With the support of the Ministry of Culture and Innovation, the National Research, Development and Innovation Office has launched the Startup Factory programme, designed to support the development and incubation of technology startups, for the fourth time since 2013.

The main feature of the HUF 5 billion programme is that public funding is channelled to innovative start-ups through incubators. Incubators support early-stage start-ups to bring their new technology-based products to market and raise the additional funding they need. As the incubator is also putting its own capital at risk, it is in its best interest to select start-ups that are promising in the longer term. This also puts public funding in the best possible place.

The call aims to give technology incubators that have already proven themselves in previous Startup Factory programmes the opportunity to continue and to give others the chance to enter. Building on previous experience and feedback from participants in the startup ecosystem, the programme will be expanded this year, covering the following four categories: “Old incubator”, Specialisation incubator”, “New incubator” and “Defence incubator”. Startup Factory programmes have so far funded nearly 200 ideas, and around 90 of them have received further investment, mostly from private sources. There are more than ten startups that have received foreign investment and have a combined turnover of more than HUF 10 billion.

The John von Neumann Programme announced in the spring aims to give space and support to Hungarian creativity and innovation, said Balázs Hankó, State Secretary for Innovation and Higher Education. He added: With this programme, the government is providing significant support to young Hungarian entrepreneurs to help them take their ideas to market through mentors.

Startup Factory beneficiaries will have to use the funding to improve the domestic start-up environment and increase the business opportunities for innovative enterprises. The detailed call is now available on the website of the National Research, Development and Innovation Office.

Budapest, 13 October 2023

Ministry of Culture and Innovation