In recent years, significant resources have been allocated to improve the inspiring business environment and incubation of domestic startups. The new funding programme draws on the success of earlier programmes – the ITM explained.

“The Startup Factory is now open with a total budget of HUF 2 billion and up to HUF 300 million of funding per incubator. The call aims to provide innovative Hungarian businesses adequate support for their growth and development,” Tamás Schanda pointed out according to the communication.

The parliamentary and strategic state secretary of ITM highlighted that it is a priority for the Hungarian government to increase the innovation performance of domestic small and medium-sized enterprises, which requires an effective incubator network that ensures the growth of startups.

In recent years, the NRDI Office has played a decisive role both as a funding agency and as a technical coordinator in the announcement and full implementation of startup and incubator funding schemes. As a result, over 100 Hungarian startups have received high quality support, investment and mentoring. The HUF 2 million Startup Factory call considers and incorporates experience from previous programmes, and creates new opportunities for Hungarian incubators to continue their work.

Startup Factory beneficiaries will have to use the funding to develop the domestic startup environment and enhance the business opportunities of innovative enterprises. According to the communication, primarily incubators with proper references from previous years are expected to participate in the call.

Source: MTI