EU, Denmark & UNDP Launches Innovation Challenge to Boost Mykolaiv and Ternopil’s Economies

The European Union (EU), the Kingdom of Denmark, and the United Nations Development Programme (UNDP) in Ukraine, in partnership with BOOST, an acceleration programme for social impact innovation, are excited to announce the launch of an Innovation Challenge to boost the economies of Mykolaiv and Ternopil. 

UNDP Ukraine invites micro-, small, and medium enterprises (MSMEs) to apply to participate in the Innovation Challenge with innovative ideas for the transition of the economies of Mykolaiv and Ternopil. Selected participants will join the BOOST entrepreneurial acceleration programme aimed at revitalizing the economies of two cities. 

The Innovation Challenge comes at a critical time for Ukrainian cities, which have been deeply affected by Russia’s war on Ukraine. The once thriving economies have suffered significant setbacks as investment potential dwindles, resources become scarce, and new challenges emerge daily. In the face of adversity, Mykolaiv and Ternopil seek innovative solutions to pave the way for economic recovery and sustainable development in the fields of the Blue and Green Economy. 

But what do these terms mean? The Blue Economy refers to the sustainable use of water resources for economic growth, improved livelihoods, and jobs while preserving the health of rivers and seas ecosystems. It encompasses sectors such as marine renewable energy, sustainable fisheries, coastal tourism, marine biotechnology, and many more. The Green Economy, on the other hand, promotes economic growth and development while ensuring environmental sustainability and social equity. It involves reducing carbon emissions, increasing energy efficiency, promoting renewable energy sources, and adopting sustainable production and consumption practices. 

Despite the challenges they face, Mykolaiv and Ternopil are determined to embrace these new economic models and seize the opportunities they offer for growth and resilience, whilst developping the capacities of MSMEs in the region. 

The Innovation Challenge participants will be provided with mentorship, business acceleration support, networking possibilities as well as USD10,000 in financial awards to boost and make their innovative idea come to life. 

See more information and apply for the Blue Innovation Challenge for Mykolaiv.  

See more information and apply for the Green Innovation Challenge for Ternopil.

The Innovation Challenge is implemented within the framework of the Mayors for Economic Growth facility funded by the EU and supported by the Innovation Fund Project funded by the Kingdom of Denmark. The projects are implemented by the UNDP.