Value of Hungary’s Startup Ecosystem Exceeds USD 2 Billion
- 12 Jun 2024 9:50 AM
- Hungary Around the Clock
Hungary’s startup ecosystem was valued at $2.4 billion between July 1, 2021 and December 31, 2023, some 41% higher than in the previous two-year period, according to a joint study by the National Innovation Agency and Startup Genome, an organisation that focuses on helping startup communities globally.
The ecosystem value is the measure of economic impact, calculated on the basis of investor exits and startup valuations.
Budapest and Hungary are becoming attractive spots for startups due to a talented workforce and government support for innovation, according to the report.
It adds that tax breaks and new regulations such as employee share ownership plans and convertible notes help innovative companies to invest in R&D.
Budapest’s location also makes it easy to reach both Eastern and Western Europe, the authors add.
The strengths of the Hungarian innovation ecosystem include start-ups in AI, big data and data analytics, fintech companies and innovative deep tech companies based around life sciences.
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