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Expected to cost us $8.5 Trillion in losses over the next 10 years. For many reasons, from low-birth rates to hyper-risky Venture Capital in early stage companies and young founders, the West suffers from a massive and costly supply-side problem.Enter Ukraine, a young, bustling knowledge-economy, leading the world in AI, Cryptography and other Sciences. Previously known for it's industrial BPOs (Outsourcing), it's now winning Red Lion, Cannes and Red Dot awards in it's edgy-design scene. 3 hours from both London and Israel, bursting with capacity with rapidly increasing infrastructure, many future-thinking entrepreneurs are leveraging distributed teams and remote talent, all over the country.
Ukraine has the lowest cost of living in Europe2,3,4, with income taxes as low as 5%5. That translates to a Win-Win situation where Western clients pay on average 40% less, and Ukrainian new-hires make on average 25% more.
A 200 000 + person6 knowledge-economy born from the ashes of communism7. Ukraine is an economy of problem solvers and hackers. From, well, 'real' hacking to bioTech, a strong STEM university system and research market allows employers to really find 'hidden gems' in specialist, niche fields.
Grammarly8, Whatsapp9, Slack, what do they all have in common? They, like many other teams, leveraged Ukrainian teams and talent to build customer-ready products. Unlike many other outsource destinations, Ukraine doesn't suffer from the stigma of inconsistency or 'Race to the bottom pricing'.
Much like their European neighbors, Ukrainians are easy-going and open-minded. The cultural overlap allows for natural ease in communication that isn’t readily achievable with developers from other outsourcing destinations due to differences in high/low context cultures10. Ukrainian developers have an exceptional work ethic and are overall “out-of-the-box thinkers.” Hundreds of businesses that we all know and love have outsourced their development to Ukraine.