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.