The 2021 edition of the Global Startup Ecosystem Report shows that the total estimated value of Budapest’s startup ecosystem grew by around 50 percent in the past year, to over 200 billion forints, and Budapest confirmed its place among the best emerging startup ecosystems, the ministry of innovation and technology said on Wednesday.
The report said that thanks to the state’s proactive involvement, a significant amount of money has been invested in startups in recent years, the ministry added.
The annual report published by Startup Genome compares and assesses 250 locations globally. The ministry of innovation and technology and the national research, development and innovation office joined the international research project as partners at the end of 2020.
The cooperation aims to make the sudden development of Hungary’s startup ecosystem visible to international innovators and investors, the ministry said.
The 2021 report ranks Budapest among the best emerging cities in international comparison.
Sub-sector strengths highlighted by the report include artificial intelligence and fintech. Among the reasons to move a startup to Budapest, the report lists the city’s central location, skilled workforce and startup-friendly tax policies.