Four years into Russia’s full-scale invasion, Ukraine’s venture capital and startup ecosystem operates under wartime conditions that fit into the framework described by Ben Horowitz perfectly. In his book, The Hard Thing About Hard Things, he contrasts “peacetime” leadership, focused on people and business growth, and “wartime” leadership, defined by speed and accuracy.

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The Investment Increase In the Defense Sector Contrasts Starkly With the Broader Decline In All Venture Capital Investment So Far In 2024