Ukraine has a thriving cadre of startups – several have become household names (think Grammarly). Ukraine, however, lacks a thriving venture capital sector. Trying to remediate, the USAID-sponsored Competitive Economic Project wanted to launch a Ukraine-based early-stage investment fund. To facilitate the launch, it hired WhiteLabel to conduct a feasibility study. WhiteLabel investigated Ukraine’s entrepreneurial ecosystem, meeting with hundreds of start-ups, investors, incubators, tech-transfer-teams, and legal professionals. The initial results were not good: with a potential war with Russia on the horizon and a poor regulatory environment, no investors wanted to invest in a Ukraine-based entity. There was, however, substantial interest in the startups, and supporting them. WhiteLabel suggested that the program pivot, focusing on technical support, and partnering with other donor agencies already funding Ukraine’s high-growth business sector, including introducing the team to an eventual partnership with the European Bank for Reconstruction and Development. “In addition to being some of the smartest people I have ever had the pleasure of working with, WhiteLabel brings an extraordinary level of client service,” said Program Lead Deborah Fairlamb.