Risky business in Ukraine: From ambulance driver to investor

A risk worth taking

For one unforgettable month this summer, Samuel Ashley, a graduate student at Michigan Ross, joined business students from other universities to raise $100,000 to buy and deliver ambulances to the Ukrainian city of Kryvyi Rih on the nation’s Independence Day.

Ashley, who is seeking a dual degree from Ross and the Ford School of Public Policy, has since embraced a business risk, motivated by the “resiliency and general optimism” of the Ukrainian people. He has created a venture fund to support Ukrainian startups.

“Driving ambulances to a warfront was impactful,” Ashley says. “And when I was driving across fields of beautiful sunflowers, I decided I am all in to support and advocate for Ukrainians in any way I can, which has led to my new venture fund.”

He’s been in Ukraine and Poland since November, establishing relationships there before fundraising back in the U.S. Tech entrepreneurs and startups in the country lack access to capital, Ashley says, and despite current conditions, many seek to build companies and innovate.

In this video and Q&A, Ashley describes his plans for the future.

‘I want to put my money where my mouth is’

What is the influence of your MBA program on this new venture fund? And what is the goal?

My Ross education and experience have directly contributed to my understanding of different business problems. I now plan to use that knowledge to invest in Ukraine. In addition, the program guided me to found my own startup and now I am building a new venture fund.

After returning to the U.S., from January to March, I will fundraise with investors as limited partners. My goal is somewhere between $2 million and $3 million for my first-round fund. At this point, I will likely take on a third U.S. co-founder with deep expertise and network in the banking/finance/VC world. I aim to deploy capital in May and use raised funds to invest in target startups and founders.

What have you been doing in Ukraine and Poland since the summer?

The Ukrainian business culture is much more personal than here in the U.S. I am meeting many startup founders who still live in Ukraine or have fled to Poland. My two goals are to build long-lasting relationships with the startup ecosystem and identify a local expert I can take on as a co-founder of my venture fund.

Recently, I was at a TechCrunch Disrupt conference in San Francisco and met a broad range of Ukrainians, from entrepreneurs and other (venture capitalists) to government officials. Some of them live in Kyiv and we will meet again in-country. I am also connecting with several startups in Ukraine.

I will spend most of my time in Kyiv and travel to Lviv at times. Also, as an American citizen, I can always exit the country at any time.

What is the reality of Ukraine’s tech entrepreneurs and startups post-invasion?

These founders and entrepreneurs are outstandingly bright and ambitious. From my limited purview, they are even more motivated since the war started last February to show the world that they are not only surviving but also thriving despite the Russian invasion. Their resiliency has been demonstrated time and time again, but what has surprised me is how optimistic every Ukrainian is about winning the war, pushing out the temporary military occupants, and rebuilding their country.

How can the young Ukrainian generation — living abroad — partner with locals to support the country?

I have found that many of the global Ukrainian diasporas are already contributing to their cause. They are supporting and advocating for Ukraine. While donating to nonprofits and other NGOs is still needed, I’ve seen most young Ukrainians have contacts within these organizations and will partner with them to fundraise more significant amounts from their communities.

I recommend that Ukrainians first use their friends and family to connect with Ukrainian organizations. Those who may not have those contacts should ask their professors, schools, or employers what they are doing and how they can become involved. Anything and everything matters.

How was your experience working with other college students to drive ambulances to the southeastern war front in Kryvyi Rih?

In a word: Impactful. I have enormous respect for every person on the team and their contribution. Their courage and get-it-done attitude still motivate me today. If I had not met Andrei (Molchynsky, Stanford MBA), I might not have found my new love for Ukraine and its incredible people. Hard to find the right words for a month of my life that I will never forget.


  1. Elaine elaine@menchaca, Ph.D. - 1979

    You have done something so important and selfless. You have my respect and admiration and make The University of Michigan proud. I have just sent money to one of the CNN Heroes, a nurse from U.S. who has developed a nonprofit to bring ambulances and medical help to war injured people and children in Ukraine.
    You can find more about her small operation on CNNHeroes.com. Good luck, young man


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