26 November 2014. Development of enterprise

In 2015 Bukovyna Fund’s Capital To Be Increased

In 2015, the capital of the fund aimed at supporting small enterprise ‘Bukovyna’ will be increased by UAH 5 million to UAH 8 million and will finance creation of a entrepreneurship center in Chernivtsi. This was stated by the initiator and main investor of the ‘Bukovyna’ Fund, President of the Federation of Employers of Ukraine Dmitry Firtash in his address to the participants of the student business ideas competition.

“If we look at international experience, we see a very clear system of promising new businesses opening: development of business ideas, elaboration of business models and financing. Today, in Chernivtsi we have established the first and the last stage of such system. In 2015, we plan to create regional entrepreneurship center in Chernivtsi where young people will be able to meet regularly and discuss their achievements. Thus, promising business ideas will be picked up not once a year, but every day”, said the FEU President.

In his address to the finalists of the business ideas contest among students Dmitry Firtash also noted that one of the main objectives of the ‘Bukovyna’ fund is to create jobs for young people, and the fund has shown good results in this mission completing. In particular, the fund has financed the work of 11 enterprises. Among them are two students’ projects employing about 20 people.

In addition, the final of the business ideas competition, that took place in Chernivtsi on November 26, identified three projects of Bukovyna students who received not only valuable prizes, but also an opportunity to develop business plans for their projects and apply for funding from the Investment Fund ‘Bukovyna’. In particular, the jury chose three projects: Squash Club, Kingsman barber shop, and Video shop window project.

“We understand how important for young people in Ukraine to have perspectives and jobs. Therefore, in 2015, we decided to increase the size of the ‘Bukovyna’ fund by UAH 5 million. This will give us an opportunity to expand its activities not only in Chernivtsi, but throughout the western Ukraine”, said the President of the Federation of Employers of Ukraine Dmitry Firtash.

NOTE

In 2012, the President of the Federation of Employers of Ukraine Mr. Dmitry Firtash has initiated the establishment of a venture investment fund “Bukovyna”. The bulk of the Fund’s capital was donated by Dmitry Firtash and four Chernivtsi business people: Ms. Stella Stankevych, Chairwoman of the Board of Directors, ‘Trembita’ company; Mr. Vyacheslav Dobrovolsky, Preseident, ‘TechnoPlus’ company; Mr. Victor Sidliar, CEO, ‘Chernivtsi mashzavod’; and Mr. Ivan Semeniuk, CEO ‘Rodnichok’ company. Venture investment fund aimed at supporting small enterprise ‘Bukovyna’ has already financed 11 projects.