How tech companies become global leaders: insights from a Q&A session with Hanna Shuvalova

On January 21, our team had the opportunity to attend an exclusive Q&A session with Hanna Shuvalova, Principal at Horizon Capital, a member of the Strategic Council of Diia.City United, a Stanford Graduate School of Business alumna, and co-founder of the Pawa venture studio. The event was moderated by Natalia Mykolska, Executive Director at Diia.City United, and took place in Kyiv in a hybrid format. The discussion focused on the challenges and opportunities for Ukrainian businesses during wartime, female leadership, and attracting investments. Below are the key takeaways.

What does it take to attract investments?

Hanna began with a key insight: the ability to attract investments depends on the stage of a company’s development. She compared businesses to trees: early-stage companies (“seed” stage) can attract funding, but resources are limited. At Series A and B stages, larger opportunities arise, but so do investor expectations. Horizon Capital focuses on technology companies with global growth potential.

Before seeking investors, Hanna emphasized that companies should:

• Understand investor expectations – identify which industries, growth stages, and metrics are of interest to them.
• Prepare for a long “dating period” – building trust with investment funds can take years.
• Develop a strong investment thesis – formulate a clear vision for business growth backed by solid data.

Why does business need “silence”?

“Business thrives in an environment of silence and stability,” Hanna emphasized. Transparent regulations and a favorable policy framework are the foundation for developing startup ecosystems. Businesses need an environment where risks and rules are predictable, alongside government support. Unfortunately, in Ukraine, the lack of risk insurance remains a significant issue, making foreign investors hesitant to enter the market.

Female leadership: challenges and opportunities

As one of only two women in Horizon Capital’s top management, Hanna shared her experience in achieving success in a male-dominated industry. She emphasized that leadership is not defined by gender but requires continuous growth, taking responsibility, and having the courage to ask questions.
Her key advice: “Don’t be afraid to appear weak. Ask for help, challenge assumptions, and keep moving forward.”This approach not only fosters personal development but also strengthens teams.

The future of Ukraine’s startup ecosystem

Hanna highlighted the importance of systemic changes needed to support startup growth in Ukraine. Key areas include:

• Regulatory support. The government must create conditions that enable businesses to operate efficiently, attract investments, and scale.
• Openness to international markets. This includes both legal and business aspects, as global collaboration is essential for growth.
• Promoting achievements. Even in difficult times, Ukraine must actively showcase its successes on the global stage to attract investors and partners.
  

Tech companies: the future of Ukraine

Horizon Capital has played a major role in developing Ukraine’s tech sector. Their portfolio includes companies that not only contribute to the domestic market but also integrate into the global economy. Investments in technology create added value, attract international capital, and help shape Ukraine’s positive image.

For our team, this event provided valuable insights and fresh perspectives. Even in challenging times, there is always room for growth.