BrainBasket Foundation Established to Restore Ukraine's Economy - Fox29 WFLX TV, West Palm Beach, Florida-

BrainBasket Foundation Established to Restore Ukraine's Economy

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SOURCE The BrainBasket Foundation

IT Sector Launches Foundation to Establish Ukraine's Knowledge Economy by 2020

NEW YORK, April 28, 2014 /PRNewswire/ -- The BrainBasket Foundation (, a non-profit dedicated to growth in Ukraine, has been launched by Ukraine's leading IT companies to make the industry the driving force of the country's economy.  The Foundation's main objectives are to train an additional 100,000 IT professionals by 2020, and generate more than $10 billion in export revenues.

"This is an ambitious initiative to further develop Ukraine's IT industry, using the sector as a driving force for growth to help rapidly turn the economy from Europe's bread basket to brain basket," said Torben Majgaard, CEO and founder of Ciklum, one of Ukraine's largest exporters of IT services.

The BrainBasket Foundation has gained support from political leaders in Ukraine including Pavlo Sheremeta, Minister of Economic Development and Trade, and Ukrainian politician and former world boxing heavyweight champion Vitali Klitschko.  The international business community is also behind the organization.  Microsoft, Cisco, and Ciklum, to name a few, have proffered their endorsement and assistance in the form of expertise, funds, and organizational support.

"Ukraine is already recognized as one of the leading outsourcing locations in Eastern Europe due to the quality of their resources and technological expertise.  The BrainBasket Foundation will work with international companies and organizations to further spread the word that Ukraine is an unparalleled place to conduct business," Majgaard added.

The BrainBasket Foundation is managed by a 19-person Advisory Board and will be announcing a president in the near term.  

Facts about Ukraine's IT sector:

  • According to the Central and Eastern European Outsourcing Association, in 2013 Ukraine ranked first in the region in terms of "best market value in IT-outsourcing" and for "the largest number of staff employed in IT."
  • Research company Sourcingline, which conducts international market research, ranked Ukraine the 26th most attractive country in the world for outsourcing.
  • Ukraine currently exports IT services of $1.5-£2 billion per year.

Brain Basket Foundation 

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