A Case Study

• Not in EU, so Lower Cost base

• No Visa needed for EU and US visitors

• Most Democratic from NON-EU countries… it seemed ;-)

• Lviv because it had great Universities and an International Airport

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WHY Ukraine? (In 2009)

• Biggest Financial Crisis in history. No Growth for first 1,5 years

• Revolution, Maidan

• Invasion and Occupation of Crimea by Russia

• “Invasion and Occupation” of Donbas Area in Eastern Ukraine

• Mobilization

• Corruption …even from from Tax authorities

• No Financing from Banks for Cash-Flow

• Collapse Euro to $ from 1.50 to 1.02

• IT Salaries Doubled during last years

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What happened after starting?

• Almost 300 people

• Almost 10 Mio Revenue

• +10% EBIT

• NEVER PAID BRIBE!!

• 2 new Offices last year (Rzeszow, Poland and Skopje, Macedonia)

• 100% Client Retention

• Top 5 Preferred to work for companies in Lviv

• CIO-Review: 2016 TOP 20 Most Promising JAVA companies

• CIO-Review: 2016 TOP 20 Most promising QA/Testing Companies

• Bank just informed they will FINALLY give a Loan for Cash-Flow

• My Second Home

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Where we are today.. despite all issues…

• Ukraine has been successful despite al issues !!

• Now things are more stable… it should be easier for new investors ;-)

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My Conclusion :

• It is (MUCH MORE) important WHO YOU KNOW!!!

• Embassy and Consulate

• EBA (European Business Association)

• Local Foreign Investment Office (Lviv)

• Local Authorities

• Local “Colleagues in the Industry”

• NEVER pay Bribes!!!

A Case Study

Recommendations:

Theo.Schnitfink@symphony-solutions.eu

A Case Study