Victoria Tigipko spoke at Ukrainian Investment Summit in London

“Ukraine is the most promising market of high technologies and innovations in Central and Eastern Europe, which is on par with Russian in terms of R&D and innovations, and exceeds it in terms of the growth opportunities”, — Victoria Tigipko, the Co-Founder and Managing Director of the VC fund TA ventures stated during the Ukrainian Investment Summit — Adam Smith Conference in London.

According to Victoria Tigipko, electronic commerce is one of the most dynamic segments if the IT-field at the time, with the pace of annual growth being 80% against 35% in Russia and 19% in the world. Furthermore, as early as 2010 the internet-commerce market volume exceeded $1 bln. “Moreover, the percentage of the electronic commerce in retail sales is only 0.8% versus 1,6% in Russia and 4% in the US, what indicates huge potential for growth”, — Viktoriia Tigipko said.

She noted, that Ukraine is already in the Gartner’s List of Top 30 outsourcing locations in the world and is one of the six most attractive countries in CEE for IT outsourcing. In 2010 alone outsourcing revenues in Ukraine amounted to $1 bln from 1000 IT-companies, where about 200 000 programmers work.

“In addition, Ukraine is the most dynamic internet-market in the CEE region in terms of the number of internet users, with 15% y-o-y growth in 2010 vs. 14% in Russia and 7% in Poland. As the result, in 2010, total number of Internet users has reached 13.9 mln. in Ukraine”, — Victoria Tigipko emphasized.

The Co-Founder of the VC fund TA ventures added that the high pace of development of ventures and private investments promotes the growth of Ukrainian IT-segment. “That way in order to diversify their portfolios, local and foreign VC funds establish partnerships for co-investing in VC deals in Ukraine. Whereby, the most attractive spheres for them are: social shopping and social games, on-line travel and on-line financial services, as well as on-line advertising and mobile applications, which are polular among the national internet users”, — she said.

In addition, Ukraine obtains huge scientific resource, great amount of talented experts in various fields, especially in Physics and Math. At present, about 400 Ukrainian higher education institutions qualify IT-professionals with more than 30 000 graduates, thereby Ukraine is 4thamong the top-10 countries with the most certified IT professionals.
“Should we consider the intention of Ukrainian government to introduce legislation, which will promote the development of innovative ventures ecosystem and particularly the support of the IT-field, Ukrainian ventures industry has all the chances of becoming a major actor in the global ventures market. Ukraine is capable of creating IT-start-ups with global potential, partnerships with the world and Russian ventures funds, as well as acting as an investor together with them”, — Viktoriia Tigipko summarized.

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