Transformation of the Ukrainian startup ecosystem: from stable growth to wartime adaptation (2014–2024)

The article was devoted to an empirical analysis of the transformation of the Ukrainian startup ecosystem over an eleven-year period (2014–2024), with a particular focus on the impact of the full-scale war on the structure and mechanisms of financing innovative entrepreneurship. The study examined the evolution of the ecosystem from a period of formation and organic growth through a historic peak to the dramatic shock of war and subsequent recovery. A comprehensive analysis of financing dynamics by stages, investor types, and sectoral structure was conducted. Critical structural changes were identified: the collapse of angel financing, creating a gap in early-stage startup support; the emergence of a unique model of local investor dominance, contrasting with traditional dependence on foreign capital; the rapid growth of grant mechanisms; and the formation of Defense Tech as a new ecosystem driver. The role of state support programmes (Ukrainian Startup Fund, Brave1) in compensating for private financing failures and ensuring ecosystem sustainability during wartime was analysed. Based on identified structural challenges, priority directions for state policy were formulated: restoring angel financing through tax incentives, improving state support mechanisms for early stages, and strategic development of Defense Tech as a future export sector. The research findings had practical significance for startup founders, investors, government bodies, and international donors in developing strategies to support innovative entrepreneurship during wartime and post-war recovery.