Conversations at Impact Europe’s annual conference reveal the transformative efforts of leaders tackling the world’s most challenging circumstances.

This article captures insights from Ewa Konczal, Regional Market Building Lead at Impact Europe, and Olena Kalibaba, CEO of the Ukrainian Social Venture Fund, a project established by SILab in partnership with Impact Europe and others. Together, they illustrate how innovative financing models and strategic collaborations are empowering entrepreneurs in countries like Ukraine and Lebanon to rebuild livelihoods amidst extraordinary adversity. By providing a mix of financial and non-financial support, these initiatives enable displaced individuals to create resilient microbusinesses that meet local needs while fostering economic recovery.

The focus here is on Ukraine, where a unique blend of private and public funding, mentoring, and capacity-building efforts is driving systemic change. Through Ewa’s macro perspective and Olena’s on-the-ground experience, we’ll explore how a scalable model of impact investment is providing a lifeline to communities facing unprecedented challenges. Their journey showcases the power of social entrepreneurship as a catalyst for resilience and hope.

Systemic innovation: Ewa’s perspective

Ewa Konczal brings a wealth of experience and a visionary approach to building impact markets in countries bordering the EU. With a proven track record of creating a successful impact fund model in Poland, Ewa has spearheaded efforts to replicate this framework across Eastern Europe. Her method emphasizes partnerships with local funders and entrepreneurs who share a commitment to improving their communities.

One of the critical elements of Ewa’s strategy is reducing bureaucracy. A lean team of ten — only half of whom work full-time — focuses on scaling what works, maintaining flexibility, and adapting to each country’s unique circumstances. This model has garnered support from the European Commission, which in 2020 provided a direct grant to expand the initiative to Georgia, Ukraine, and Armenia. Since then, these efforts have mobilized additional capital, deploying approximately €1.5 million in blended finance and another €1 million in loans.

The initiative’s goal is not just to fund social enterprises but to treat them as portfolio organizations, offering capacity-building support and mentorship. Ewa’s network connects seasoned investors and entrepreneurs with emerging businesses, fostering relationships that extend beyond financial transactions. For instance, the Ukrainian Social Venture Fund exemplifies this approach, providing critical support to enterprises building resilience amid the ongoing war.

The resilience of these initiatives is fueled by necessity — in a country where millions have been displaced, and the economy’s survival is intertwined with the war effort.

Ewa’s broader vision includes scaling this model across 12 countries, with plans to expand to 18 by next year. She also sees potential for a north-south collaboration with Africa, addressing the common “valley of death” financing gap for early-stage impact ventures. As she explains, “We see the opportunity to extend this bottom-up, opportunistic approach globally, connecting regions with shared challenges and solutions.”

On-the-ground realities: Olena’s perspective

Olena Kalibaba provides a ground-level view of how social entrepreneurship is creating a lifeline for communities facing unimaginable challenges in Ukraine. As the CEO of the Ukrainian Social Venture Fund, Olena has drawn on her network of business experts and philanthropic experience to foster impact-driven enterprises even amid the chaos of war.

The projects supported are a mix of businesses and non-profits, all seeking capacity-building support and sustainable models for growth. For Olena, the motivation is deeply personal: “In our country, we are in very deep — it’s real war conditions every day.” The resilience of these initiatives is fueled by necessity — in a country where millions have been displaced, and the economy’s survival is intertwined with the war effort.

Women have emerged as central figures in this economic revival, stepping into entrepreneurial roles as men are mobilized for military service or lost to the conflict. Many women, often internally displaced and raising children alone, are creating micro-businesses to address urgent needs such as housing, rehabilitation, and mental health support. This surge in entrepreneurship not only helps rebuild communities but also addresses the country’s broader economic and social challenges.

Mature businesses, too, are contributing to the effort, supporting mine clearance, humanitarian activities, and military needs. Social enterprises have become leaders of change, offering innovative solutions to vulnerable populations, veterans, and their families. As Anna Gulevska-Chernyish, Chair of the Board at SILab Ukraine, observes, “In truth, any enterprise in Ukraine is now co-responsible for the future of the country.”

Despite the overwhelming challenges, Olena’s focus remains on fostering sustainable, scalable businesses. Inclusive working spaces have been established to support disabled individuals, veterans, and civilians impacted by the war. In rural areas, displaced individuals have organized food production systems and schools, filling gaps left by the state’s strained capacity. Collaborations with organizations like Philips have brought critical medical equipment to rehabilitation centers, demonstrating the power of practical partnerships in driving recovery.

Success, as Olena defines it, lies in the number of businesses that scale and sustain themselves, the viability of working spaces created, and the continuation of impact funds. As she reflects on the ongoing crisis, Olena’s hope is that the enabling funds and support services provided will inspire similar initiatives, proving that even in the darkest times, resilience and innovation can flourish.

A Call to Action

The experiences shared by Ewa and Olena are a testament to the transformative power of impact-driven initiatives in regions facing unimaginable adversity. Their message is simple yet profound: invest in vulnerable countries or those at risk. By doing so, funders can make a tangible difference, empowering resilient micro-enterprises that thrive under the most challenging circumstances.

Their work underscores the importance of thinking beyond conventional investment opportunities, choosing instead to support models that blend financial returns with social impact. As Ewa and Olena demonstrate, it is possible to build vibrant, inclusive economies even in war-torn and fragile settings. The hope is that their efforts will inspire others to follow suit, bringing resilience, innovation, and opportunity to the world’s most vulnerable communities.

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