Why Smart Investors Go to Ukraine — and Most Still Don’t

In this episode of FORWARD with Valeriya Ionan, American entrepreneur and investor Dave Morgan shares why, after successful adtech exits in the United States, he chose to open core operational teams in Ukraine during wartime and invest directly into Ukrainian defense tech startups. His experience challenges common assumptions: Ukraine’s innovation cycles move faster under pressure, local teams operate with unusual ownership and resilience, and technologies tested in real conflict often outperform those designed in comfort. The gap, he argues, is not information but proximity, most Western capital evaluates Ukraine without ever experiencing it. This conversation is about how risk is perceived, how opportunity is missed and why commitment requires presence. 🎥 Watch this episode on YouTube.