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Dmytro Shestakov

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About

Dr Dmytro Shestakov (born November 26, 1986) is an American-Ukrainian technology entrepreneur, academic, and author. He serves as an expert at NATO's Defense Innovation Accelerator for the North Atlantic (DIANA), Professor of Finance at Kyiv-Mohyla Academy, CEO and co-founder of Research Integrity Chain Ltd (RICH), the first scientific blockchain app for protecting research copyrights, and has held leadership positions in various technology and innovation ventures.

Shestakov is known for his work in startup and innovation development, AI and blockchain technology, and deeptech commercialization. He is a member of the Expert Council for Startup Evaluation at BRAVE1 defense tech accelerator and Ukrainian Startup Fund, the biggest pre-seed investor in Eastern Europe. His research focuses on evaluation of innovative startups, strategy, real options theory, and strategic agility in business.

He holds dual PhDs in Finance and Economics, an Executive MBA from London Business School, and an Executive Master of Business Analytics and Finance from Kyiv-Mohyla Business School. In April 2024, he published "When Businesses Test Hypotheses: A Four-Step Approach to Risk Management for Innovative Startups" with Columbia University Press and Ibidem (monograph), with a foreword by Anthony J. Tether, former Director of the U.S. Defense Advanced Research Projects Agency (DARPA).

Career

Business Ventures and Leadership Roles

Shestakov has held various leadership positions in technology and innovation ventures. From 2022 to 2024, he served as Board Member and Chief of Product at ReviewerCredits, a sciencetech SaaS platform for scholarly editors and researchers. During this period, he was also an investor and co-founder at Unfia, a B2B craft wine SaaS platform.

From 2019 to 2024, Shestakov was CEO and Co-founder of Thinkera Ventures, a venture builder based in Kyiv. The company's portfolio included FOODZ.Ukraine, which became the leading dark kitchen operator for ready-made food delivery in the EMEA region.

In 2017–2018, he founded and led CER.Live (Tallinn, Estonia), developing it into one of the top three global cybersecurity ranking and certification platforms for cryptocurrency exchanges. During the same period, he advised HACKEN, a major blockchain security provider.

Energy Efficiency and Innovation

From 2016 to 2019, Shestakov served as Director of Innovation at the Ukrainian Defense Concern (SFTE SpetsTechnoExport subsidiary), where he established a deep tech innovation unit modeled after DARPA. This initiative was developed in collaboration with Anthony J. Tether, former Director of the U.S. Defense Advanced Research Projects Agency (DARPA).

Between 2019 and 2020, he led the development and implementation of the launch and go-to-market strategy of the $1 billion Energy Efficiency Fund in Kyiv, focusing on thermal innovations for CO2 emissions reduction. He also served as Strategy Adviser at UNIT.City Innovation Park (2016–2019), contributing to the development of Eastern Europe's leading innovation hub.

Early Career

Shestakov began his career in quantitative finance, working as an Investment Analyst at Amadeus Asset Management in 2005 and later at Sokrat Investment Group in 2007. From 2008 to 2015, he was Product Lead, Director of Product, and Partner at Goldman Milestone venture builder in Kyiv, where he developed algorithmic trading models and led the implementation of a high-frequency derivative trading platform in partnership with NYSE and Bloomberg.

Awards and Recognition

Shestakov has received several notable recognitions for his contributions to entrepreneurship, innovation, and academic leadership, namely:

United States

EB1-A Visa (2024) – A permanent resident visa granted for "extraordinary ability" in entrepreneurship and innovation, commonly known as the "Einstein Visa" or "Green card for genius".

Academic Honors

Excellence in Leadership Award (2022) – Awarded by London Business School for outstanding leadership achievements with a prestigious scholarship.

Leadership Scholarship Award (2016) – Received from Kyiv-Mohyla Business School for exceptional leadership potential and academic achievements.

Public Service and Non-Profit Work

Mental Health Initiatives

Since 2021, Shestakov has served as co-founder of the Olaf Pine Foundation, Oleh Derevyanko, an NGO focused on PTSD and mental health treatment in Ukraine. The foundation collaborates with UNDP and Ukrainian government ministries to develop and implement new technologies for psychological rehabilitation and mental health improvement.

Government Advisory Roles

  • Innovation Adviser to the Deputy Minister of Internal Affairs of Ukraine, Tetiana Kovalchuk and Meri Akopyan (2016–2022)
  • Innovation Expert at UNDP (2021–2022)
  • Innovation Expert at UN Global Network Ukraine (2019–2020)
  • Adviser to the Parliament Member of Ukraine, Oleksiy Mushak, (2014–2016)

Non-Profit Leadership

  • Co-founder and Board Member, Kyiv-Mohyla Business School Alumni Association NGO, Ukraine (2017–2022)
  • Co-founder and Vice President for Strategy and Analysis, Oleksiy Omelchuk, CLUST-UA Ukrainian Cluster Development Agency NGO, Ukraine (2015–2022)
  • Co-founder, leader and volunteer, Suspilnykh Initsiatyv NGO, Ukraine (2009–2016)

Athletic Career

Martial Arts

  • Mixed Martial Arts training at the Octagon Fight Club (2016–2022)
  • Black belt in Karate, certified by the Ukrainian Karate Federation under the World Karate Federation licenses (2016)
  • Karatist and Member of the Ukrainian Karate Federation (1997–2016)

Yoga

Practising yogin at the Ukrainian Yoga Federation (2012–present).

Education

  1. Executive MBA, Leadership Scholar, Social Representative at London Business School (2022-2024)
  2. Executive MBA exchange program at
 UCLA Anderson School of Management (August 2023)
  3. PhD in Finance at the National University of “Kyiv-Mohyla Academy” (2012-2020)
  4. PhD in Economics at the Kyiv National University of Trade and Economics (2017-2020)
  5. Certified Project Management Professional (PMP) by Project Management Institute (2019, continued in 2022)
  6. Graduate of the School of Strategy Architects by Kyiv-Mohyla Business School (2016-2017)
  7. Executive Master of Business Analytics and Finance at Kyiv-Mohyla Business School (2011-2013)
  8. Master of Economics and Entrepreneurship at the Chernivtsi National University n.a. Y. Fedkovych (2007-2009)
  9. Bachelor of Economics and Entrepreneurship at the Chernivtsi National University n.a. Y. Fedkovych (2004-2007)

Publications

Book

In April 2024, Shestakov published the monograph "When Businesses Test Hypotheses: A Four-Step Approach to Risk Management for Innovative Startups" with Columbia University Press and Ibidem (Ibidem Press, Ukrainian Voices series, vol. 52, ISBN: 978-3-8382-1883-0). The book, which includes a foreword by Anthony J. Tether, former Director of DARPA, presents a methodology for evaluating early-stage startups through strategic validation rather than traditional metrics. It introduces a novel approach to startup valuation, focusing on hypothesis testing and risk management in innovative ventures. The work is primarily aimed at startup investors and founders.

Scientific Articles

  1. Shestakov, D. (2021). The Hypothesis Testing Method for Evaluation of Startup Projects. Journal of Economics and Management Sciences, Vol 4 (4). [INDEXED BY HARVARD LIBRARY]. ISSN: 2576-3008, DOI: https://doi.org/10.30560/jems.v4n4p47.
  2. Shestakov, D. Y. (2019). Financial instruments for managing innovative investment projects. (Qualifying scientific work on the rights of a manuscript). Supervised by Lukyanenko, I. G. Family Yuhymenko Doctoral School, National University "Kyiv-Mohyla Academy". Kyiv. https://ekmair.ukma.edu.ua/handle/123456789/16856.
  3. Shestakov, D. Y. (2019). Specifics of the Innovative Project as a Prerequisite for Risk Management of the Investment Portfolio in Venture Capital Markets. Business-Inform, (4), pp. 92–97. DOI: https://doi.org/10.32983/2222-4459-2019-4-92-97.
  4. Shestakov, D. Y. (2019). The Method of Real Options as an Instrument to Evaluate Projects with High Uncertainty. Business-Inform, (2), pp. 102–108.DOI: https://doi.org/10.32983/2222-4459-2019-2-102-108.
  5. Shestakov, D. Y. & Poliarush, O. S. (2019). The Degree of Innovation: Through Incremental to Radical. Investytsiyi: Praktyka ta Dosvid, Vol. 11, pp. 66–75. DOI: https://doi.org/10.32702/2306-6814.2019.11.66.
  6. Shestakov, D. Y. (2018). Understanding Innovation: Process, Project and Product-Centric Views. Electronic Professional Scientific Publication "Effective Economy", (12), pp. 1–10. DOI: https:/ /doi.org/10.32702/2307-2105-2018.12.209.
  7. Shestakov, D. Y. (2018). Strategic Flexibility as a Key to Innovativeness: Theoretical Framework. C. Cobanoglu, & A. Corbaci (Eds.). Advances in Global Business and Economics, Vol. 1, University of South Florida Sarasota-Manatee, pp. 136–147. USF M3 Publishing. ISBN: 978-1-7321275-1-7, DOI: https://www.doi.org/10.5038/9781732127517
  8. Shestakov, D. Y. (2015). Real Option Approach to Evaluate Strategic Flexibility for Startup Projects. Cobanoglu, C., & Ongan, S. (Eds.). Proceedings of the International Interdisciplinary Business and Economics Conference, Vol. 3, University of South Florida Sarasota-Manatee, pp. 360–368. USF M3 Publishing. ISSN: 2372-5885, DOI: https://doi.org/10.5038/2372-5885-v3.
  9. Shestakov, D. Y. (2014). Real Option Strategic Approach to Find Optimal Company’s Source of Financing. Cobanoglu, C., & Ongan, S. (Eds.). Proceedings of the International Interdisciplinary Business and Economics Conference, Vol. 1, University of South Florida Sarasota-Manatee, pp. 212–215. USF M3 Publishing. ISSN: 2333-4207, DOI: https://doi.org/10.5038/2333-4207-v1.
  10. Shestakov, D. Y. (2014). Valuation of a Company's Source of Financing Using the Strategic Real Options Approach. Scientific papers NaUKMA: Economics, the National University of “Kyiv-Mohyla Academy”, Vol. 159, Economic Sciences, pp. 78–80. ISSN: 1996-5931, Available at: https://www.slideshare.net/DmytroShestakov/scientific-papers-naukma-economics-vol-159-2014-7880.

Other Research Publications

  1. Shestakov, D. Y. & Poliarush, O. S. (2018). Strategy of Innovations Development in Ukraine Part II. Action Plan. Innovations Development Platform. Available at: https://www.slideshare.net/DmytroShestakov/strategy-of-innovations-development-in-ukraine-part-ii-action-plan-dmytro-shestakov-oleksiy-poliarush.
  2. Shestakov, D. Y. & Poliarush, O. S. (2017). Strategy of Innovations Development in Ukraine Part I. Introduction. Innovations Development Platform. Available at: https://www.slideshare.net/DmytroShestakov/strategy-of-innovations-development-in-ukraine-part-i-introduction-dmytro-shestakov-oleksiy-poliarush-2017.

Media Publications

  1. Shestakov, Dmytro (Oct 2024). AI and Behavioural Marketing. London Daily News. Available at: https://www.londondaily.news/ai-and-behavioural-marketing-gold-for-business-risk-for-people/.
  2. Shestakov, Dmytro (Sep 2024). Innovative Entrepreneurship: Managing Business Risks. Kmbs. Available at: https:/ /kmbs.ua/ua/article/innovacijne-pidpriyemnictvo-upravlinnya-rizikami-v-biznesi.
  3. Shestakov, Dmytro (Mar 2021). How to Eat an Elephant: are innovations the space technologies or ways to find simple solutions? Mind. Available at: https://mind.ua/kmbs_alumni/openmind/20223856-yak-z-yisti-slona-innovaciyi-kosmichni-tehnologiyi-chi-poshuk-prostih-rishen.
  4. Shestakov, Dmytro (Sep 2020). How to keep the business alive: 4 hidden traps to escape. Ekonomichna Pravda. Available at: https://www.epravda.com.ua/columns/2020/09/3/664674/.
  5. Zelenyuk, Oleksandr (Jul 2020). Dmytro Shestakov: 'From my own experience, I know: if a person does something interesting for themselves, does something for their own pleasure, – the universe provides both teachers and opportunities.’ Mind. Available at: https://mind.ua/kmbs_alumni/publications/20213821-dmitro-shestakov-z-vlasnogo-dosvidu-znayu-yakshcho-lyudina-robit-shchos-cikave-dlya-sebe-robit-shchos-u-vl.
  6. Shestakov, Dmytro (Mar 2020). Ukraine Will Have Its Own Silicon Valley One Day. Meanwhile Innovations Are in Still Mode. LIGA Business. Available at: https://biz.liga.net/ekonomika/all/opinion/v-ukraine-kogda-to-budet-svoya-silikonovaya-dolina-no-poka-innovatsii-ne-vzletayut.
  7. CEEMAN (Jan 2020). Together for Sustainable Development: Young SDG Innovators Programme launched in kmbs. Available at: https://www.ceeman.org/news/together-for-sustainable-development-young-sdg-innovators-programme-launched-in-kmbs.
  8. Shestakov, Dmytro (Sep 2019). The Nature of Risks in Conventional And Innovative (Venture) Investment Projects. Mind. Available at: https://mind.ua/kmbs_alumni/news/20202440-priroda-rizikiv-zvichajnih-ta-innovacijnih-venchurnih-investicijnih-proektiv.
  9. Shestakov, Dmytro (Aug 2019). Why Innovation in Business Is Inevitable: Four Factors That Cannot Be Ignored. LIGA Business. Available at: https://biz.liga.net/ekonomika/all/opinion/innovatsii-v-biznese-4-faktora-kotorye-nelzya-ignorirovat.
  10. Shestakov, Dmytro (Jul 2019). Is Innovation a Secret Box or a Methodology for New Products Development? Mind. Available at: https://mind.ua/kmbs_alumni/news/20199734-innovaciya-chorna-skrinka-chi-metodologiya-rozrobki-novih-produktiv.
  11. TECHSUTRAM (Jul 2018). Crypto Exchange Ranks (CER) platform by Hacken ranks Cryptocurrency Exchanges. Available at: https://www.techsutram.com/2018/07/crypto-exchange-ranks-cer-platform-by.html.
  12. Medium (Jun 2018). Hacken to Launch CER (Cryptocurrency Exchange Ranks) in June, BETA available now. Available at: https://medium.com/@cryptodisruptiononline/hacken-launches-cer-cryptocurrency-exchange-ranks-7afc49d25fd6.
  13. Shestakov, Dmytro (Mar 2018). Two-In-One: Cross Points Between Military Start-Ups And Private Business Sector. Defense Express. Available at: https://old.defence-ua.com/index.php/en/publications/defense-express-publications/4301-two-in-one-cross-points-between-military-start-ups-and-private-business-sector.
  14. Shestakov, Dmytro (Jan 2018). Brain Drain, Demographic Crisis in Ukraine and Possible Solutions. Hvylya. Available at: https://hvylya.net/uk/interview/142625-vtecha-mizkiv-demografichna-kriza-v-ukrayini-ta-yak-z-tsim-vporatis.

Social and Scientific Media Profiles

  1. LinkedIn: https://www.linkedin.com/in/dmytro-shestakov.
  2. Crunchbase: https://www.crunchbase.com/person/dmytro-shestakov-1a9d.
  3. ResearchGate: https://www.researchgate.net/profile/Dmytro-Shestakov.
  4. Academia: https://ukma.academia.edu/DmytroShestakov.
  5. ORCID: https://orcid.org/my-orcidorcid=0000-0003-3652-081X.
  6. Google Scholar: https://scholar.google.com.ua/citations?user=HR4kXGEAAAAJ&hl=ru..
  7. SlideShare: https://www.slideshare.net/DmytroShestakov/.

References

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