendation to answer this question – follow the logic below:
- How many months do I need to finish my product/service?
- What are the monthly costs associated with my product/service development (including salaries)?
- After I finish my product/service, will I immediately be selling it and generating revenue? If yes, will that revenue be enough to cover the costs of operating the company (direct + indirect cost)?
- Finally, the money you need will consist of: the cash you need to finalize the product/service + the money you will need to cover the difference between the Revenue and Cost of operating the Company for at least 6 months.
Please note that that number must correspond with the financial plan you enclose to your application.