Budapest: a Major Startup Hub?
January 24, 2018
Budapest has many things to offer small and medium-sized businesses. Great infrastructure, an extensive public transport network, and many government incentives are just a few examples of why many businesses, including startups, choose Budapest for their headquarters.
Globally-known companies like Prezi were founded in Budapest as startups and quickly rose to international fame. But what are the factors that make Budapest one of the best locations for emerging startups in Central Europe?
Although it’s almost a stereotype, Hungarian people do have a tendency to find creative solutions to everyday problems. This ability is well translated to innovative business ideas. For example, OptiMonk helps online shops and advertisers retarget visitors who are about to abandon their site. Antavo offers a loyalty management program for B2C brands, and Ziteboard is a zoomable-whiteboard-enabling visual remote teamwork. Simple and creative solutions that help combat annoying everyday problems. And all these startups (along with many others) chose Budapest as their first home.
Budapest is strategically located on the river Danube, one of the major European trade routes
Budapest is strategically located on the river Danube, one of the major European trade routes. Other means of transport, including rail, road, and air are easily available in the city. There are countless opportunities on any given day to get to any other place in the world. In addition, Budapest has an excellent public transport system (although if you ask Hungarians, they’ll most likely complain about it, but what are they not complaining about?) and great infrastructure. With high-speed internet connections readily available anywhere in the city, doing business in Budapest is easy.
Budapest is home to over 40 universities and colleges. The city is teeming with well-educated young professionals eager for a challenge. No wonder new startups keep popping up on a regular basis.
Budapest likes being a startup hub, which is why the city does everything to put new and innovative businesses in the spotlight
Budapest likes being a startup hub, which is why the city does everything to put new and innovative businesses in the spotlight. Startup Safari Budapest is an interactive startup exhibition that showcases companies and spreads the word. Over the course of the Safari, startups open their doors to all interested visitors and explain who they are and what to do. The event is an immensely helpful for networking and marketing. The last Safari attracted more than 3,000 participants.
Recognizing the importance of innovation and entrepreneurship, the Hungarian government has launched a mentoring program. Design Terminal offers a co-working place, scholarship, funding, and advice to startups. In addition, businesses can apply to participate in the 3-month mentoring program where renowned Hungarian and international professionals (many of them coming from successful startups) offer workshops, tailored advice and valuable feedback for emerging startups.
If you’d like to invest in the buzzing startup scene in Budapest, you should use Veem for your international transfers. A startup itself, Veem allows businesses to transfer funds worldwide as easily as sending an email. Veem contacts the recipient, making sure that no transfers are lost. Both sender and recipient know all necessary details about the transfer: amount, fees, and scheduling. And since Veem cuts out the middlemen, there are no delays, no hidden fees, and absolutely no hassle.