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Budapest could become the region’s start up capital by 2020
Budapest could become the region’s start up capital by 2020
18 November 2013
Modified: 14 December 2017
Reading time: 2 minute(s)
Tuesday, November 5, 2013, Budapest (MTI) – The BudapestHUB working group has set a target to make Budapest the region's startup capital by the end of this decade; the State’s responsibility is to act as a catalyst and clear all obstacles along the way – Zoltán Cséfalvay, the Ministry of National Economy’s Minister of State for Parliamentary Affairs and National Economy said on Tuesday.

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 Runway - The Startup Credo PDF (1 125 KB)

Please share your comments and suggestions concerning the Budapest Runway – The Startup Credo initiative. It is not compulsory to give your name and e-mail.



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Updated: 14 December 2017
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