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This is how Ukraine’s IT Businesses can Grow Despite War

Opinions
5 minutes
Ukraine’s IT Businesses

Despite the Russian Federation’s full-scale military invasion, which started on February 24, 2022, Ukraine as a state continues to function, its economy works, and the IT sector has not just adapted to the new reality but is also quite able to continue growing.

Yuri Vanetik, an American lawyer, investor, and political consultant, has shared his opinion on what Ukrainian IT companies should do to develop their business in wartime conditions. Based on my conversation with him, I have prepared several recommendations useful for IT companies’ owners and management.

Inform Your Customers

Business continuity planning (BCP) is among the fundamental principles underlying management decision-making in Western companies. That means it is necessary to ensure business activity, watching for potential threats to the company.

Military activities create very high risks in this context. That is why it is essential to inform your customers you have a well-thought-out plan of action for crisis circumstances, take measures to protect data, and ensure your employees’ safety.

Yuri Vanetik believes that Ukraine’s resilience in the face of Russian aggression and the ongoing growth of the IT sector despite the war have proven that capital providers can confidently invest in this rapidly growing industry. IT prospects in Ukraine are very good indeed, but it is necessary to convey this information to potential customers.

Develop the Product Mindset

It is not just about IT product development as such but about the product approach to any project implementation too. That is a universal concept that companies can also efficiently implement while working in outsourcing, which the majority of Ukrainian technology companies resort to.

Attention is directed toward users and their problems, but the businesses’ goals and objectives are taken into account as well. Customers highly appreciate this approach as it helps reduce the risk of developing unnecessary features and create the most suitable solution for all the parties concerned.

Product Mindset is the Key to the Success
Photographs by Emile Ducke for The New York Times; Illustration by Gluekit

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Flexibility is Your Key Advantage

Following Russia’s full-scale invasion, Ukrainian IT companies have learned to plan their activities with due consideration of unprecedented risks.

IT product developers can use the art of decentralizing the staff reserve and building remote teams’ efficient work not only as a risk reduction measure but also as a tool for targeted growth. For example, branches opened in smaller cities allow for lowering costs and attracting talented employees due to lower competition.

Tell More About Yourself

Even though Ukraine is often mentioned in various ratings as a profitable IT outsourcing destination, many potential customers know the country itself, but they have heard almost nothing about specific Ukrainian companies. Marketing is your weak spot.

Many product companies like Grammarly, GitLab, and MacPaw are internationally known. So, the marketing methods they use can be successfully adapted for service providers as well. Brand development is a key to success, whatever industry your business is in.

Ukrainian bravery inspire free nations

Let Us Summarize

The Ukrainian IT sector has quickly responded to pressing challenges: technology companies moved teams to safer places and resumed work. The majority of companies proved to be capable of ensuring their operation security and maintaining the scope of fulfilling their obligations to customers, retaining a high growth potential.

It is important to show these capabilities to potential customers to ascertain the safety of their investments. This approach will help IT developers increase the number of companies and multilevel private investors deciding to invest their money in Ukraine.

September 16, 2022

Head of Marketing at Lvivity

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