Prof. Cséfalvay recalled at the press conference of the final event of the national road show Smart Specialisation – A path towards the efficient use of the EU funds between 2014-2020 that BudapestHUB working team was first convened in September this year by calling together the representatives of the Hungarian start-up movements and the Ministry of National Economy.
According to this Working Group, Budapest needs to build-up a critical mass of start-ups, find its comparative advantages and rely on local characteristics in order to become the Start-Up Hub of Central and Eastern Europe.
The experts emphasized the importance of education and urged the support of
- (so called spin-off) companies with the ability of utilizing the results of university researches;
- start-up incubators;
- university professors and researchers to acquire the practical business knowledge and experiences.
The experts also underlined the need for private business academies.
The Working Group agreed to deliver a study on how to better access financial resources. Currently 133 billion Hungarian forints in the form of venture capital is "looking for a place", yet there is a lack of finances at the so-called pre-seed and seed stages. Therefore, experts suggest that these stages should receive a greater attention in the use of domestic and EU funds in the upcoming years.
The experts also identified taxation as an existing burden for start-up companies and investors, called for tax facilitation and recommended certain changes.
The English version of the credo prepared by the working group can be downloaded from here: Budapest 22.214.171.124 Runway - The Startup Credo PDF (1 125 KB)
Please share your comments and suggestions concerning the Budapest 126.96.36.199 Runway – The Startup Credo initiative. It is not compulsory to give your name and e-mail.