Теоретичні та прикладні питання економіки. Збірник наукових праць.

Випуск 1 (52)

УДК 336.767.017:334.72(477)

JEL: G32, L26, M13

ORCID ID: 0000-0003-2217-7117

DOI https://doi.org/10.17721/tppe.2026.52.3

Lesia Chubuk,

Doctor of Sciences (Economics), Associate Professor

Taras Shevchenko National University of Kyiv

lesiachubuk@knu.ua

FEATURES AND METHODOLOGICAL ISSUES OF STARTUP VALUATION IN UKRAINE

The purpose of this article is to highlight the methodological foundations and characteristics of startup valuation, identify obstacles and practical aspects of applying valuation methods in Ukraine, and develop recommendations for harmonizing domestic valuation approaches with international practice.

In the course of the study, to identify the prerequisites for applying empirical and quantitative tools for determining value depending on the stage of a startup’s life cycle, general methods of economic analysis – systematization, generalization, and comparison were used. To identify differences between European and Ukrainian valuation practices, a comparative analysis of startup valuation methods was applied.

The article highlights the methodological features of startup valuation, which are driven by the need for a predominantly quantitative determination of future potential rather than consideration of retrospective indicators. The state of the Ukrainian startup ecosystem is characterized based on statistical data. The key differences between domestic and European valuation practices are revealed. It is shown that European approaches focus on assessing market prospects and scalability (using empirical methods), whereas Ukrainian practice unreasonably leans toward the cost-based approach and analysis of tangible assets. The factors complicating the valuation of startups in Ukraine are summarized: a lack of reliable market data, significantly heightened wartime risks, the volatility of cash flow forecasts, and the disregard for the dominant role of intangible assets. It has been established that the use of traditional income approach methods leads to high volatility in results due to the speculative nature of assumptions, while the comparative approach is complicated by a lack of information on comparable companies. Based on the results, conclusions were drawn and directions for improving valuation practices were proposed. In particular, it is recommended that when valuing startups, one should move away from cost-based methods, more widely implement empirical (scoring) valuation models, and apply foresight modeling. The need to create a transparent information infrastructure for benchmarking is emphasized in order to align with international practices and improve the reliability of startup valuations.

Keywords: valuation, business valuation methods, startup valuation, investments, venture capital, investment risks.

Full Text: PDF

DOI: https://doi.org/10.17721/tppe.2026.52.3