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Hungary is now on the startup world map
10 March 2021
Modified: 30 March 2021
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The Global Startup Ecosystem Report comparing 250 attractive startup locations worldwide included the Hungarian capital in its ranking for the first time. The authoritative report highlights as an important achievement that in the past years nearly HUF 27 billion has been received by local startups. With this, Budapest worked its way up to the lead pack of developing ecosystems in terms of financing. The report points out active state involvement and the available expertise as values to preserve.

The Ministry for Innovation and Technology (MIT) and the National Research, Development and Innovation Office (NRDI Office) joined the international research activities of Startup Genome, an advisory and research organisation, as a partner. The cooperation aims to make the spectacular growth of the domestic ecosystem more visible to foreign innovators and investors.

The recently published research about 2020 placed the Hungarian capital in the international lead pack of emerging cities. MIT and the NRDI Office contributed to the achievement of the favourable results and the stimulation of the startup ecosystem with active policy support and substantial amounts of financing.

“In addition to the Hungarian creativity and the internationalisation processes, our country’s outstanding achievement can also be attributed to targeted state funding and university-level startup training. The findings of the global survey acknowledge our efforts and set new targets for us to further expand the opportunities of young entrepreneurs”, Tibor Gulyás, Deputy Secretary of State for Innovation, MIT pointed out, adding also that the government will continue to focus on encouraging the investment and mentoring activities of technological incubators and “we can also rightly be proud of having one of the largest and most active public venture capital funds in Europe”.

The Startup Genome report takes a particular account of our achievement in the field of artificial intelligence as a sectoral strength. Reference is made in the report to the Artificial Intelligence Coalition having over 200 members, the ZalaZone test track developed through public investment and such startup success stories as AImotive focusing on self-driving vehicles or Turbine Kft. promoting drug development through digital cell modelling.

“In the complex process of the innovation ecosystem, startups are considered one of the key links. Our support brings tangible results not only in ecosystem development but on the level of national economy, too”, Krisztián Kölkedi, Head of Department, NRDI Office and Head of the Hungarian Startup University Program pointed out.

Budapest, 10 March 2021
Ministry of Innovation and Technology

Updated: 30 March 2021
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