Maksym Lysak is Co-owner and Head of Growth at the EdTech startup Mate Academy, and a graduate of the first cohort of the MSc in Innovations and Entrepreneurship (2014) at UCU Business School. In 2023, he received the prestigious Alumni Award in the Business Breakthrough category, after also being nominated in 2021. Maksym was at the origins of Lviv’s startup ecosystem as a co-founder of the Startup Depot coworking space, which also served as his capstone project at the Business School. Today, he is developing a technology platform that helps thousands of people transform their lives through IT education, while actively contributing as a mentor within the UCU community.
How do you scale a business in times of uncertainty? Why is it crucial for an entrepreneur to shift from the “explore” phase to the “exploit” phase? And how does the UCU Business School environment shape leaders? Read more in our interview.
In 2023, you received the Alumni Awards for business breakthrough. What are your current business metrics, and how close are you to your global mission today?
We are steadily approaching the milestone of 6,000 employed graduates. In addition to our core platform, we are also developing a product from our co-founding studio Rist Labs (a venture studio for jointly launching new projects) — Kodree.
Mate Academy is known for its ISA model (Income Share Agreement, where students pay a percentage of their salary only after employment). How has the financial sustainability of this model changed during the war?
Placing students in jobs has indeed become more challenging amid the war, the rapid rise of artificial intelligence, and ongoing global economic instability. It is important to understand that the cost of educating a student under the ISA model has not decreased—we continue to invest around $1,000 in each student who joins us. Despite all external challenges, we remain resilient and continue placing around 100 people per month into their first jobs in IT and beyond.
You previously announced successful expansion into Poland and Brazil. What is your current scaling strategy?
Poland and Brazil continue to show growth, but we have decided to change our expansion approach. We made a strategic decision not to scale “country by country,” as we did before. Instead, we launched the co-founding studio Rist Labs, within which we are developing Kodree—a B2C EdTech product designed to help users improve or acquire skills from scratch through practice. It is already available as a web platform and a mobile app, with users in 185 countries worldwide.
Your goal was to change the mentor-to-student ratio through technology. At what stage is automation now?
We overcame this challenge long ago and achieved a ratio of 1:15 or higher. This became possible thanks to the implementation of an AI mentor on our platform. Students now receive instant hints and answers to their questions and can immediately see where they make mistakes. A significant portion of simpler assignments is also checked by the AI mentor, which greatly accelerates the learning process. However, the final word and assessment still remain with a human to ensure that students are fully prepared for the job market.
Have your internal R&D projects evolved into separate business lines?
Our most successful R&D project to date is Kodree, which has already grown into a standalone product. In addition, we have several other directions that are currently expanding within Mate Academy. We expect them to become independent businesses in 2026–2027.
What is the current situation in the junior talent market, and which companies do you collaborate with?
The market has undergone a noticeable shift: service companies are hiring less, while product companies are expanding their recruitment efforts. As a result, we are seeing growing demand for specialists in marketing, analytics, and product management. There has also been a significant increase in MilTech (defense technology) vacanсies. We collaborate with more than 500 companies of various sizes and often place our graduates into positions that have not even been publicly advertised on job boards.
How has the company adapted to the challenge of mobilization of key employees and students?
Mate Academy is a resident of Diia City, which legally enables us to reserve key employees and ensure business continuity. This has been one of our greatest challenges, but this status has played a crucial role in maintaining our operational stability. As for our students, their reservation is managed by the employers they choose to join.
You were part of the first MSc in Innovations and Entrepreneurship program. How did studying at UCU Business School shape your development?
I warmly recall my studies at LvBS (the name of the UCU Business School before its rebranding – author’s note), as they began for me back in 2013. It was at the Business School that I met many entrepreneurs who later became true role models for me.
Maksym Lysak also became a participant of the third cohort of the Stanford Ignite Ukraine program—an academic program by the Stanford Graduate School of Business for Ukrainian small and medium-sized business entrepreneurs. The program lasts eight weeks in a hybrid format and consists of three stages: one week on the UCU campus in Lviv, four weeks of online learning, and a final three weeks at the Stanford GSB campus in California. Participants with more than three years of experience and teams ranging from 8 to 249 employees learn through the “Learning by Doing” approach, gaining access to insights from leading faculty—including Nobel laureates—and present their projects to Silicon Valley investors.
Your capstone project, Startup Depot, became an important part of the ecosystem. What need do you see for such initiatives today?
I am very glad that similar initiatives are emerging today to support early-stage startups. For example, I actively support projects such as UCU Ideas Lab and the Mission Possible program. I try to contribute as a mentor in these initiatives to share my experience with new teams. In addition, we are developing our own Mate Academy community by organizing both small meetups and larger events such as Mate Conference.
You are known for your “50 lunches with smart people” strategy. Do you still apply this approach?
No, today I take a completely different approach compared to my twenties. Back then, I was in the “explore” phase, trying to meet as many people as possible and learn from their wisdom. In my thirties, I am in the “exploit” phase, where my network is already clearly defined. I no longer practice random meetings or “random coffees,” focusing instead on specific goals and people within my existing circle.
You often mention the concept of “risk asymmetry.” What was your most recent “asymmetric” decision in business?
We launched weekly knowledge-sharing sessions with marketing specialists from top product companies that are on a growth trajectory. These professionals share their lessons learned, which is a perfect example of asymmetry. It is a relatively small investment of our time that allows us to gain insights from others’ hypergrowth experience. We can immediately implement highly practical solutions that have worked in other companies into our own business.
How do you balance intense work with burnout prevention?
It is important to accept that unpredictability is a natural element in the life of every entrepreneur. To maintain a positive mood and sufficient energy levels, I rely on very basic yet effective practices. Quality sleep and regular exercise certainly help me stay resourceful and work effectively.
Would you like to find your own role models and transform your way of thinking? Learn more about the MSc in Innovations and Entrepreneurship program—a space where technological ideas become successful businesses.
