08 November 2013 Promotion of Enterprise. Bukovyna Fund

We Have Created Unique Business Development System – Dmitry Firtash

Due to the work of the venture investment fund "Bukovyna" aimed at supporting small enterprise in the Chernivtsi region, a unique for Ukraine ecosystem of entrepreneurship development has been created. This was stated by the President of the Federation of Employers of Ukraine Dmitry Firtash while commenting on the selection of the business ideas competition finalists among students of Chernivtsi region.
 
"When a year and a half ago, we, together with the Chernivtsi businessmen, created Bukovyna fund, we conceived it as a financial tool to support local small and medium-sized businesses. We managed to do it and, in fact, today the business support system has been established around the fund. The fund not only provides preferential financing, but also it has become a center of business activity of the region. The fund has gathered a community of successful businessmen and beginners who share their experience and ideas with each other. This is a unique practice for Ukraine”, said Dmitry Firtash.
 
Recently the Bukovyna fund has become a partner of business ideas contest held by Chernivtsi regional collegium of All-Ukrainian Student Council. On November 5, seven finalists of the competition were identified: the hostel for tourists and visitors to the Chernivtsi city, dancing school, dry cleaning for students, self-service carwash, fast organic food, quick household help, store selling handmade candies and chocolate.
 
Totally, more than 100 applications from students of Chernivtsi region have been sent. The Head of the Chernivtsi Regional State Administration Mykhaylo Papiev connects big buzz around the competition with that the winners will have an opportunity to implement their projects.
 
“For the winners of the competition is important to not only to win the prize, but also to implement their business ideas. Bukovyna fund will provide financing and mentoring support to start business. This is the most important aspect”, said Mykhaylo Papiev.
 
According to Dmitry Firtash, promoting entrepreneurship among students is an investment in the future of Ukraine. “For example, in the largest economy of the world, the United States, 20% of students try their hand in business before graduation. If we create such system, in 10 years we will not recognize Ukraine. These guys will graduate from educational institution and create new jobs. They have ideas, and we must give them opportunities”, said Dmitry Firtash.
 
The final of the business ideas competition is scheduled for November 28. Judges will select three winners, who will be able to get funding from the Bukovyna fund to implement their business ideas.

NOTE

The venture investment fund "Bukovyna" is Ukraine’s first investment fund offering preferential lending support to small businesses in the Chernivtsi region. ‘Bukovyna’ is the only fund financing the development of promising ideas ‘from scratch’ in all sectors of the economy.

The Fund’s capital was donated by its initiator, President of the Federation of Employers of Ukraine Dmitry Firtash, and four Chernivtsi companies: ‘Trembita, ‘TechnoPlus’, ‘Chernivtsi mashzavod’, ‘Rodnichohk’.

The Fund started operation in April 2012. For today, the fund has 10 projects in its portfolio.

For more information about Bukovyna fund.