The Hungarian Innovation Agency has teamed up with Startup Genome to spotlight Budapest’s entrepreneurial ecosystem in the Global Startup Ecosystem Report:

• The ecosystem created $2.4 billion in Ecosystem Value from Jul 01, 2021 to Dec 31, 2023, representing 41% compound annual growth compared to Jul 01, 2019 to Dec 31, 2021 time period. Ecosystem Value is a measure of economic impact, calculated as the value of exits and startup valuations.

• Top 20 European Ecosystem in Affordable Talent — measures the ability to hire tech talent

• The AI, Big Data, and Analytics, Fintech, and Life Sciences sectors are highlighted for their density of talent, support resources, and startup activity

• A growing workforce, tax incentives, and its strategic location are cited as reasons a startup should move to the ecosystem

“The Hungarian Innovation Agency works closely with key players in the startup ecosystem to break down the regulatory obstacles faced by startups and investors, ensure early-stage financing, and increase the international visibility of the ecosystem.” – László Bódis, Deputy State Secretary, Ministry for Innovation and Culture

The report highlights The Hungarian Innovation Agency, a subsidiary of the National Research, Development, and Innovation (NRDI) Office, which advances innovation by aiding businesses in development and global market entry. The 2023 edition of the Startup Factory program, launched by the NRDI Office, offered a total budget of $15.9 million for technology incubators. Projects can receive $415,000 - $2.5 million for 24-42 months to develop early-stage startups, fostering innovation, commercializing technology-based products, and securing further funding.

"Budapest's startups, investors, and ecosystem leaders are innovating at an accelerated rate, producing an impressive 41% growth in Ecosystem Value," remarked JF Gauthier, Founder & CEO of Startup Genome. "We are thrilled to work with the Hungarian Innovation Agency to foster economic growth through entrepreneurial innovation."