A group of Ukrainian and American companies and tech solutions experts have launched the Military Innovation Technology Solutions (MITS) Program to develop Ukraine’s defense capabilities by investing in small tech companies.
The international defense accelerator will offer startups an investment of $200,000, split evenly for direct investment in the companies and expertise provided by American University Kyiv.
The program will focus on companies with strong innovative products in categories such as ground robotic systems, unmanned aerial, surface, and underwater vehicles, electronic warfare, mining and demining equipment, and cybersecurity solutions.
MITS and American University Kyiv will enroll the businesses under a “unique business program” that will help the startups conduct their businesses on a global scale.
The program is led by key stakeholders including Ukraine’s Ministry of Defense, Strategic Industries, and Digital Transformation.
Its supervisory board includes Co-Chairs Dr. Phillip Karber, former US Secretary of Defense Strategic Advisor, and Ernest Herold, former NATO Deputy Assistant Secretary General for Defense Investment.
MITS Program Phases
MITS will assist startups in gaining new competencies by dividing the program into two stages. The first block will focus on improving their business education, fundraising, and financial management.
Arizona State University and industry experts from various countries will guide the standardization of the stages.
The second phase will lean heavily on successfully executing defense orders in close collaboration with Ukrainian and international defense company leaders.