Ukrainian Startup Gets Investments Only in Case of Movement Abroad

Dnipropetrovsk, Ukraine, October 22, 2015 (Newswire.com) - ​On the 21-st of September freelance service for linguists 2Polyglot (www.2polyglot.com) participated in conference for investors and startups “Venture Days” in Prague. One of the most authoritative Malaysian investing companies got interested in young Ukrainian online platform and considers the possibility to invest in it. However, during negotiations with Andrey Prudko, founder of the startup it was mentioned a basic investor’s requirement: in order to get invested, the international project has to move to Poland with all its team.

The international freelance platform for translators, copywriters, language tutors and tour guides 2Polyglot was in competition with 50 other startups from all over Europe. After 10-minute pitch on the scene of Prague conference teams of participants were aimed to make new acquaintances, find influential mentors from big Hesperian organizations or attract imposing investments. Teams were looking for from 10 thousand dollars for website content to 300 million euros for creating test plant of production of constructions for bridges.

"In investing, what is comfortable is rarely profitable." - Robert Arnott

Vasyl Tsyktor, Mr

The important factor interested investing company in 2Polyglot was growing market of linguistic services, which is actually young marketplace’s orientation. According to data of the independent research company “Common Sense Advisory”, global market of linguistic services is dynamically emerging. In 2014 there were spent $73 billion only on linguists’ services in comparison with $34 billion in 2013 where 15% of all volume where spent on translation. Taking into account common growth tendency and online technologies development it is not hard to define that demand growth for linguistic services will go on and according to preliminary data, will be about 10% till the end of 2015. Furthermore, the research agency forecast increase translation specialists quantity for 42% in 2020, which was 1.5 million persons in 2014. However, “EdNET Insight” informs that volume of e-learning market will be about $198 billion.

For last two years many Ukrainian startups remove their head offices abroad with the whole teams:

• developers of mobile application Looksery made a deal for about 150 million dollars and moved to the USA for continuing working for a product,
• IT-company 908 moved to Poland,
• Luxoft pronounced last year in May that it would remove about 500 programmers from Ukraine to Poland.

The same situation is with 2Polyglot: foreign investing company considers cooperation only in case of moving to nearby Western country. Unfortunately, foreign investors are afraid of investing in Ukrainian projects and teams especially because of complicated condition in country. This factor is so important, so it becomes critical and required one.

“Negotiations are just on a stage of discussion of cooperation conditions and moving to Poland will lead to much more expenses for a team, than it was in Ukraine due to rent price, judicial prices and other expenses. However, if moving will still be a requirement for receiving investments, than this decision is possible”, states founder of the linguistic freelance platform, Andrey Prudko.

The work principle with the platform 2Polyglot is in that customer having a task to be performed, which is connected to language area (text translation, writing articles on any language, search of a language tutor or a guide for a tour in any location of the world), posts a task on a website 2polyglot.com and freelancers interested in a task, apply for it. Customer may choose a freelancer taking into account executor’s rating, his/her portfolio, possessing relevant certificates and price. Payment can be provided after proper performance in frames of deadline with possible option “Safe Deal”.